The median price of a single family home in the Jupiter area was up 2.4% as of April 1st. While that is a solid monthly increase it really is just the latest “yo-yo” like move that has kept prices essentially flat over the past year. As of today, the median priced single family home in the Northern Palm Beaches sits at $435,300. Last year, at this time, that same median priced home was worth $432,500. So, over the past year a gain of about 6/10’s of 1%. Hardly worth talking about.
Not even a week into the month of April, inventory levels continue to move lower which is a good sign if you are hoping for prices to increase. Pending home sales have made big jumps over each of the past 3 months and while not moving higher, have held their own, so far in April. Another sign for prices remaining strong.
The average overnight rate on a 30 year conforming loan sits at 3.95% this morning. That is down 22 basis points since the Fed “raised” rates back on March 15th. Keep a close eye on where they go from here as that is a huge part of the real estate picture moving forward.
Season is winding down and single family home sales will too, in about 6 weeks. June means more single family home closings that any other month here in the Jupiter area. Prices staying in a tight range, as we have been seeing, is a good sign moving forward.
Both buyers and sellers need to be informed in any market. That is more true now than ever before. If Paradise Sharks can ever be of assistance in sorting out your goals and a plan of attack to meet them you can easily reach us at 561.308.0175 or firstname.lastname@example.org. We promise you the highest levels of customers service, a winning game plan and value that you will have a hard time finding anywhere else. It’s our promise to our clients and the reason we are truly different…..by design.