We are running out of months that we can go back a year to look at what is “normal”. Normal went away in Jupiter home sales, when looking at historical trends, starting with numbers Paradise Sharks reported back in March of 2020. That was about the first-time effects of the Chinese virus started playing havoc with history.
Nobody could have predicted what happened last year with Jupiter home sales, or prices. Just look at the number of single-family homes that sold the last quarter of the year. Sales during October, November and December were up 42% compared to 2019 numbers. Median single family home prices are up over 22% for the year. Stunning numbers no matter how you measure them.
If you want stunning, let's break out the luxury side of the market. Single family homes that sold for over a million dollars. Sales volume in 2020 during the final quarter was up an astounding 70% compared to 2019 and median prices were up 17.4% at the top end of the market. The luxury market in Jupiter home sales was literally off the charts last year.
But last year is over and things politically in America have changed dramatically. While one race from Georgia last night is “too close to call” it certainly appears that the wealthy in Americas will be facing far higher taxes as the Government has debt and debt payments that are enormous. The top end of the market has carried Jupiter home sales, and the overall market on its shoulders, since the tax cuts of 2017. The tax situation for many is about to change. Drastically. Keep your eyes on pending home sales numbers above the million-dollar threshold. They are going to tell the story where Jupiter home sales go from here.
Last year million-dollar Jupiter home sales, and those throughout the Northern Palm Beaches, beat the old record by 50%. Pending home sales at this minute, at the top end of the market, are up by 202% over year ago numbers. They are at the highest numbers we have seen in about 2 months. Something tells me those numbers will be changing in the weeks ahead. What that does to the overall market is anybody's guess.
Stay informed and if Paradise Sharks can ever answer any questions, or be of help in any way, just let us know. We are getting ready to kick off our 8th year in business and for decades have done nothing but sell and build real estate. Our buyers almost always get significant credits from us at closing as our little way of saying thank you. Almost any home in the area we can provide our “let’s set a record price” marketing for a maximum total commission of 4%. That includes a 2.5% co-broke commission for the buyer's brokerage.
Many brokers have been offering 2% co-broke commissions which is a trend that will continue. If our clients want to explore that route, we will fully explain what this means and their total commission drops to 3.5%. If Paradise Sharks handles both sides of the transaction, we save them even more money. No middlemen, no franchise fees sent to other states, no broker taking a slice of the pie at the closing table. Our small business, boutique culture, just transfers those savings back to our clients. Amazing customer service and amazing value. It’s as simple as that.
You can set up a complimentary consultation anytime at;
email@example.com or 561.308.0175.