Buyers have terrible selection in most price ranges and neighborhoods, and that is why new listings are so highly sought after and selling very, very quickly in many cases. Paradise Sharks can save you tons of money if you are looking to sell, so please feel free to contact us anytime for advice and learn how to save huge money on commissions. Inventory levels are the worst we have seen in well over a decade and not getting better.
The old rules of supply and demand tell us that when sales rise to record levels, and the number of homes for sale drop to record lows, we should see prices moving higher. But we aren’t. Median condo prices in the Jupiter area just dropped to the lowest levels we have seen since last year. Single family Jupiter home prices had been doing better and just 30 days ago set an all time record high. But, during June median single family Jupiter home prices, and those throughout the Northern Palm Beaches, fell 2.8% to $530,000. Last month they were at $545,000. Today's median single family home price is down to the lowest level we have seen since March.
Single family home sales in the Northern Palm Beaches were up an amazing 66% in June over May but remain 22% below year ago numbers. Over the first half of the year, sales of single family homes are down 17.3% compared to 2019. We have seen dramatic drops in sales of homes priced under $500,000. With interest rates at unbelievably historic low numbers the problem is not so much demand, but affordability and poor inventory.
Pending home sales for homes priced above $1 million dollars are off the chart. In fact, they are at all time record highs and just soared past the old record by 23%. Compared to last year's record sales, they are up an astounding 100%. During the first 6 months of 2020 sales at the very top end of the market were down 11.7% but that’s about to change. As these pending sales close, they are going to drag the median home price higher. Especially when there is hardly anything decent for buyers looking under the $500,000 threshold. Today, in that market segment there are a total of 165 active listings. Last year homes in that price range were selling at a clip of about 133 each month and interest rates were far higher.
There is much going on economically, politically and with thi virus. The old rules mean little and the new rules are hard to understand. If you are going to do anything with real estate, seek information and make informed decisions. Paradise Sharks would be honored to sit down with you and review your specific needs. If you are a buyer, we typically will provide you a significant cash rebate at closing as our way of saying thank you. If you are a seller, we will provide you the lowest commissions in the business and they will be geared towards your individual needs. Each house is different. Each marketing strategy is different and we discuss your options and show you exactly what your costs will be. Feel free to reach out to us at 561.308.0175 or firstname.lastname@example.org as we are proud to show you why we are different…..by design.