Median prices of single family homes and condominiums in the Jupiter area have been treading water for quite a while. But with recent strong moves in pending home sales we are finally seeing new price records being set in both market segments. The median price of a single family home in the Northern Palm Beaches has broken out and hit new 11 year highs of $438,500. Median condo prices are also up and at $218,000 the highest we have seen in 10 years.
As of April 15th, pending home sales in the Jupiter area have been up strong again for the 3rd straight month. Over the past month, they are up another 8% but the pace of increases has slowed and it is obvious the season is winding to a close. There is little doubt with our seasonal visitors leaving the number of pending home sales will be retreating and it is a big guess as what is ahead for the summer months. Odds are prices will stabilize at best unless there is some fantastic economic news ahead.
After climbing for 7 months, we have seen the number of homes available for sale pull back for the first time since August. If you are looking for a home to purchase you will quickly realize that in most price segments and neighborhoods, inventory of well priced homes in good condition, are in short supply. The truth be told there is a lot of mediocre inventory out there. As of this afternoon, over 9% of single family home sellers in Jupiter have once again lowered their list prices over the past week, which shows us the market is not as strong as we would like and sellers are still realizing that buyers, even with prices rising a bit, remain very price conscious.
With so few really good opportunities out there these days buyers need to be properly positioned with a game plan and have the ability to show some patience waiting for the right property. Paradise Sharks would be honored to assist you, if you are buying or selling, so please feel free to contact us anytime at firstname.lastname@example.org or 561.308.0175.