Million Dollar Home Sales in Jupiter Area Nosedive

Lowest monthly total in over 29 months

Let’s face it, living in the Jupiter area we are very lucky indeed. With a median single family home price nearing $400,000 there is still no doubt that those spending a million dollars or more on a property are in what we call the luxury market. If we look at history we see a strong correlation between the number of million dollar home sales and prices. Since the turn of the century when million dollar home sales in Jupiter rise, so do median home prices.

Million Dollar Sales
Over the past five years, sales of these luxury homes have soared. Up a rather dramatic 107% and prices have reacted favorably with median single family home prices up in four of those five years. In 2014 more million dollar homes traded hands than any year but 2005 when the bubble popped. The growth in million dollar home sales prior to the bubble bursting was even more dramatic than we have seen recently. They were up 310% between 2000 and 2005. And we know too well what happened in 2005.

Starting a new year we hoped that the growth in million dollar home sales would continue to be strong. January numbers weren’t too bad. Down 12% from the previous year. Enough to make us take notice but not enough to make us jump up and take notice. February’s numbers have us jumping up and taking notice. Not only did we just experience the slowest month for million dollar home sales in Jupiter in 29 months the numbers are noteworthy. We have to go back to October 2012 to find a month when fewer $1M+ homes sold in the Northern Palm Beaches. Over the past 30 days sales were down 30.5%. Sales were down 43% from year ago numbers. Also down 43% from the 12 month moving average. Like we said these were jump up and take notice numbers.

So if the annual performance of million dollar home sales in Jupiter area are tied to annual median prices we are starting to dig ourselves a hole for 2015. For the first two months of 2015 we are a rather significant 38% below 2014 numbers. After 5 straight years of solid growth in million dollar home sales in Jupiter the streak is looking to be in jeopardy. Can we dig out? Always interesting, always fun.

Fins up…..

Tom Priester
Principal Broker
Paradise Sharks Real Estate
561.308.0175

tom@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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