Season coming as Tequesta single family home prices soar
We are starting to feel the annual migration of sun seeking visitors to our little slice of paradise. Here in the Northern Palm Beaches, we see more cars on the road, more people on the beach, and tables at the best restaurants mean you better have a reservation, or be prepared to wait.
Season has started, and while the big crowds don’t arrive until after we get through the holidays, there is no doubt that the party has already started. This years’ season should be a big one and if the economy keeps churning in a positive manner, local real estate is going to get more expensive.
As of November 1st, the median single family home price in Jupiter and the neighboring communities jumped, but as Paradise Sharks has been telling you, higher prices are coming. Back on June 1st, we hit an all time record high of $515,000 and over the summer we watched prices drop for 4 consecutive months. That downward streak ended in October with median single family home prices jumping from $496,250 all the way back up to $510,500.
Sales actually were not that strong, and in October were a full 14% below year ago numbers. It isn’t demand pushing prices higher, it’s supply, with very few quality homes available in many neighborhoods and price ranges. That lack of inventory means sellers with quality homes are asking more, and if buyers want to play ball, they are finding they need to pay more.
Location is driving prices higher in the most sought after neighborhoods, with Tequesta still leading the pack. So far this year, the median single family home price in Tequesta sits at $585,000, up an impressive 23% over last year’s numbers. Compare that to Jupiter, where the median single family home price is up a far less dramatic 3% in 2019.
So much to keep our eyes on, with the crazy political race we have underway, interest rates that have moved higher from recent lows and inventory levels that remain 11% lower than last year. We should see inventory levels climb higher, interest rates drop lower, and sales start picking up in January. Condo sales will perk up first and so far we have not seen condo prices jump like single family homes, but those price increases are coming.
If doing anything real estate please seek guidance as this is not a market for the uneducated. Prices can move dramatically higher but things can change at the drop of a hat. Pay close attention and if you have questions, or need advice, please feel free to contact Paradise Sharks as we are dedicated to quality service and exceptional value. Decades of experience and we are unencumbered by middleman expenses that drive costs higher at many real estate brokerages.
Paradise Sharks pays no franchise fees, has no broker to split commissions with and we simply pass those savings on to our clients. Our world class “let’s set a record price” marketing packages are available at total commission packages that start as low as 4%. Our buyer’s all get cash rebates at closing and that’s how we like it. If we can ever be of help, in any way, just ask. You will find us super easy to reach at 561.308.0175 or firstname.lastname@example.org.