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Jupiter single family home prices up slightly to end 7 month slide

I cannot tell you how fantastic the past 4 weeks has been for the real estate business here in the Jupiter area. Last month, at this time, pending home sales were at the worst levels we had seen in over 6 years and since then buyers have started to write offers, and get them accepted. 

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We are still a few days away from our mid month market update, but watch for more strength in seasonal buying. Home prices have been under pressure to the downside here in Jupiter since June 1st of last year. Back then, the median single family home price in the Northern Palm Beaches sat at $500,000. Today it sits at $476,250, up $1,250 from one month ago. Year over year gains are still fairly strong at 5.2% but we need prices to climb at least $20,000 over the next 3 months to keep us from falling behind year ago numbers and it’s been a long, long while since that has happened.

Pending home sales have been weak and the number of single family home closing during January were the lowest we have seen in years here in the Jupiter area. And I’m talking the lowest we have seen in any month, not just January, for a long time. We have to go all the way back to 2012 to find a January where we had fewer sales. That’s 7 full years!

Inventory levels are on the rise, Interest rates have been falling and are down slightly again this week. Pending home sales have been rising and we expect prices to follow. Paradise Sharks loves to ensure our clients win and ultimately to find our client’s homes they will love living in. We can work with you to create that winning game plan, and with buyer rebates available on any purchase, we can save you money. Lots of money!

It’s as simple at that, and if you want to win the game contact us today at tom@paradisesharks.com or 561.308.0175. Just let us know you want a buyer rebate and we can talk about your goals and have you under contract with your dream home in no time.

Fins up for saving our clients money, whether they are buying or selling…….

 

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