Jupiter home prices heading lower
Make no mistake about it, 2019 has been a good year if you own a single family home in the Northern Palm Beaches. Median prices began the year at $475,000 and over the first 5 months of the year climbed quickly to $515,00 but that climb appears to be over, and in all likelihood, we will not see any upward momentum until next year.
If you are looking for a new home, you might get serious over the next few months, as it may be the best time you will see for awhile to grab a good deal. Sure inventory isn’t great, but neither are sales, and interest rates remain very close to 20 month lows.
As of August 1st, that median price has fallen to $510,000 and all signs point to further declines over the next few months. If I was a betting shark, I would bet that we will be into the year 2020 before we see the median single family home price in Jupiter higher than it sits today.
Inventory still sucks, and even though single family home sales fell 16% in July, they were still firmly above 2018 numbers. If you are in the buying mood, make sure your search is very specific and even though prices should be falling, finding the right opportunity is not going to be easy. The best new listings, if properly priced and marketed, should still be under contract in days, if not hours.
Remember that Paradise Sharks has been doing nothing but real estate for decades and our small business culture operates differently that our big box competition. We pay no franchise fees, we have no broker standing behind us at the closing table taking a portion of our earnings, and we do everything possible to save our clients money and help them make informed decisions.
For our buyer clients, that means Paradise Sharks gives you significant credits at closing and you don’t even have to ask. We just do it because it makes us happy. If you want to experience real estate, done right, please feel free to contact Paradise Sharks at 561.308.0175 or firstname.lastname@example.org anytime for a complimentary consultation.