2019 was another good year for home prices, and the median prices of both condos and single family homes, were up again for the 8th straight year. The number of single family sales were basically flat for the 3rd straight year, while the volume of condo sales dropped to the lowest levels we have seen in 7 years. Interest rates, have been moving higher, but still are low from a historical perspective. Inventory is poor in many neighborhoods and price points, and will impact the market significantly this season. Education will remain a key factor, whether you are selling or buying real estate, over the next few months in the Jupiter area.
As of January 1st, the number of homes on the market for buyers to select from fell over the past 30 days and remain 11% below last year’s numbers. Limited inventory should be a factor that helps push prices higher from today’s levels. If demand heats up, the economy stays strong, it is hard to see prices doing anything but moving higher over the winter and spring months here in the Northern Palm Beaches.
Pending home sales dropped 14.5% during December, and that was in line with expectations. The number of homes under contract is 12.5% higher than last year’s numbers and if we see typical buying patterns emerge in January, prices should start climbing. Especially in the condo market, as single family home sales lag condos by about 30 days as the buying season kicks off.
Paradise Sharks is proud to be starting our 7th year in business and is committed to another year of bringing you the most accurate information each week on the local real estate market. Our mission remains to provide our clients with the best service in the industry at value much of our competition can only dream about. Because we are unencumbered by typical middlemen expenses, like franchise fees and broker splits we simply can do more, for less. It really is as simple as that. We insist on old fashioned, high quality, customer satisfaction and if we ever don’t do what we say, fire us. We have never been fired.
Paradise Sharks “let’s set a record price” marketing packages start as low as 4% and the majority of our buyers receive significant cash credits at closing. If you would like to learn more, or if we can be of assistance in any way, please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.