Median home price dips below $400,000 for the 1st time since April
Over the past 30 days the median single family home price in the Jupiter area has dipped 1.25% which isn’t a huge drop. But added to the 3 other straight declines we have seen since July 1st, prices have fallen back a total of 8.4%. The silver lining in this cloud is year over year prices are still 6.7% ahead of where we were in 2014.
Some feel the market has gotten ahead of itself and this is just the beginning of a more significant slide after 3 years of higher prices. Paradise Sharks watches these numbers closely to keep our clients informed as we feel educated decisions are the best decisions in any market. This isn’t 2005, not even close but you still want to be careful. When buying a home look for a property you will enjoy living in and buy one that you feel you can comfortably afford, good times and bad. Find a home, not an investment.
We knew summer would bring a seasonal slowdown but are surprised it was so strong. We thought prices would hold. They didn’t. Our stance could change but we still see strong demand ahead during the winter months with prices moving higher. The reality is we are are happy to see prices retreat and think it is healthy for the long term market. In reality the gains of the past 3 year have not been huge and the Northern Palm Beach County does not play by regular rules. It is an amazing place to call home and it seems everybody wants to be here.
The population is rising, international demand is strong even with the strength of the US dollar putting a damper on buying from this market segment and it still remains less expensive to buy than rent in many areas. Certainly there are concerns: the overall economy, the fact that the average household income doesn’t even come close to qualifying to purchase a median priced home, a 19 trillion dollar debt and a divided country with 12 months of campaigning still ahead.
When doing anything real estate seek knowledge. make educated decisions and find a broker who wants to make sure you have the information needed. Don’t be sold, get educated. There is a reason we spend time researching the market instead of attending Tom Ferry seminars. If we can be of any help it’s what we do and you can always get us at firstname.lastname@example.org.