It was bound to happen and it’s actually very healthy for the overall market. For the first time in about 5 years we can finally tell you that the median single family home price in the Jupiter area has not moved higher from where they were a year ago. As of June 1st, the median sales price of a single family home in the Northern Palm Beaches sits at $420,000 exactly where they were one year ago. Unchanged.
Last year, we saw a nice spike in single family home prices during June and although it is just 8 days into the month we are again seeing short term pricing pressure to the upside in both the single family and condominium market. Paradise Sharks has been telling you about the summer vacation in the local real estate market and how we have already seen pending home sales drop 6.5% over the past week. That is a significant drop in demand over a 7 day period.
Even though we fully expect pending home sales and inventory to be moving lower in the coming months it does not mean prices have to head lower. Last year during the summer months we saw condo prices tread water and hardly move at all while median single family home prices fell 4 months in a row starting in July. During that span the median single family home price in the Jupiter area fell 7.2%.
Many sellers have placed ambitious list prices on their homes which has helped inventory levels grow. Time will tell if they hold on to higher list prices over the summer months and thereby help prices hold at, or near, 10 year highs where we have been consolidating for about 5 months. We are still about two weeks from bringing you the latest sales prices in the condo market but watch for a 5th straight monthly increase and quite possibly the highest median prices we have seen since 2007.
As always, if Paradise Sharks can be of help in any way with anything real estate we are super easy to reach at 561.308.0175 or firstname.lastname@example.org.