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Hold on as Jupiter single family home prices pull back on weak sales

Thankfully, December is well underway as we draw closer to what we hope will be a red hot real estate sales season here in the Northern Palm Beaches. The first few days of the month have shown us stronger sales than we expect this time of the year, but it’s still early. Heck, Santa Claus still has 19 days to prepare for his big day.

Bird on a wire

Looking forward is great, but we always look back as it helps us understand where we are going. For single family home sales in Jupiter, and the neighboring communities, November sales were lackluster. Closing volume was down 28.3% over October numbers and 13.1% below year ago numbers.

Slowing volume tends to put downward pressure on prices and that is what we saw in November. Median single family home prices in the Jupiter area pulled back $5,000 and sit at $500,000 as of December 1st. This leaves median single family home prices at the exact same level as 7 months ago. Year over year prices are up 5.3%.

The fact December sales have started with some strength may be in part due to slow November sales. No doubt the lack of inventory is part of the problem, as is affordability. Interest rates this morning were within one basis point of three year lows and strong economic news out today are both positive forces.

If you are contemplating any real estate decisions in the weeks ahead, seek education. Informed decisions are the best decisions. Mistakes are costly and if Paradise Sharks can ever be of help in any way you can easily reach us at tom@paradisesharks.com or 561.308.0175. We have been doing nothing but real estate for almost 40 years and our boutique brokerage is getting ready to kick off our 7th year of bringing higher levels of customer service and lower prices to clients throughout Palm Beach and Martin County. As we always say, you can pay more, and receive less, but that just doesn’t make any sense.

 

Fins up……

 

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