Jupiter Home Prices Stall After Steep 5 Month Climb


Another signal that local real estate market may be changing

Median home prices in Jupiter and the entire northern Palm Beach County region had been on a roll. Back on November 1st the median single family home in the area was selling at $335,000. After a 5 month stretch of price increases that number had shot up to $375,000. Up over 11% in a relatively short period of time and back to the highest level we have seen in years.

Home Prices

All signs pointed to more good times ahead with inventory shrinking for the first time in 7 months. Pending home sales up for 4 straight months. Supply down, demand up means prices to rise. Correct? That was before and this is now. A market nobody has ever seen before. Interest rates dropping since the 1st of the year after the Fed stopped buying 30 billion dollars of American debt each month. A move that should have had interest rates moving higher. Significantly higher. But that was before and this is now.

Different rules and the very reason why anyone who is contemplating a purchase or sale of real estate needs to be paying close attention to the signs. After months of good news we are seeing signs over the past week. The May 1st pending home sales numbers changed and not for the better. The Fed announced another 10 billion dollar monthly reduction in their debt purchases. While we do not see how rates can go much higher the market has reacted on the latest news and interest rates are up about 10 basis points to the highest levels we have seen in weeks.

Now today we publish our analysis of median home prices in the region over the past 30 days. They have stalled at $375,000. No change since our report last month at this time. Is this bad news? No. Is it another sign that the market may be changing, slowing, reversing course? Maybe but it is too early to say for sure. Again these are regional numbers and your neighborhood numbers will have a story of their own to tell. Listen to them.

We will next be reporting on the number of sales in the region over the past 30 days. Will they also give us a sign? Stay tuned. Always interesting, always fun.

Fins up……….

Tom Priester
Principal Broker

Paradise Sharks Real Estate
Direct Line 561 308-0175
tom@tompriester.com

http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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