After 5 straight up months a little consolidation is welcomed
We have been telling anyone looking for a home here in the Northern Palm Beaches that your best opportunities will be between now and November. Today’s numbers prove that point. Once our winter visitors start filling our beaches, restaurants, shops and streets demand will be strengthening and with inventory remaining poor, prices during the 2015-2106 season are going to run.
For the last 30 days, Jupiter home prices have pulled back with the median single family price down a barely noticeable 1.5%. Considering pending home sales and inventory still are under downward pressure a decline of $3,500 on a median single family home in the Northern Palm Beaches is no big deal. Not after this median price had soared $67,800 since February.
We expect the median price of a single family home in Jupiter and her neighboring communities to consolidate a bit here but recent declines may be erased if the shorter term trends keep in place. The action over the first week of August shows pricing pressure moving higher on single family homes. Keep in mind that product type, location and condition will play major roles. If you are looking for a condo, median prices held steady for our last report but look for them to continue moving higher this month.
Markets move and change but right now looking ahead to the biggest season we have ever seen in the Jupiter area looks like this. Resale inventory low and moving lower, new construction coming on line at much higher price points that the current resale market, seasonal demand higher than ever and you add all that up and prices have nowhere to go but higher. If you want to buy, have a game plan and be ready to act quickly because if you do not somebody else will. We specialize in getting our clients in position to win so if you need any help please let us know.