Million dollar home sales continue to bolster the Jupiter real estate
The summer slowdown for the Jupiter real estate market is underway and while actual closings, especially for single family homes, will remain strong for another 30 to 45 days, new contracts will slow considerably over the next 6 months.
While pending home sales in the Northern Palm Beaches have moved slightly higher over the first half of May, we fully expect those numbers to start pulling back considerably. Unfortunately, the number of pending home sales in the Jupiter area are at the lowest levels we have seen on this date for many, many years. Coupled with the fact there is little hope of any real sales strength for the remainder of 2019 it’s not a great time for Jupiter real estate. Last year pending home sales dropped 49% between May 15th and January 1st and we expect similar pull backs in the months ahead.
The upper end of the market continues to be the real strength with homes selling above the million dollar threshold setting another record in April. More luxury homes sold this year in April than any other April in history. The fact is, it wasn’t even close with 2019 numbers exceeding the old record by over 8%. These sales helped raise the median single family home price in the Jupiter area to another all time record high. Condo prices are up for the 5th straight month to the highest prices we have seen in 13 years.
Paradise Sharks always keeps a very close eye on million dollar sales and if you care about the value of your home so should you. The numbers are impressive with these sales accounting for 18.6% of all local real estate sales. This is the highest percentage we have ever seen and a testament to the strong economy coupled with an influx of well heeled buyers escaping higher tax states and relocating to Florida for our favorable tax situation. It we start to see weakness in these luxury sales expect prices to fall, something that hasn’t happened for 8 years.
Interest rates are back down below 4%, for a 30 year fixed conforming mortgage, for the first time since January 12th of last year. Rates go down for a reason and a softening real estate market is the main reason rates are heading south. Just another reason to pay attention if Jupiter real estate prices are important to you.
The quality of inventory remains a real issue in many neighborhoods and price ranges so make sure if you are home shopping that you are working with a broker who understands what quality means as frankly there is a whole lot of junk out there. Paradise Sharks takes great pride in helping our clients and not trying to sell them.
Make sure your broker is focused on your goals and not theirs and if Paradise Sharks can ever be of help, in any way, please feel free to reach out to us at 561.308.0175 or firstname.lastname@example.org. We recently started giving each of our buyer clients a credit at closing that can mean thousands of dollars to assist with closing costs. We can list any home with our proven, world class marketing strategies, with total commissions that start as low as 4%. When doing real estate of any kind, interview, ask questions and make informed decisions.