There are a lot of reasons Jupiter real estate prices have been moving higher. Take the Chinese virus out of the equation and the economy has been strong. Interest rates are the lowest they have been in the history of the world. Jupiter becoming a "destination" has certainly played a role. But the most important factor is the number of people moving into the State of Florida.
Right now, about 1,000 people a day are moving into the state. Sure, the beaches and weather are attracting many, but they are finding out the price of living in paradise is not inexpensive. Jupiter real estate is crazy expensive and those numbers are climbing. For the year, the median single family home price in Jupiter sits at $574,250. Over the past three months that number has jumped to $605,000.
But it’s the people with money, seeking shelter from high-tax states that have been flowing into Florida and driving the Jupiter real estate market higher and high now for three years. Ever since President Trumps tax changes that were passed towards the end of 2017. This year's pandemic and the #blacklivesmatter terror that has been unleashed on cities throughout this country have driven more and more people, in record numbers, to the Sunshine State.
It’s the top end of the market that has created the demand for million-dollar homes never seen before. October sales in the Northern Palm Beaches, of homes that closed for over a million dollars were up 230% over last year and last year was a record-breaking year. Pending home sales of properties listed above a million dollars are up right now 307% over ago numbers. These are numbers that truly are mind blowing.
In just two days, America votes and as anyone know this country has never been more divided. If Joe Biden wins his plan is clear and it includes immediately getting rid of the Trump tax cuts, raising taxes significantly and bailing out Northern cities and states that are bankrupt with printed money our Government has no idea where it is coming from. Many of the reasons that have been driving the Jupiter real estate market higher and making the economy strong could disappear in the blink of an eye.
But for right now the Jupiter real estate has never been better. As we told you last month, many have put things on hold waiting to see how this election ends up. Pending home sales were down on October, but are still so far ahead of year ago numbers it is crazy. This morning they are 47% ahead of 2019 numbers. Go back to 2018 and they are up by 69%.
The immediate problem is not only prices climbing where many who live here simply cannot afford Jupiter real estate, but there is nothing to buy. Inventory levels were down again in October for the 7th straight month. It wasn’t a huge decline but historically inventory never drops in October, Not until 2020. Last year in October inventory rose 5.8%. In 2018 it jumped 9%. This year buyers literally have fewer choices than any time in history.
So much of what is coming our way will be determined on Tuesday. Pay close attention to these changes that will happen in the Jupiter real estate market overnight, especially if Joe Biden wins and even more especially if the Democrats take over the Senate as well. Stay informed and make sure if you want the most comprehensive information available anywhere on the Jupiter real estate scene that you stay tuned to Paradise Sharks weekly market updates that we have been bringing you for years. If you would like these updates e-mailed directly to you, just send us a note to firstname.lastname@example.org and it will be done.
Decades of experience and our boutique culture delivers quality customer service and value that most of our competition can only dream about. Unencumbered by franchise fees or a broker taking a cut of our commissions, we simply pass those savings back to our clients where we feel they below. There are not many homes that we cannot provide our full service, “let’s break a record price” marketing for a total commission of 4%, or less. If the client wants to explore a 2% co-broke that many brokers have been doing, we can list most homes for a maximum commission of 3.5%. Most of our buyer clients get substantial credits at closing as our little way of saying thank you.
No matter what happens Tuesday, no matter how bad, or how good the economy gets, people will be buying and selling Florida real estate. Paradise Sharks is busy and looking for an equal partner here in our Florida office. If you love to provide quality customer service and value and want to help us bring fantastic real estate service to our clients, friends and neighbors feel free to give me a call at 561.308.0175.
Enjoy the day and keep a big smile on your face……