Median single family home price in the Northern Palm Beaches sets new multi year high.
The great real estate recovery of 2015 continues with Jupiter area home prices moving significantly higher as of May 1st. During April, the median price on a home sale in the region moved above $400,000 for the first time since 2007. Sure, we still lag the market highs we saw in 2005 by about 17% but we are closing in.
Consider that prices are higher across the board by just about the same number. We are up 6.5% from one month ago, 6.2% from year ago numbers and and 6.2% from the 12 month moving average. The most significant move was compared to February 1st as in just 90 days the median Jupiter area home price is up 11%. With movement like that it would not take too much to have our sights set on an all time new record high price for a the median Jupiter home.
Inventory levels continue to be very poor and have moved even lower this week. Sales have been robust and if demand stays steady watch for higher prices ahead. We are in the middle of spring buying season with little on the shelves to buy. The overall economy remains the key as we live in the “who cares about trillion dollar debts” world and it won’t take much to change sentiment.
The struggle these days is for buyers to find well priced homes in good condition. There are new developments of significance coming our way but prices will be higher. Our friends at Kolter keep pushing back the opening of Alton but the last time I visited with them it sounded like entry level town homes in the community would start in the mid $400’s with single family home product priced significantly higher. Certainly higher than the median price we are seeing today. If the overall economy doesn’t implode home prices here in paradise are heading higher.
Paradise Sharks Real Estate