Jupiter condo prices hold steady
Watching Jupiter condo prices over the past few months has been a bit like watching paint dry. Not too exciting. Back on May 15th the median sales price of a condo in the Jupiter area was $223,000, today it is $222,750. Over the past 30 days, the median price has dropped a total of $250.
The good news is, season is coming, and once we get into January real estate sales pick up. Condo sales usually lead the charge and the absolute best time to sell a condo in Jupiter, and the rest of the Northern Palm Beaches, is the period between February and May. That four month period is as good as it gets for condo sellers. If you are looking to snap up a good value on a Jupiter condo then you should be shopping right now.
Median Jupiter area condo prices are up 6% from year ago levels but still lag the all time highs set back in 2005 and 2006 by over 20%. There is room for prices to go higher and if demand is strong this season the lack of quality inventory can be a recipe for higher prices ahead. Watch the stock market, as if it remains strong, the odds are so will Jupiter condo prices. Watch interest rates, as with our national debt spiraling out of control, they are the key to the future. For now, the average overnight rate on a 30 year conforming mortgage remains firmly below 4%. If we spike much from those levels, which is possible, the odds are it will have a detrimental effect on Jupiter condo prices.
Each property is different and one must understand the metrics that drives its value. Whenever doing anything real estate, interview at least three brokers and get informed. Mistakes in real estate can be expensive and usually they can be avoided. If I can ever be of help just let me know.