Thanks for taking a look at our latest Jupiter Real Estate Report. This week we’re discussing our 5th month of price increases the Jupiter area. These figures take into account the media sales price of single family homes. What’s even more interesting is the year-over-year figure. We are looking at a annualized median sales increase of 31%, putting us very, very close to the top in 2007. In the last 5 months alone, the median sales price has increased from $335,000 to 379,000, a sign of a very healthy real estate market in the Jupiter area. Questions do arise, however, about the sustained growth of these increases. It’s something we’ll have to keep and eye on and as soon as the data shifts I’ll be covering here.
In order to track If we’re going to continue this growth, I’ve been keeping a close eye on the projected future demand and watching the monthly sales volume closely. These are numbers that have dragged over the last few years, compared to market highs, though we’ve seen a relative uptick lately across the northern Palm Beach County area.
Another uptick in the numbers is in the realm of pending home sales. A good sign for future sales volume in Jupiter. It’s the highest levels we have seen in the area since last June.
So, while it’s tough to say exactly what to expect from sales in Jupiter this summer, many of the fundamentals are looking very promising. Jupiter is a unique community that doesn’t rely on an industrial base as much as other parts of the country. Instead, much of the property values reflect demographic changes as more and more boomers retire and head down south to enjoy our climate.
I’ll keep balancing all these factors and check this space soon for another addition of the Jupiter Real Estate Report, brought to you by Preferred Residential Properties.