As of March 1st, the median priced single family home in the Northern Palm Beaches sits at $425,000, unchanged over the past month. Compared to year ago numbers, the median price single family home in the Jupiter area is up by only 1%. While we have seen minor variations in this median price there has been little measurable change since August of last year when the median price sat at $427,500.
With affordability a lingering concern there is no doubt that buyers have become very price conscious in most market segments. After a steep eight month drop, pending home sales have now been up for 2 straight months which should provide a boost to prices in the weeks ahead, The number of homes for sale in the Jupiter area finally leveling off after moving significantly higher over the past 6 months. This increased inventory is one reason prices have stagnated a bit.
Mortgage rates have traded in a fairly tight range after they jumped about a half a point after the election in November. Keep your eyes on interest rates as the Fed continues to send out mixed signals. Over the past week the rate on a 30 year fixed conforming loan has jumped 12 basis points and sits at 4.09%. That is the highest we have seen rates since December.
The stock market keeps hitting new highs and the overall economy remains a key component of what happens to real estate in the months ahead. Confidence returned to the Jupiter market with pending home sales jumping 49% since January 15th. That confidence has remained with us for the first week of March but pending home sales have lost some of the luster we saw over the past 45 days.
Watch for median prices for single family homes in the Jupiter area to move slightly higher over the next month with buyers remaining very price conscious. Keep an eye on interest rates as any sustained significant increases will put a chill on the market.
Always interview at least 3 brokers before doing anything real estate. Ask lots of questions. Get educated, not sold. If Paradise Sharks can ever be of help in any way please feel free to reach out to us at 561.308.0175 or firstname.lastname@example.org.