Jupiter home prices fall back to March valuations
As of October 1st, median single family home prices in Jupiter and the surrounding communities fell again. Down another 3% from month ago levels bringing the three month total drop in Jupiter home prices to almost 8%. If you have been following our articles you know we have called for a short term drop in single family home prices throughout the Northern Palm Beaches so this news is somewhat expected for those watching the local market.
While we have been calling for prices to retreat in the short term, we have to admit a little concern over the steepness of the drop. Jupiter home prices had climbed for 8th straight months before this recent pullback so we still feel it is a normal pullback of a market that had risen too fast for too long. However, it bears watching closely and we need to see this recent trend reverse course to keep the recovery train on track. Sales appear to be hampered more by lack of inventory than weakening demand but with cash sales falling there is little doubt investors have pulled back the reins on purchases as prices rose. Will other buyers pick up the slack is the big question at this juncture.
Our winter visitors start returning this month and with them we hopefully will see an increase in sales, but nothing is guaranteed. Demand is still high for the best properties but quality, well priced inventory is rarer than an albino shark in these waters. The best locations are where we watch for trends. Beach side opportunities in Jupiter are tough with one new listing of a 2 bedroom unit drawing lots of immediate interest even with a list price 28% higher than the most recent sale in the community. In that case, the unit is in beautiful condition and with a price point under the $300,000 threshold it appears that an acceptable offer will have it under contract within days of being listed. In an adjoining community, where it has been months since we seen an available home, a new listing still sits after two weeks with a good historical list price but condition that will require some updating. Timing is everything to buyers in this market. They must be informed and position to make snap decisions in most cases.
Inventory continues to fall, the slide in pending home sales has reversed course and now Jupiter home prices have been falling rather steeply. Keep in mind that condominiums follow their own path and it is still a couple weeks until we update our monthly numbers. At this point, we are looking for a pull back in prices there as well. We still remain very bullish on the upcoming season but are starting to ask questions. Always interesting indeed.
There are questions as we head into season that soon we will have answers to. No doubt that when it comes to Jupiter home prices in a volatile market both buyers and sellers need to have real time data in that specific neighborhood. Paradise Sharks is always ready to help with a complimentary consultation for all of your real estate needs throughout Palm Beach and Martin County. Bigger marketing and more value is our promise to each client every time. Guaranteed!
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