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Jupiter home prices fall in market on path with many curves

As of January 1st, the median price of a single family home in the Northern Palm Beaches pulled back slightly, to $475,000 from the $476,250 we enjoyed in December. In reality, prices have not done much of anything over the past 4 months when they stood at $477,500. Pending homes sales are down again the first week of the year but historical expectations tell us condo sales should start moving dramatically higher in about a week with single family homes sales picking up steam a few weeks later. We are still hopeful for a strong real estate season ahead.

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Compared to year ago numbers, the median single family home price in the Jupiter area is up 8.2% but the big question is can they continue to climb as we head into the new year. So many things going on there are good arguments for prices continuing to climb over the first half of the year; seasonal buying that is historically strong, interest rates that have pulled back a bit, people moving to Florida from other states in droves, inventory levels that are starting to improve, an economy that keeps improving….

But, on the opposite side of the coin there are a multitude of things that can make a good argument for rocky roads ahead for Jupiter home prices; pending home sales at multi-year lows, affordability concerns, rising interest rate concerns, the lack of quality inventory, political turmoil, stock market volatility. You get the picture.

Every property has a set of numbers that both buyers and sellers need to pay close attention to when making any decisions in today’s real estate market. What may be true for one home may not be so for another. One property may sell for a record price while others are being discounted steeply to get the market to react. It’s why Paradise Sharks provides a detailed market update to each of our clients, selling their home, every week or so. They need to be informed, and make educated decisions, and we need to be thinking what we can do to properly help them meet their goals.

The best thing I can tell anyone, doing anything real estate, is to align yourself, and be working with someone you trust. Real estate is an expensive sale or purchase and you want to limit mistakes. If Paradise Sharks can be of help in anyway just let us know at 561.308.0175 or tom@paradisesharks.com. If you don’t trust us, please tell us why as we would really love to tell you how we can provide better service for less money that many other real estate brokers. We take the middleman right out of the real estate equation. No franchise fees, no broker splits, no transaction fees. Only decades of experience at the best value you will find anywhere.

 

Fins up…… 

 

 

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