Halfway through the month on November. A country in divide. All signs, or at least most of them, point to Joe Biden moving into the White House, raising taxes significantly, bailing out bankrupt northern states and cities with printed money and doing lots of things many would have never expected in America. How that impacts Jupiter real estate is yet to be seen, but “bee” careful. You see, many of the people who have been snapping up million-dollar homes in the Northern Palm Beaches won’t lose much sleep if home values start to drop. If your home plays a significant role in your financial stability, “bee” careful.
Prices are rising, inventory is shrinking and the season is coming. Interest rates are at all-time lows and probably heading lower. Demand is still exceptionally high. The table is set for even higher median home prices coming our way in the Jupiter real estate market.
Home inventory in the Northern Palm Beaches is down again so far in November. Down 2% this month, down 3.3% over the past 30 days. But it's falling during a period we usually, as in almost always, see inventory increasing. For the second straight month, during months we always see inventory increase, it has fallen. There just aren’t many homes out there, especially at the lower price points. Finding one that is in excellent condition and is priced well is almost impossible. If you find it, you better act lighting fast and put a very solid offer in front of the seller as they will have multiple offers on the table.
If you are considering selling and have a home in the Northern Palm Beaches in great condition you are in the driver's seat. You should be paying super low commissions, getting super fantastic customer service and your home should be selling in the blink of an eye. If you are interviewing brokers, and you certainly should be, Paradise Sharks would be honored to speak with you. Contact us anytime at firstname.lastname@example.org or 561.308.0175 and we will make sure that your decision is an informed one.
The number of homes buyers have to choose from is at all-time record lows. Inventory is down 32% since April. It’s down 28% since last year at this time. We are truly in uncharted territory and it's impossible to say right now where things go over the next 6 to 7 months. “Bee” careful.
Pending home sales are down for the first time in 3 months. Down 2.3% so far in November. Down 4.3% over the past 30 days. Last year, over the same period sales were up. However, pending home sales compared to year ago numbers are 43% higher. Dramatic and with no inventory for buyers to choose from something has to give.
Condo prices that had been badly lagging the single-family home market are moving higher. For 4 straight months they are up and for the first time since 2006 within $20,000 of the old record high. Median single family home prices have hit $600,000 in the Jupiter real estate market and as long as million-dollar home sales remain strong they will certainly head even higher.
The question is what happens to the economy, how will new tax laws affect the demand at the top end of the Jupiter real estate market? Pending home sales in the million dollar plus market are down 10% since the election. If that continues, well, “bee” careful. Right now, everything is looking beautiful and honey is dripping from every hive. But things can change.
Pay attention, make educated decisions, and keep a very close eye on the million dollar plus market. Jupiter real estate is looking mighty fine right now, season is on the way. “Bee” informed. Pay attention to the numbers in your neighborhood. Paradise Sharks watches the Jupiter real estate market by the hour and if we can ever answer a question, or “bee” of help in any way, just give us a “buzz” at 561.308.0175.