Jupiter Area Condo Prices Tread Water at 7 Year Highs
Sales volume pulls back from last months record high
There is no doubt the Northern Palm Beaches real estate market is going to be interesting as we head into what historically are the slower summer months. Each month at this time we dig a little deeper into the local condo market to see where we have been, where we are and where we might be heading.
Pending home sales are strong but slowing. Inventory is very low and stabilizing. Sales of condos hit an all time record as of April 15th and while we have pulled back about 11% from those levels sales are still strong. Eliminate the previous month and the last 30 day period sales have been the highest we have seen since the same period last year. Since we have been keeping records, it was the 4th strongest sales month we have ever seen. For the year, we remain 1.5% ahead of last years pace but still fall about 4% behind 2013 sales during the same period. Sales are good.
Median sales prices for Jupiter area condos are unchanged over the past 30 days and remained stagnant at $200,000. That median price is the highest we have seen since 2008 but we still remain 29.5% below the all time highs we hit back in 2005/2006. We still have plenty of room to run if the overall economic picture holds steady. Over the shorter term prices have pulled back a bit but that appears to be more a factor of poor inventory. There is little out there to buy that is not priced too high or has condition issues. The good stuff goes fast.
The options for buyers are poor with inventory levels as of May 15th falling to new lows. Down a rather amazing 8% over the last 30 days. Since then we have seen some stabilization and even a tiny increase. If you are looking to buy you must have shark like focus and be prepared to act quickly. The right property is out there but you have to have a game plan. Always interesting, always fun.
Paradise Sharks Real Estate