But the big news is median single family Jupiter home prices were up again to yet another record high of $717,000. Up another 1.8% in April. Up for the 5th straight month. Up 21% so far in 2021 and up an amazing 34% compared to a year ago.
So far this year, in the Jupiter area, over 31% of all single-family home sales closed above the million-dollar mark. Last year it was only 17% over the same period.
When is it going to end? I don’t know. Will it end? Yes, it will. How much could prices drop? A lot. So many questions and nobody really knows. What I do know is the stimulus for home prices in the Jupiter area has been the million-dollar home buyer. Those wealthy families who have had enough of crazy government spending and taxes on the state and municipal levels up north. They have been flooding into Florida for well over 3 years and this virus just multiplied their desire to flee. The federal government is about to slap more taxes on everyone. More spending. More control. More debt. How that affects Jupiter real estate has yet to be determined but do stay tuned if your home’s value is important to you.
There may not be a better opportunity in your lifetime to sell your Jupiter home, but you better know where you are headed.
Paradise Sharks has been telling you for over 3 years to watch the million-dollar market as it is going to paint the story for the overall market. In April, closings of homes in the Jupiter area above the million-dollar threshold were up 344% from last year. The numbers are truly stunning. But stay tuned. Pending home sales at the very top end of the market are down 10% over the past week and a half. Is this the top? Is the market getting ready to shift? I don’t know but there is no overwhelming evidence of it at this time.
That could change tomorrow. The market could still be booming for months. There are no guarantees. We are living through economic scenarios that the world has never seen. Interest rates are down this week to the lowest levels we have seen in 11 weeks. Uncle Sam tells us inflation is no big deal but every time I fill the gas tank, or check out at the grocery store, or look at home prices, I see things a bit differently.
I do know if you want to buy a home you better be educated. You might even want to interview Paradise Sharks. We like to give our buyer clients' money back at closing. We just closed a transaction this morning and gave half of the commission to our client as a credit. They didn’t ask, we just did it. It was a sale we did not have to spend much time on. We were well compensated, and our clients deserved it.
If you are selling, there are not many homes in the Northern Palm Beaches that Paradise Sharks cannot list for a total commission of 3.5%. That includes a 2.5% co-broke commission and if you have been reading our recent neighborhood updates you will see how many brokers are now offering a 2% co-broke. If you want to explore that route your total commission in most cases will drop to 3%. If Paradise Sharks handles both sides of the transaction, we’ll slash your total commission to just 1.5%.
Decades of experience. We do what we say, or we insist to fire us. Awesome customer service and the best value in the industry. It's what we do at Paradise Sharks and complimentary consultations are easy to schedule at tom@paradisesharks,com or 561.308.0175.