Sales were not strong. In fact, the total single family home sales for the month on May in the Jupiter area were the lowest for any month, in any year, in over a decade. Compared to last years sales volume they were down 58%. Still Jupiter home prices moved to record highs.
Yesterday, we were busy and all over the place and traffic was bad. It seems the world is waking up from this virus induced coma. Then I get home and see a video of the streets of New York City from yesterday and it was a ghost town. All I know is Jupiter home prices, just like the Dow Jones Industrials are looking very solid. At least for now.
They claim on Wall Street it’s because there is no other place for money to go. Real estate they say is because there are more buyers than inventory coupled with the lowest interest rates in history.
As John Prine sang so many times, it indeed is a big old goofy world. Where we go from here is anyone’s guess. Interest rates cannot move much higher. The debt in this country keeps spiraling out of control and the biggest election in America’s history is just 150 days away.
Its a good time to stay informed and watch carefully what transpires in the days, weeks and months ahead. We are blessed to live in an area that attracts people and they keep moving to Florida in record numbers. The flood of new residents, and the cost of new construction, should keep home prices rock solid but the economic pandemic may play havoc in the road ahead.
Paradise Sharks is always here to help, answer questions and give advice. We have been doing nothing but real estate for decades and are easy to reach at 561.308.0175 or firstname.lastname@example.org. Midwestern ethics, small business culture and value to our customers that we are very proud of. We ere here to serve you. It’s what we do.