Jupiter area condo prices down for 2nd straight month
Ever since the end of the election 13 days ago the markets have been nothing short of crazy volatile. The massive bond market sell off has pushed interest rates to the highest levels we have seen in a long time. Look for them to pull back as Paradise Sharks will remind you again that there is a sovereign debt crisis here in America and the rest of the world. A one point move in interest rates means another $200 billion dollars in annual carrying costs for America and frankly we can’t pay our bills now. One day the debt bubble is going to burst but probably not yet. If this is the start of that bubble popping hold on for the ride. But we do need somebody to start buying our bonds again and in my opinion the only way that is going to happen is the Fed keeps buying or President Trump shows very quickly that his promise of paying down our national debt in a “big league” way is reality and not just another campaign promise. It certainly isn’t going to be easy. But it will be very, very good for our bond rating.
These rising rates have buyers and sellers scrambling a bit and the first “post election” week brought a strong surge in pending home sales in the Jupiter area. Up 15% since the first of the month but we have seen them pull back a bit over the past few days. As of November 15th, the median priced condo in the Jupiter area has sold for less money for the second straight month to the lowest price levels we have seen since April.
Sales of condos over the past month in the Northern Palm Beaches were at the lowest levels we have seen since February. Some of this is seasonal but compared to last year condo sales this month were down about 10% from 2015 numbers. Pricing pressure remains to the downside but median condo prices in the Jupiter area remain 4.25% higher that one year ago. Look for sales and prices to be under pressure for the next 30 days.
If you are doing anything real estate this market can move quickly and every location and market segment is seeing different realities. Do complete research, interview at least three real estate brokers and make informed decisions. If Paradise Sharks can ever be of assistance we would love the opportunity to earn your business. Complimentary consultation are super easy to set up at 561.308.0175 or firstname.lastname@example.org.