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Northern Palm Beaches Home Prices Down Again

2nd straight month of lower home prices

Single family home prices in Jupiter and the surrounding communities dropped again as of September 1st. This time the monthly decline was just about 2.5% to $380,000. It was just two months ago prices had risen to $400,000 for the first time since 2007. No doubt the market has been shifting a bit but so far, even with last months pull back does there appear anything to really worry about. All signs point to a pullback of a market that has risen too fast, for too long. It was time for a correction.

Should we be concerned? Not at this point. Are prices going to drop further before continuing the upward trend we have been enjoying since 2011? Probably. Are prices going to drop far enough that we won't consider 2014 as a year of continued growth? No chance.

Sure, we have a 2 month decline of 5% on our hands. Still, overall 2014 prices are up over 7% from the final 2013 numbers. Up for the third straight year. Let's face it, we were getting spoiled and way too far ahead of ourselves. Back in November of last year the median single family home price in the Jupiter area sat at $335,000. The lowest they had been in 9 months. Then prices took off. Up for an amazing 8 month stretch through July 1st. All the way up to $400,000. Up almost 20% in 8 months. Too fast for too long.

So, we have given back $20,000 of those gains. And we are probably going to give away some more in the near future. Big deal. What it does is provide buyers' a great opportunity to buy while prices have retreated. At least if they can find a house, because remember the latest inventory news we brought you wasn't pretty. And they better hurry as once our seasonal visitors return and start impacting the market, prices should start climbing again. So the window is open but probably not for long.

We still are in need of new inventory. Quality inventory. And we need it badly. If you know anyone who is even considering a sale throughout Palm Beach or Martin County please have them call the Paradise Shark team at 561.308.0175. There is a reason the majority of our clients have received record setting prices for their homes. Our marketing programs work. We make the ordinary look extraordinary. And we do it for a better value than any other brokerage throughout Palm Beach or Martin County. Guaranteed.

Fins up.....

Tom Priester
Principal Broker

Paradise Sharks Real Estate