Jupiter home prices fall for 3rd straight month
Median single family home prices in the Northern Palm Beaches, as of September 1st, have fallen again for the third straight month. At this point, they seem to be consolidating a bit but this market, amid all the political turmoil, bears watching. Closely. We are living through historical times and there certainly is no clear path moving forward. The hatred I am seeing on both sides frankly scares the hell out of me. Add that to our growing national debt and frankly it’s a pretty ugly picture out of Washington. Maybe pretty ugly is what this country needed. Time will tell.
Over the last 30 days, the median sales price of a single family home in the Jupiter area is down to $478,000 from $480,000 . We are so close to the price a median home sold for last year it is hardly worth mentioning. Today’s median price is higher from 2017 numbers by a whopping $1,500. For a market, where affordability remains a key factor, it is actually good to see a little pull back. As you know, what goes up must come down, and we have to go back 7 years to find a month where year over year prices have fallen.
Last year, prices retreated significantly from September through December so odds are we will get through this year with our 7th straight annual price increase. With the political picture, who really knows. There are some positive signs. High income families are moving to Floridas in droves from states with high income taxes that are no longer deductible on their federal returns, Expect to see more cars on the street with license plates from New York, New Jersey and Connecticut. Even if our economy crumbles, and prices retreat, there are plenty of International buyers that will flock to our shores looking for value. South Florida real estate will always have value to someone from somewhere. It’s what paradise is all about.
Threats of higher interest rates have only proven how manipulated everything is in today’s world. Today, the average overnight rate on a 30 year conventional loan sits at 4.41% which hasn’t really moved that much since February. With a national debt closing in on $21.5 trillion, anyone with a calculator can see that higher interest rates will crumble the ability of our country to keep current with our financial obligations. Unless trickle down really does work this time it is hard to see a boost in revenue on the federal level. Odds are higher for the debt to increase with the federal tax cuts both on businesses and individuals.
South Florida real estate is not for the faint of heart. It never has been, and never will be. Find a home that you will enjoy living in and that you can afford in good times and bad. Most importantly, be informed and always make educated decisions, as mistakes can prove to be very expensive. Paradise Sharks loves to inform and if we can ever be of help in any way please feel free to contact us at firstname.lastname@example.org or 561.308.0175.