Jupiter home prices grounded for 3rd straight month
Seasonal forces and slow sales remain in place as the median price of a single family home in the Jupiter area has fallen again, for the 3rd straight month. It has been a fairly steep drop of about 9% which is a significant move to the downside. It’s actually a good sign that the market pulls back here after significant moves to the upside earlier in the year. When you add it all together, the median single family home price in the Northern Palm Beaches is basically unchanged from where it was one year ago. Flat prices help alleviate pressure especially for the entry level market.
As of December 1st, the median sales price of a single family home in the Northern Palm Beaches sits at $436,160, down about 5.2% from the $460,000 we sat at 30 days ago. The median price on December 1st of last year was $436,000 so virtually no change over the past 12 months.
Sales volume for single family homes has been particularly weak over the past 90 days and history tells us there is another 30 days of slower pending home sales ahead of us. It won’t be until March when we start seeing a significant increase in closings.
Average overnight interest rates, so far, have not risen over 4% on a conforming 30 year fixed loan, but are inching closer. Inventory levels have been rising but still a death of homes in good condition priced under the $500,000 benchmark hitting the market. When they do, and they are well priced and marketed, they tend to sell with exceptional speed.
It’s going to be a very interesting season ahead for Jupiter real estate. If you are planning to do anything real estate, please interview at least 3 brokers and seek knowledge to help you make informed decisions. If Paradise Sharks can be of help in any way please feel free to contact me personally at email@example.com or 561.308.0175.