Jupiter home sales disappoint
June is almost always the month we see more single family home sales than any other month during the year. We have to go back 8 years to find a year that June did not rule the roost. That was, until this year, as single family home sales in the Northern Palm Beaches fell 9.5% over May numbers. Last year in June, sales were up 5.6%.
It’s not a great sign for a market that has been carried along by the top end of the market where homes sell for a million dollars or more. Median single family home prices in the Palm Beach Gardens are unchanged at $515,000 but seem to be losing steam as affordability and condition continue to be significant concerns. There is good news, as those $1M+ sales continue to amaze and, as of today, are up a significant 14% from last year’s all time record high. Interest rates are within 2 basis points of 19 month lows and that is very helpful for those who are able to find homes that meet their needs.
While median single family home prices continue to climb, there are signs that climb may be coming to an end, or at least resting to catch it’s breath. In Jupiter, the median single family home price in Abacoa, so far in 2019, is down 4.3% from last year. In another popular community, prices in Jupiter Farms are also down from 2018 numbers.
June numbers may be a sign that the next few months are not going to be the best for real estate in paradise. If buying, or selling, please make sure you are working with a real estate broker whose goal is to educate you, so your decision is an informed with. Be extremely leery of those Realtors using scripts and trying to sell you to line their own pockets. If you want the straight scoop on any property, from a broker who has decades of real estate experience and can not only provide you our “let’s set a record price” marketing that start as low as 4%, but also gives each of our buying clients a significant cash rebate at closing. For real estate guidance of any kind please feel free to contact Paradise Sharks anytime at 561.308.0175 or firstname.lastname@example.org. We’ll be happy to show you why small business can do what the big box brokers can only dream about.