I hope they don’t go the beach first thing as it is closed and that is why were traveling east to the sand to check things out. The red flags were flying on the Juno Beach lifeguard stands and there was literally nobody on the beach in Jupiter. It really was more than a bit eerie. Heartbreaking really as an unknown airborne irritant was causing people to be sick over the weekend. I can tell you, that just being near the water my lungs, nose and eyes felt it and in a very short time I had a headache. Just because I stopped at the beach for a couple minutes. We are all in charge of this planet we call home, and if we continue to pay no attention to our future, real estate in the Jupiter area will suffer greatly. Our beaches are beautiful but if you have to wear a mask well I cannot even begin to tell you what that would mean.
It has not been a great year for real estate here in the Northern Palm Beaches. Median prices are down for four straight months. Condo sales in September were the slowest we have seen in 7 months. Single family home sales were even worse. We keep saying prices need to start stabilizing, but they are being pulled at from a multitude of directions. Interest rates have suddenly moved to 7 year highs but thankfully have pulled back a bit over the past couple days.
When you consider that last year, the median price of a single family home in the Northern Palm Beaches, from June 1st to October 1st was up 3.3%. The year before, they were up 5.7%. This year, median single family home prices in the Jupiter area were down 5% over that 4 month stretch. The quality of inventory, the high cost of new construction. It’s all holding back the local real estate market.
On the bright side, inventory levels as of October 1st are up slightly over the past four weeks ending six straight months of decline. The number of homes for buyers to choose from is actually higher than a year ago. But the quality of available homes isn’t great and buyers are more than a bit price conscious and rejecting homes that need a face lift. Not an environment that looks like prices will be moving higher at this point. Don’t even get me started on what is going on in Washington and the great divide that is tearing this county apart at the seams.
Pending home sales are up slightly over the past 30 days and inventory levels are also a bit higher than where we stood a year ago. Things can change but they better get the beaches open, interest rates to stop rising and figure out where some quality homes are going to come from. A little love and respect of the people of the United States would also help. Season is fast approaching and it is going to be another interesting one for Jupiter real estate. If doing anything real estate please do not get sold. Make educated decisions and if buying or selling, the very best way to do that is interview at least 3 brokers and ask a lot of questions. Not only about what their services are going to cost you, but what you are actually getting for that money. Paradise Sharks takes the middleman out of the real estate transaction and we always love the opportunity to sit down and show you how value and quality in real estate actually do go hand in hand. Contact us anytime at 561.308.0175 or firstname.lastname@example.org.