Brighter skies for Jupiter home prices
After 4 straight months of declines, the median single family home price in the Northern Palm Beaches moved higher over the past 30 days. Following the lead of condo prices in the Jupiter area, median prices seem to have found a bottom and hopefully will pick up some steam over the season while our streets are crowded with winter visitors.
As of November 1st, the median single family home price sold in the Jupiter area closed at $475,000, up $5,000 from one month ago. Still, median prices are down from the all time high of $500,000 that we hit back on June 1st. Year over year comparisons show median single family home prices in the Jupiter area up 3.2% so overall 2018 is shaping up to be another positive year for the local real estate market.
There is no doubt that 2018 will be the seventh straight year that median prices have increased throughout the Northern Palm Beaches. This run started back in 2011 when the median single family home price in the Jupiter area was $305,000. Right now, the number for 2018 sits at $485,000 so over that 7 year period prices are up rather dramatically.
Keep in mind, that during this seven year run, interest rates on a 30 year fixed, conforming mortgage started at 5.06% then retreated significantly all the way down to 3.35%. That all time low was back in October of 2016 and this morning rates sit at 4.82% which is another new 7 year high.
Higher prices, higher interest rates and a 7 year run one would think prices may be poised for a significant pullback, but so far nothing that points in that direction. Affordability remains a big concern, as does the availability of quality homes for buyers to select from. For the near term watch for prices to hover near current levels with minor pressure to the upside. The volume of October single family home sales was robust when comparing to 2017 numbers but pending home sales have dropped to multi-year lows so closings over the next couple months will be among the lowest we have seen in a long time. Keep a close eye on prices during this time if you are buying, or selling.
As always, Paradise Sharks, advises anyone doing real estate of any kind to seek knowledge. Interview brokers, ask a lot of questions and make sure you are dealing with someone who knows construction, who understands trends and a proven ability to help you meet your unique needs. If Paradise Sharks can be of help in any way please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.