We have come a long ways baby…..
As we look forward to another exciting year for real estate here in the Northern Palm Beaches it is time to take a look back and see just how good 2014 was. And it was indeed another very good year. We ended the year with the lowest pending home sales numbers we have seen in years with median single family home prices down over the last half of the year. But we should not let that take the focus off what a fantastic year 2014 was for real estate in the Northern Palm Beaches.
Let’s start with the number of single family homes that sold during the year in Jupiter and the neighboring communities because it was a record breaking year. Never have more homes been sold through the real estate community. Ever. Even more amazing is the fact that for 6 straight years we have had more single family home sales than the year before. Sales in 2014 were 1.8% above the prior year and an amazing 75% higher than the year the streak began in 2008. Great stuff.
Not only were sales higher for the year but the median price of a single family home moved higher. We are still well below the record prices set way back in 2005 which shows the potential for further increases. But the median price for a Northern Palm Beach home was up again in 2014 by 7%. It was the third straight annual increase and it is nice to see single digit gains instead of the crazy double digit gains we saw year after year between 2000 and 2005. We know what happened after that run up.
Inventory is the key no matter which way things roll this year. It is very clear to anyone who lives here that Jupiter and the entire Northern Palm Beach region is changing. It is growing up, maturing….and getting bigger. We will see some significant new developments come on line in 2015, most notably Alton that Kolter Homes will be unveiling later in the year. Alton is going to be an amazing with about 2,000 homes but according to our sources prices will be starting above $400,000 and that will be for a town home. But with little available and new construction prices that will only add upward pressure to pricing. Jupiter has little developable land left so the future will be heading into Martin County where there is room. With growing demand and limited room for growth the table is set for another record breaking year in 2015 with prices moving higher.
Watch the over all economy. If it stays on track things are looking most excellent for local home prices. If we see another meltdown like we saw in 2008 all bets are off. Stay tuned as it is going to be a fun ride.
Paradise Sharks Real Estate