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Jupiter condo prices rise after 4 month slide

When annual visitors start flooding our bars, beaches and bistros you know season is in full swing. It takes our guests until about the middle of January to start serious real estate buying and as Paradise Sharks has been telling you, pending home sales will be on the rise. They already are.

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Through today, pending home sales in the Jupiter area are up 14.2% since the first of the year. Last year, we saw pending home sales jump 16% during the month of January and we are on track to match those gains this year.

No doubt, prices are a part of the equation and median condo prices in the Northern Palm Beaches are up as of January 15th to $225,000, which is a very healthy 4.2% increase over the past month. However, this comes on the heels of 4 months where prices had been driven lower. Today’s prices are still slightly below the 12 month highs we hit 7 months ago in June. Compared to year ago numbers, median condo prices in the Jupiter area are up about 7.1%.

Watch for more buying, more inventory concerns and higher prices in the weeks ahead. We are seeing great activity in some neighborhoods with excess inventory in others. Quality homes in good condition with realistic market pricing are tough to find. Property that is not properly marketed can sit for months and that costs sellers money. Lots of it. Please make sure, when listing a home, that you interview at least 3 brokers and ask to see how their most recent listings have fared. Look for a broker who is trying to educate you, not sell you, and ask them how many record prices they have set for clients over the past year.

Paradise Sharks loves setting record prices and we love to educate our clients. We would be honored to sit down with you and explore how we can make sure you walk with the most money at the closing table. Reach us anytime at 561.308.0175 or tom@paradisesharks.com.

 

Fins up…….

 

 

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