Jupiter area single family home prices rebound sharply in July

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?

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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 info@paradisesharks.com. 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.

 

Fins up…..

 

 

#jupiterhomeprices

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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