Jupiter home prices continue to soar
So far, 2018 has been a wonderful year for homeowners in the Northern Palm Beaches. We are so close to that all time record high for the median priced single family home in the Jupiter area you can smell it in the air. Let’s take a step back into history. Back a dozen years to 2005. The year the great real estate bubble exploded. Back then, the median single family home price was $488,250. This morning we sit at $485,000. That 12 year record could fall any day and it has been a long time coming.
Between 2005 and 2011, single family home prices in the Jupiter area took a huge step back. They fell 38% all the way down to $305,000 in 2011 which turned out to be a great time to buy. Since then, median prices have been up each and every year and finally we are getting back to prices we saw way back when.
This year, price movement has been nothing short of spectacular. On January 1st the median Jupiter single family home price was at $439,100. Prices are up over 10% in three short months. In just the last thirty days, the median single family home price soared from $462,500 to $485,000. We are within a whisker of taking out that 2005 record.
The truth is, there just are not many “good” houses out there for buyers. Over the next few months, all signs point to even fewer choices. The economy is good, interest rates have been holding steady now for almost 2 months. Still three more months before will we see the best month for single family home closings in Jupiter. If buyers are not well prepared, with a winning game plan, they will not win in today’s market.
Certainly, there are risks as what goes up, must come down. The question is when and by how much. The economy can turn. Buyer sentiment can change on a dime. Affordability of homes in South Florida remains a big concern. New construction costs are expensive. So is raw land, when you can find it. The big national real estate news this week has been how home buyers of all ages are blowing through their budgets. There are risks, and rewards, and this is a time to be cautious.
If you follow Paradise Sharks weekly updates, you know that median prices of condominiums in the Jupiter area have not performed as well. They also hit their all time high back in 2005, and fell through 2011, just like their more expensive single family home cousins. But, while the median single family home price fell 38% during that 6 year period, condo prices dropped an amazing 55%. They too have been up every year since, but are still about 14% below those 12 year highs.
Every home plays by its own rules. The best time to sell a single family home in Jupiter this year will be over in about 2 months. If you are even thinking about doing anything real estate, please get informed. Ask questions about that particular property. Ask questions and do your best to avoid mistakes, as they can be most expensive. If Paradise Sharks can ever be help in any way, you will find us very easy to reach at email@example.com or 561.308.0175. We will be most happy to hear from you and see what we can do to help.