It was just a month ago when Paradise Sharks brought you the news that the median single family home price in the Northern Palm Beaches had fallen behind year ago numbers for the first time in 5 years. Median prices had declined for 3 straight months, from $432,500 to $415,000. The median priced single family home sold for $430,000 on July 1, 2015 and here we were a year later and they sat at $415,000. Was this 5 year real estate party coming to an end?
Then came July. It’s summer. Pending homes sales fall. Inventory levels fall. And sales fall. It’s the summer vacation for the real estate market that we have been telling you about for months. It happens every year. Almost always more single family home sales close in June than any other month in the Jupiter area and it’s usually downhill until October.
This July was no different as sales did fall. More Northern Palm Beaches single family homes sold in June 2016 than in any year in history. It was a huge month. Certainly July would bring much lower numbers and it did. Single family home sales dropped about 32%. It was expected so no big deal.
What wasn’t expected was buyers were willing to pay a lot more and the median single family home price jumped from $415,000 to $430,000 in one month. Maybe it was the all time record low interest rates and buyers decided they could afford a more expensive home. Maybe the poor quality inventory forced them to pay more for the house they wanted. In reality it’s a little of both but it was a great month for prices of homes in the Jupiter area.
Prices are again ahead of last years numbers. In fact, as of August 1st the median single family Jupiter area home is worth about 2.4% more than it was a year ago. Sales should slow through the end of October. Last year the median single family home price declined from $420,000 to $399,000 during that stretch. Time will tell what happens this year.
Remember your home probably isn’t the median home and market strength in your neighborhood and the real market value of your home changes daily based on a number of factors that are constantly moving. When doing anything real estate, seek knowledge. Ask questions. Real estate mistakes are expensive and educated decisions will help you avoid them.
If you are in the market for real estate services of any kind interview three brokers. Dig for the broker who has the knowledge to educate you so you avoid mistakes. Paradise Sharks loves interviews and you can schedule yours today at 561.308.0175 or firstname.lastname@example.org. We promise to educate you and without the franchise fees, broker splits and other fees of other brokers we will save you money. That’s what we call our value proposition and it’s a winner.