From January 1st through May 31st, median prices in the Northern Palm Beaches climbed almost 14% and took out the old all time record highs set back in 2005 before the bubble burst. Perhaps the climb was just a little too steep and prices fell the next four months before the current rebound started in October. As of December 1st, the median priced single family home in the Northern Palm Beaches stands at $480,000 which is a strong 10% jump from year ago prices. Still down $20,000 from the 2018 highs but when history looks back at 2018 it will be a good year for homeowner’s in the Jupiter area.
Jupiter single family home prices have now climbed for 7 straight years and the big question is will the bull market for Northern Palm Beaches real estate continue the run next year. Paradise Sharkskeeps a close eye on the $1M+ market as it tends to be a leading indicator of market strength. So far, the top end of the market looks extremely strong. Drive around and look at all the new construction of custom homes. Things are very, very good for homebuilders, with not enough qualified trades people to keep up with demand.
Economic news is better than we have seen in a while, but certainly many questions about just what is going to happen in the months ahead, the stock market dropped 4% this week, the jobs report Friday was not as strong as expected and of course the continued hatred of the President dominates the news. Interest rate increases have hurt the real estate market but they just dropped significantly for the 2nd straight week.
One thing that is certain, and that is wages have not kept up with rising home prices. Affordability, remains a big hurdle for future increases but the very strong luxury market keeps tugging that median price higher. Consumer sentiment in Florida has now dropped for 4 straight months and is now lower than we have seen in over a year. So many questions, but there are answers for anyone looking for them.
Please make sure to do your research before selling, or buying, anything in today’s Jupiter area real estate market. Inventory has been improving in many neighborhoods but finding quality inventory is still not easy. Always interview at least 3 brokers before teaming with a broker as real estate mistakes can be expensive. Paradise Sharks love to interview and we will not only show you how to get the best price but also how to make sure your closing costs are as reasonable as possible. Contact us anytime at 561.308.0175 or firstname.lastname@example.org.