Meyer Lucas Monthly Market Update | May

With COVID-19, we have experienced lots of uncertainty and speculation about the status of our national economy and what the future holds. I wanted to take a moment to share some positive news with you and update you on our local housing market -- in Northern Palm Beach and Martin County, my team and I have represented over FORTY transaction sides (buyers and sellers) in April, May, and June. This is the most active three month stretch my team and I have had since 2015. 

My intention of sharing this with you is not as a weird brag during a pandemic, but in hopes to ease any anxieties anyone might be feeling about the status of our local housing economy. Our local housing market is still very active and moving rapidly, with record sales prices and closings happening daily. The two major factors for this are record low interest rates and people moving to our area in droves from the northeast due to SALT tax reform. 

While my team and I have modified the way we do business, utilizing virtual showings through FaceTime and Zoom, for example, and taking all precautions with face masks and gloves, the additional steps haven't slowed us down. As a real estate leader living in Jupiter and Palm Beach County, I am here for you if you have any questions about the state of our real estate market and local housing economy during this time.

Jupiter, Florida

While these times still feel uncertain to many, we are here to tell you that both buyers and sellers can benefit from selling or buying a home in Jupiter, Florida at this time! In May of 2020, sales of single family homes, townhomes, and condos are still down compared to May of 2019, but this decreased activity was expected due to the decline in economic activity occurring with the pandemic. Many sellers have been holding out on selling homes due to uncertainty, which has driven inventory down 20.5% year-over-year. The effect of a decreased supply of homes on the market is a benefit to those that are selling, since there are less options for buyers who are searching for a new home. However, inventory for townhomes and condos has been propping up more than single family homes with an increase of 11.1% compared to May of 2019. Overall, in Jupiter, home sellers have seen an increase in the percent of original list price received, which increased for single family homes, townhomes, and condos. This means that sellers are getting closer to their asking prices than before! Additionally, the median sales price of all homes sold in Jupiter in May of 2020 has increased significantly! The increase was much greater for single family homes — 24.3% when compared to May of 2019, and a 5.2% increase for townhomes and condos.

Palm Beach Gardens

The Palm Beach Gardens market has experienced very similar trends to Jupiter. The closed sales for single family homes, townhomes, and condos are also down, and inventory has dropped significantly leaving less homes on the market than usual. However, there has been an increase in the median sales price when compared to May of 2019 for townhomes and condos in Palm Beach Gardens. This is great for homeowners, as their home values have stayed strong, and for those who are looking to sell their homes in the near future. We expect that in the next few months, as economic activity returns to pre-pandemic levels, the closed sales and inventory will strengthen.

Hobe Sound

The Hobe Sound market is one that is much smaller than Jupiter and Palm Beach Gardens, which makes it more susceptible to swings in the housing market. Although there is still a lot of action occurring within their real estate market, Hobe Sound saw a 58.6% decrease in closed sales for May, and the median sales price has dropped slightly. In addition, inventory has fallen leaving less single family homes on the market and the percent of list price received has dropped 3.6%. However, home sellers in Hobe Sound have seen an increase in the percent of original asking price received!

Homes Listed or Sold by the Meyer Lucas Team During the 2020 Pandemic

Our team has leveraged cutting edge technology, Zoom & FaceTime showings, virtual reality home walk-throughs, and other creative sales & marketing strategies to get the job done from a safe social distance.

Overall, due to the Pandemic, our local real estate market saw a slowdown in May in closed sales and inventory. However, the Meyer Lucas Team continuously experienced rapid activity, plus lots of closings - even at record-breaking prices! Now that businesses and the normal activities of daily life are starting to resume, May and June have become much busier for our team, and we expect that the local market will continue to strengthen throughout June, inching closer to its pre-pandemic state.

If you are thinking about buying or selling a home, contact our team to discuss how we've adjusted our marketing tactics & strategy during this time.