And we’re back discussing the latest updates in the real estate world in Jupiter, Tequesta and Palm Beach Gardens, Florida. This week we’ve got an update on the median home prices in the northern Palm Beach County area, as well as some new numbers regarding total sales in the area.
After hitting a 7 year high a month ago, median home prices in the Jupiter area have fallen to just under $390,000 this month. Year-over-year we are looking good and when compared to other South Florida communities, the Northern Palm Beach County home price drop looks like a slight correction as opposed to a long term trend. Sales typically dip in the summer months, so to have prices drop a bit to gin up interest isn’t a total shock to the system. It does mark the first month prices have dropped in 9 months however.
So while prices have fallen, we do seem to have an interesting bit of data on the total sales figures. The total sales of single family homes in the north county area, (Jupiter/Tequesta/Palm Beach Gardens/West Palm Beach) are up 2.5% month over month. So while total inventory isn’t keeping up with demand, as we discussed last week, it’s not keeping homebuyers down for long.
Considering where we are in the summer, to see a little softness in median home prices isn’t overly surprising. If a 5% drop in sales price moves a home, most homeowners are willing to close the deal rather than wait to the full-on buying season in the winter. If we see this trend continue through the winter we might have some concern, but there is nothing on the horizon to suggest Jupiter and Tequesta home sales are going to see major changes in the near future. Interest rates will always matter, but until they begin to rise expect to see low inventory and home prices staying high.