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. Home showing activity for June 2020 has increased substantially from the depressed levels of March, April, and May, and the activity also tops the levels in June 2019. This is good news for our local area, as we are seeing substantial movement in the real estate market, and even outperforming 2019!
In fact — April, May, and June have been the most active three-month stretch the Meyer Lucas Team has experienced since 2015! 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.
For a comprehensive look at how the local housing market in Jupiter, Palm Beach Gardens, and Hobe Sound did in June of 2020 compared to June 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
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 June of 2020, sales of single family homes, townhomes, and condos are still down compared to June 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 single-family homes due to uncertainty, which has driven inventory down over 30% 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 15.3% compared to June 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 was much greater for condos/townhomes — 10.8% when compared to June of 2019, and a 0.2% increase for single-family homes.
Palm Beach Gardens
The Palm Beach Gardens market has experienced very similar trends to Jupiter. The closed sales for single family homes are down and inventory has dropped significantly leaving less homes on the market than usual. However, the closed sales for townhomes/condos in Palm Beach Gardens have seen a 3.8% increase this June compared to last June. In addition, there has been a 9.2% increase in the median sales price when compared to June 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 27.6% decrease in closed sales for June. On the other hand, the median sales price has increased by 5.1%. In addition, inventory has fallen 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 saw a slowdown in June in closed sales and inventory, but prices have stayed strong and have even seen increases! 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, June, and July have become much busier for our team, and we expect that the local market will continue to strengthen throughout August and September, 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.