We are starting to sound like a broken record and the message remains the same again this month. Median single family home prices in the Jupiter area, as of June 1st, moved higher once again as we inch closer to the all time record highs we set way back in 2005. For the 4th straight month, Jupiter home prices have increased, and the median single family home in the area now stands at $455,000 up from $451,000 thirty days ago. Last year at this time, we sat at $415,000 so year over year gains sit at 9.6%. That is one of the highest annual gains in the country.
Monthly single family home sales in May were the highest we have seen since last June and helped push prices higher. June invariably has more single family home closings than any other month of the year and we expect no difference this year. Over the next month expect even higher sales volume with Jupiter home prices moving closer to record territory.
Inventory of quality homes in the Jupiter area remains a significant problem. Interest rates remain a buyers best friend and are down again this week to the lowest levels we have seen since November.
In Jupiter over the past month, the town home market remains the hottest sector with inventory currently down to 2.4 months. Any property, regardless of type, that is priced under $500,000 in Jupiter remains a hot commodity with inventory levels pointing to a strong sellers market. The highest inventory levels remain in the town home segment priced above $750,000 where buyers are still firmly in control. Remember, each property has its own set of numbers and you have to clearly understand those to make informed decisions. If Paradise Sharks can be of assistance with the value of your home, or with any of your real estate needs, please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.