Jupiter condo prices continue to pull back
For the second straight month, the median condo price throughout the Northern Palm Beaches, has pulled back from what was an 11 year high on June 15th. Condo prices had been moving significantly higher this year so this may actually be a good sign for a market that was moving fast to the upside, but still bears watching.
As of August 15th, the median condo price in the Jupiter area pulled back to $240,000 from $245,000 a month ago. Single family home prices in the area have also been falling for the past two months.
We always look to history to see what impact seasonal trends may have on current price movements. Between July 15th and August 15th this year median condo prices were down 2%. Last year over the same period they increased 1.5%. In both 2016 and 2015 they were unchanged and back in 2014 they were up 1%. Again, it seems like not a huge market shift but something that bears watching.
Median condo prices in the Jupiter area remain 6.6% higher than year ago numbers which is a strong increase even with the current pull back. Still, with pending home sales 12% below last years numbers, there is reason to keep fully informed if real estate values are important to you. The next couple months will be important, as they usually mean pending home sales will continue to decline. If they do, we will be down to the lowest levels we have seen in many years. Sales, or demand, typically drives prices but the world today isn’t the one your grandparents lived in. It definitely is not Mayberry anymore.
If Paradise Sharks can ever help with any of your real estate questions, please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org.