I remember well the good old days of Jupiter. Don’t get me wrong, as the first time I stepped foot in Jupiter was in 1991 and we didn’t move here full time until 2005. I fully recognize I am part of the problem, but being discovered means losing a whole bunch about what originally attracted me. Those quiet walks on the beach where you could walk miles without seeing anyone unfortunately are pretty much over and it’s a real shame. To me the beach was always our soul and it’s just a whole lot different today.
Today’s real estate market in the Jupiter area has further been split into the haves and have nots. The haves, who pay cash, want a home in Jupiter, and if they find what they like, the price is not as important as it is under the million dollar threshold. The have nots who still face very high prices and interest rates that this morning sit at 7.32%, up another 12 basis points from Friday.
The million dollar market remains solid and really helps prices from falling sharply. Sure, it hurts the working and middle classes who would love to find a home but for most everybody else the high home prices are a good thing, especially if you have been homesteaded for a while and have one of those sub 3% mortgages.
In the Northern Palm Beaches, home inventory jumped another 13% in October. Today’s inventory is 224% higher than it was a year ago and the highest we have seen in 22 months. Still. high prices and high interest rates have kept many would be buyers from participating.
Pending home sales were down another 14% in October, again mainly because of the lack of activity at the lower price points. The number of homes under contract today is down 38% from year ago numbers and at the lowest levels we have seen for many, many, many years. Before Jupiter was “discovered”.
Even with far greater options buyers are stuck at the lower price ranges. If the million dollar market remains strong, and that’s likely not going to change much. Interest rates are a huge factor as is what happens to the overall economy.
Prices are holding fairly steady. As of today, median condo prices in the Northern Palm Beaches have dropped slightly to $406,000, the lowest we have seen in 5 months, and down 4.4% from the record highs set back in July. Median single family home prices actually have risen to $835,000 after dipping down to $822,000. Still they are down12% from the all time highs we enjoyed in July.
I don’t have a crystal ball, but I do love numbers. I do love looking at what has happened in the past and what might happen in the future. Uncanny? Maybe, but maybe not as crazy as you might think. Time will tell and add another chapter to the history book we all can one day look back on.
Paradise Sharks has been doing nothing but real estate for decades. We believe in customer service. We believe our clients should be making educated decisions. We insist that our clients get the best value in the industry. Without franchise fees, or a third-party broker with their hand in our pocket we can simply do more for less. It’s that simple and giving back makes us happy. It’s a win-win and it’s how we like to roll.
Contact us anytime at tom@paradisesharks.com or 561.308-0175 as we are ready to help you with any of your real estate problems, It’s what we do.
Fins up……
#jupiter
Today’s real estate market in the Jupiter area has further been split into the haves and have nots. The haves, who pay cash, want a home in Jupiter, and if they find what they like, the price is not as important as it is under the million dollar threshold. The have nots who still face very high prices and interest rates that this morning sit at 7.32%, up another 12 basis points from Friday.
The million dollar market remains solid and really helps prices from falling sharply. Sure, it hurts the working and middle classes who would love to find a home but for most everybody else the high home prices are a good thing, especially if you have been homesteaded for a while and have one of those sub 3% mortgages.
In the Northern Palm Beaches, home inventory jumped another 13% in October. Today’s inventory is 224% higher than it was a year ago and the highest we have seen in 22 months. Still. high prices and high interest rates have kept many would be buyers from participating.
Pending home sales were down another 14% in October, again mainly because of the lack of activity at the lower price points. The number of homes under contract today is down 38% from year ago numbers and at the lowest levels we have seen for many, many, many years. Before Jupiter was “discovered”.
Even with far greater options buyers are stuck at the lower price ranges. If the million dollar market remains strong, and that’s likely not going to change much. Interest rates are a huge factor as is what happens to the overall economy.
Prices are holding fairly steady. As of today, median condo prices in the Northern Palm Beaches have dropped slightly to $406,000, the lowest we have seen in 5 months, and down 4.4% from the record highs set back in July. Median single family home prices actually have risen to $835,000 after dipping down to $822,000. Still they are down12% from the all time highs we enjoyed in July.
I don’t have a crystal ball, but I do love numbers. I do love looking at what has happened in the past and what might happen in the future. Uncanny? Maybe, but maybe not as crazy as you might think. Time will tell and add another chapter to the history book we all can one day look back on.
Paradise Sharks has been doing nothing but real estate for decades. We believe in customer service. We believe our clients should be making educated decisions. We insist that our clients get the best value in the industry. Without franchise fees, or a third-party broker with their hand in our pocket we can simply do more for less. It’s that simple and giving back makes us happy. It’s a win-win and it’s how we like to roll.
Contact us anytime at tom@paradisesharks.com or 561.308-0175 as we are ready to help you with any of your real estate problems, It’s what we do.
Fins up……
#jupiter
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