Seasonal buying pushes Jupiter condo prices to 11 year highs
It’s something we can count on here in paradise. About January 15th, seasonal buying kicks into high gear pushing condo closings in March, April and May to the highest numbers we will see all year. In Jupiter, historical data shows us that 34% of all annual condo sales occur in this 90 day period. Come June, we will see condo sales in Jupiter pull back about 20% from May numbers.
Overall, pending home sales in the Northern Palm Beaches have been picking up steam as we expect to see this time of year. Poor inventory means buyers have little to choose from and the buying is pushing prices higher. As of March 15th, the median condo price has jumped another 2.4% over the past month to $230,000, which is the highest number we have seen since 2007.
Where things run from here depend on market buying activity over the next 45 days or so. There is no way we get even close to the all time highs of $280,000 that we last hit back in 2006. More volatility in the stock market this week but still not many options for places for investors to put their cash. The right property can be as safe an investment as any in these times and if stocks fall out of favor anything can happen.
One thing about the markets, they are always moving and never easy to understand. When dipping your toes in the real estate waters make sure you ask a lot of questions and make informed decisions. Timing is everything and mistakes can be very expensive.
Enjoy the weekend ahead…….