Rules are meant to be broken and boy did we break them this year. Jupiter home prices have moved substantially higher during one of the worst health crises the world has ever seen. Our economy has been decimated and many of our neighbors and small business are more than struggling to keep their heads above water. But Jupiter home prices have enjoyed one of their best years ever. As of today, the median single-family home in the the Northern Palm Beaches has increased in value by over 20%. That has only happened twice before in history.
November was certainly not a bad month. Sales of single-family homes in the Northern Palm Beaches have never had a stronger month in November. Ever. Closed sales were 55% above last year's numbers.
That being said, single family home prices were down compared to October by 17.5% and prices pulled back for the first time in 5 months. As of December 1st, the median single family home price in the Jupiter area fell to $590,000 from last month's all-time record of $600,000.
Season is here but traditionally we see condo sales kicking into gear first, around the middle of January. We expect single family home sales to remain weaker through the middle or end of February. The sales and price fall offs we experienced in November is more in line with history and we can hope that maybe, just maybe, we are seeing some sort of normalcy returning to the market and the world.
Still, as we wind down 2020, inventory levels have never been lower, giving buyers very few choices. Interest rates fell again last week to another all-time record low. So many questions and without a doubt it is going to be very interesting to watch what happens from here. It's what makes real estate such an exciting arena to make a living.
Paradise Sharks is getting excited for the new year. We remain steadfast in our passion to ensure high quality real estate services are available at values never seen before in the industry. Decades of experience, no middlemen, and if we can ever be of service in any way please let us know. E-mail us at email@example.com or text/call us at 561.308.0175 for a complimentary consultation.