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 -- Homes in our local economy (Jupiter, Tequesta, Palm Beach Gardens, Hobe Sound) are still selling rapidly and for higher dollar amounts than ever before!
Particularly in Northern Palm Beach and Martin County, the Meyer Lucas Team has represented FORTY transaction sides (buyers and sellers) just in April and May. We hope this news helps 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. While we have modified the way we do business, utilizing virtual showings through FaceTime and Zoom, and taking all precautions with face masks and gloves, the additional steps haven't slowed us down. We are here for you if you have any questions about the real estate market and we hope you find this news comforting in a time of uncertainty.
- Holly Meyer Lucas, 561-406-5228, hello@meyerlucas.com
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 April of 2020, sales of single family homes, condos, and townhomes are down compared to April of 2019, which was expected due to the decreased economic activity that has occurred with the Pandemic. In addition, inventory is down. A smaller inventory benefits those who are selling, since there is decreased supply of homes on the market, which means there are less homes for buyers to choose from. However, April prices for single family homes have seen a slight decrease year-over-year, so buyers can benefit from purchasing a new home for a better price during this time! As for townhomes and condos, the median sales price has increased 15.3% year-over-year! Another important note is that in the local Jupiter market, the percent of original list price received has increased compared to last year at this time, which means that sellers are getting closer to their asking prices than before!
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, for both categories - single family homes and townhomes/condos - Palm Beach Gardens median sales price has risen when compared to April of 2019. 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. Additionally, the percentage of original list price has also shown a slight increase, which benefits home sellers.
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 26.1% decreased in closed sales for April, 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%.
Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®
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 some a bit of a slowdown in April in closed sales, inventory, as well as a slight decrease in the prices of single family homes. 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 has been a busy month so far for our team, and we expect that the local market will continue to strengthen throughout May, 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.
ABOUT MEYER LUCAS TEAM AT COMPASS
The Meyer Lucas Team at Compass is an award-winning, top-producing real estate team based in the Jupiter area of South Florida and led by Holly Meyer Lucas. Consistently ranked among the leading real estate teams in the state and nation, Holly and her team take pride in providing premium luxury real estate services to our local communities across the Palm Beaches and Treasure Coast. While Holly is known locally and recognized nationally for her work finding homes for Jupiter's professional athletes and their families, the Meyer Lucas Team treats every buyer and seller like a VIP. Whether you are buying a home, selling a home, or investing in real estate, contact our team today to get the ball rolling on your next move. Learn more about the Meyer Lucas Team at www.meyerlucas.com.