For the 4th time in 5 months Jupiter home prices retreat
What a year it has been for real estate in the Northern Palm Beaches. Certainly more of a year where things stood still after what was an amazing year in 2013. As we bring you the last update of 2014 for single family home prices we are already thinking ahead to 2015 and what kind of year we can expect.
Over the past 30 days, the median single family Jupiter home price went down just about 1.5%. Not a great way to end a year that has seen median single family home prices increase for 7 straight months only to retreat since July 1st giving back almost all of those gains. For the year, the median Jupiter home price is up a rather boring 2.8%. Boring compared to 2013 when we saw median single family home prices in the area increase by just about 7%.
We sound like a broken record at times, not knowing to blame a rather lackadaisical market solely on home inventory that is priced ahead of the market. Or has demand really declined precipitously as buyers, with vision of what happened after 2006 still fresh in their thoughts, are careful not to fall into the market euphoria that created the big bubble explosion we are still cleaning up from.
It is important to keep in mind that the median single family home price in Jupiter and the surrounding communities finishes the year at $365,000 which is still about 25% below the high we saw of $485,000 in 2005. While the overall market is still far below bubble numbers, we are seeing some properties in the best locations selling at record prices, mainly in the upper end of the market. Location, location, location is still the key to the highest real estate numbers and this market proves it.
The good news is the median Jupiter home price is now up for the 3rd straight year. We haven’t been able to say that since 2005. While the overall economy is hardly on solid footing we aren’t slipping backwards. Interest rates remain very close to 4% and America seems to not really care about the 18 trillion dollar debt load this country holds. Our 2014-2015 winter season will break records and home prices should benefit between now and May. After that, who knows. I think we are heading for a strong winter and spring which should give us enough of a head start into 2015 that we are looking ahead at another good year. My crystal balls says prices next year are heading for a 4th straight year of higher prices. Always interesting, always fun.
Paradise Sharks Real Estate