Two weeks ago, we reported that median condo prices in the Northern Palm Beaches were sitting at the highest levels we had seen in 14 years with no change over the previous month. Today, we check in on median single family home prices and while they were down In April, it was a whopping 1.4% over February’s all time record highs. Median single family home prices in the Jupiter area sit at $536,250, as of May 1st, and this is the second highest price ever recorded in history.
The world has been shut down now for about 2 months. The sky is falling. Part of America wants to keep it shut down. Part of America want to get things up and running. Right now it looks like their side is winning with more and more businesses opening every day in Counties that allow it. Martin County has started opening things up and we may see the same in Palm Beach County as early as next week. Let’s hope so.
So, with sales stalling, why haven’t Jupiter home prices fallen further? One reason is there are a lot of people who have been financially unaffected by this pandemic. They are still working. With demand dampened it is easier for those who are shopping for a home to focus on that task at hand and the reality is there just aren’t many options for those ready to buy. Inventory levels as of May 1st were 13% below year ago numbers. To make matters worse, a lot of homes currently on the market aren’t in great shape. There just isn’t a lot of good options for buyers who are motivated.
Further, people keep moving into Florida and that in-flow is probably going to pick up steam. Many well heeled citizens of states that can’t pay their bills, like New York, Illinois, New Jersey are flocking to Florida, which remains one of the best in the nation for fiscal condition. If we can get the economy back up and running, the streets and freeways of Florida are going to become even more crowded.
Paradise Sharks is keeping a very close eye on luxury market sales, as well as foreclosures. Certainly there is risk ahead as we watch the overall economic news and pray for some return to more normal conditions soon. The longer this pandemic goes on, the higher the risk, so getting back our country back up and running is very important indeed.
For anyone even thinking about doing real estate today, the key is education. Informed decisions are the best decisions, and if Paradise Sharks can be of help in any way, please let us know. We are super easy to reach at firstname.lastname@example.org or 561.308.0175. Our boutique brokerage is in our 7th year and we have kicked the middleman out of the real estate transaction. World class customer service at the best values in the industry. It’s what we do.