So a new record price was set, but what truly blew the cover off the record book for Jupiter home sales during July was the number of single family homes that actually closed. Check out these numbers for the Northern Palm Beaches region;
Increase in closings over the previous month was 33%
Increase in closings over the previous year was 25%
Certainly impressive numbers and when everything was added up, July of 2020 had more single family home closings than any other month in history, eclipsing the old record that was set way back in June of 2017.
Interesting times in America. Not only for real estate, but for the soul of our country. The hate and divide are at levels never seen and our national debt keeps spiraling upward and out of control. The Democrats are trying to fight for another $3 trillion dollar “stimulus package” that if enacted immediately adds 11% to our national debt in an instant. One-third of that money is to provide a band-aid gift of a trillion dollars to cities and states that are not able to pay their bills. Those states and municipalities are creating off the wall ways to increase taxes on those working to make a living in an economy where many sectors have been shut down, or at least restricted. The Republicans want to "only" spend another trillion dollars but neither party has an answer where this money will come from. Pay attention America is all I can say.
Right now, the flow of people into Florida, especially from high income earners fleeing those states with a finial crisis, is adding to the demand. During July, homes that sold for over a million dollars broke the old single month record by 142%. Looking at that number one has to wonder why the median sales price has not climbed further.
Part of the answer is inventory, as buyers, especially under the $500,000 mark have few good options. I just had a call discussing feedback on a showing yesterday that the buyer was truly discouraged at what little $500,000 bought in Jupiter these days. Even with interest rates at historic lows, affordability for the working family remains a very big concern when it comes to Jupiter home sales. Inventory levels are at the lowest we have seen for well over a decade. Increased demand, historically low interest rates, record low inventory, million dollar homes sales like we have never seen, yet median prices are not soaring. Pay attention America is all I can say.
Over the past three weeks, the local real estate market has settled down a bit with pending home sales down. Some of it may be a rest from a market that may have come too far, too fast. Some of it may be people wanting to sit back as the election draws near and see how that circus unfolds.
One thing is for sure. If you are even thinking about doing anything real estate, you want to make sure you are teamed with a broker who wants you make informed decisions. We are going through a period in America economically, and socially, that nobody has ever experienced. Be smart, be informed, and if Paradise Sharks can ever be of help in any way please feel free to each out to us anytime at SharkMail or 561.308.0175. Our consultations are complimentary and our can-do attitude is infectious.