Well here we are, and over the past 30 days the median Jupiter home price, and those throughout the Northern Palm Beaches is up $18,000. All the way up to $590,000 and closing in on that magical $600,000 mark. So far this year, the median Jupiter home price is up over 20% and there are still almost 3 months left in what has been one crazy year.
Just how dramatic a rise is that? Well, let me tell you there have only been two years in history where the median single family Jupiter home price has been up over 20%. Only twice in history. That was in 2004 and 2005. Our country was attacked this year by a Chinese virus that so far has killed over 215,000 Americans. There are anarchists in our streets burning the American flag. We just had a Presidential debate that resembled a Saturday Night Live episode. But Jupiter home prices are breaking record after record.
It’s the top end of the market driving this boom in median Jupiter home prices. Sales of million dollars homes are off the chart. Wealthy people are flocking to tax havens like Florida. Pending million dollar home sales at this minute are over 300% higher than they were last year on this date. Last year was a record year. Let that sink in.
This rocket ship is still gaining altitude, but one thing I can assure you is it won't continue. It didn’t continue after 2004 and 2005 and it won’t continue here. With median Jupiter home prices reaching this level, many buyers are priced out of the market. Not just first time home buyer’s but lots of homebuyers.
If you wanted to buy that median home, keep in mind it probably needs quite a bit of work. Let’s say you had $130,000 in cash to put down to do a 20% conventional loan and pay your closing costs. The $472,000 mortgage, even at give away mortgage rates, still requires significant income. The median household income in Jupiter is about $70,000. That doesn’t come close to qualifying for that $472,000 mortgage.
No sir, this rocket ship called median Jupiter home prices is not going to continue it’s path into the stratosphere. Right now, it looks good with pending home sales of million dollar homes at all time highs. Watch this number carefully. Very carefully. As long s it stays strong things will be fine. But when the market changes, pay attention.
It might be a great time to start considering selling. The season is coming and it's traditionally the best time of a year to sell a home. Paradise Sharks can list just about any home in the Jupiter area for a total commission not to exceed 4%. We will blow you away with our customer service.You can fire us anytime if we do not do exactly what we promise. Contact us anytime at 561.308.0175 or email@example.com. Our complimentary consultations will help you make educated decisions in what is very crazy times in America.