Jupiter real estate market flexes her muscles in April
So far, April has been a breath of fresh air for a Jupiter real estate market that had not been looking what I would call, super healthy. At the beginning of the month, pending home sales were lower than we had seen in over 6 years. But home buyers in the Northern Palm Beaches have been busy this month with an 8.2% jump in pending home sales over the first half of the month. This was over double the gain of 4% that we experienced over the same period last year.
While this surprise gain is most welcomed, it was also the 3rd straight monthly increase, but seasonal factors will start taking over. In the Jupiter real estate market that means pending home sales will start to sputter and will decline over the next 6 months, or so.
This boost in sales helped drive prices higher with the median single family home price in the area up for 6 straight months and just hit an all time record price of $510,000, on April 1st. Median condo prices have lagged a bit, but appear to be picking up steam, and nearing 13 year highs.
While inventory levels have been fairly plentiful, there still are a lot of quality related issues with many homes on the market at this time. Buyers remain very conscientious of pricing and condition but have had to stretch a bit for the right properties, pushing prices a bit higher. The number of homes currently on the market in Jupiter, and the neighboring communities, declined over the past 30 days for the first time in 8 months. Seasonal factors will remain in play here with fewer homes on the market over the next 4 months, at least.
Interest rates had been falling steadily to the lowest levels since January of 2018, but are up 9 basis points this week. Many buyers are hoping for rates to stay at these historically low levels and perhaps even fall further. It’s going to be interesting to watch, as we start heading towards a big election and the year of pomp and circumstance we will all get to enjoy. The Fed has been a significant topic of conversation in the news and expect that to stay the same through the election.
We always keep our eye on the million dollar home market, that last year in the Jupiter set another all time record. Closings through the end of the 1st quarter were right in line with last year’s record numbers but we are starting to see a bit of softening which we hope is not a shift in this very important metric.
Seasonal visitors have started the annual return home for the summer, and the real estate market prepares for a little summer vacation. It seems the market had already been on a bit of vacation so it’s going to be an interesting few months ahead. If Paradise Sharks can ever be of help, in any way, please feel free to contact us at firstname.lastname@example.org or 561.308.0175. Put our decades of experience to work for you and enjoy our “kick the middleman out” pricing where we can provide our world class marketing programs at commissions for sellers as low as 4%. Our buyers all get a closing credit as our thank you for doing business with you. You can always pay more, but that just would not make any sense.
Over the past month, Paradise Sharks has set 3 new neighborhood price records for our seller’s. Let us help you set a record with your next home sale.