Watch for Jupiter condo prices to be under pressure
The last five years have been very, very good for condo owners in the Jupiter area. Each year, all five of them, prices have been up, up, up. Back in 2011, the median sales price for a condo in the Northern Palm Beaches was $126,000 and we all should have snapped up as many of them as we could. So far in 2016 that median condo price is all the way up to $210,000 for a rather dramatic increase of 67%. As a means of comparison, single family home prices over the same period are up about 43%.
We know where we have been, but where are we going? In some ways it is pretty easy to predict the future in real estate and in others it is impossible. But just like a savvy Wall Street wizard knowing the numbers is critical to making informed decisions and minimizing risk. The problem is getting in and out of real estate in Florida is an expensive proposition, especially when selling. You want to buy a home you can afford in good times and bad and you also want to buy when the timing appears to be in your favor.
If you are looking to buy a condo in the Jupiter area your timing right now should be pretty good. The odds are the next five months will be better for condo buyers in the Jupiter area than condo sellers. Median prices should be trending lower, sales should slow and inventory levels should grow.
Look at median condo prices from September through February and you will start to get the picture. Last year they were down 5.5%. The previous year they were down 7.3%. The year before down 7.5%. Does that mean they will be down this year? No, but the odds are pointing us in that direction. If you are buying use this information in your negotiations. If you are selling understand seasonal numbers are probably not going to work in your favor for a while.
As of September 15th, the median condo price in the Jupiter area is unchanged for the third straight month at $215,000. The number of sales was up slightly from a month ago and right in line with where we were a year ago.
Using the numbers in the game of real estate to your advantage is the key to success. Paradise Sharks studies these numbers daily. We know the numbers in your neighborhood and would be happy to share them with you. To get your numbers, call ours 561.308.0175 or send us an email to email@example.com. We are here to help. It’s what we do.