As South Florida continues its phased reopening of the local economy, real estate activity has been strengthening, especially in our local areas of Jupiter, Palm Beach, and Martin County. For much for the country, healthy home buyer demand and constrained supply continue to be the story. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. This is good news for our local area, as we are seeing substantial movement in our real estate market, and even outperforming 2019!
The two major factors for this hot summer real estate market are the record low mortgage rates and people moving to our area in droves from the northeast due to SALT tax reform.
For a comprehensive look at how the local housing market in Jupiter, Palm Beach Gardens, and Hobe Sound did in July of 2020 compared to July 2019, read on! We’re breaking down the sales of single-family homes, as well as townhomes/condos by closed sales, median sales prices, percent of original list price received, and the current inventory.
Jupiter, Florida
In sunny Jupiter, Florida, the summer real estate market is ON FIRE! If you have been feeling uncertain about the market, we’re here to show you that the housing market is strong and both buyers and sellers can benefit from selling or buying a home at this time!
In July of 2020, sales of single family homes, townhomes, and condos are up compared to July of 2019, as the record low mortgage rates are causing a surge in mortgage applications. However, some sellers are still holding out on selling single-family homes due to uncertainty, which has driven inventory down over 34.5% 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 22.8% compared to July 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 June of 2020 has increased significantly! The increase for single family home was 19.6% compared to July 2019 and for townhomes, the increase was 11.1%.
Palm Beach Gardens
The Palm Beach Gardens market has experienced very similar trends to Jupiter. The closed sales for single family homes have increased by 39.8% and inventory has decreased 20.8% when compared to July of 2019.
In addition, there has been a 22.8% in the median sales price of single-family homes and 4.8% increase in the median sales price of townhomes and condos when compared to June of 2019 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. Hobe Sound saw a 27.8% increase in closed sales for June. On the other hand, the median sales price has increased by 0.4%. In addition, inventory has fallen by 27.1% leaving less single family homes on the market.
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 has been ON FIRE this July and prices have stayed strong! 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, June, July, and August have become much busier for our team, and we expect that the local market will continue to strengthen throughout the end of the summer and into the fall.
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.