Jupiter condo prices continue to tread water
As of November 15th, the median condo price in the Northern Palm Beaches fell slightly over the past month. The decline was not large, to $235,000 from $239,650. Compared to year ago numbers, condo prices in the Jupiter area are up about 5.5%. Not only are prices up from 2017 numbers, so were the number of condo sales that closed during the month. In fact the number of sales for this time period are the highest we have seen since back in 2014.
Seeing an increase in the number of sales was a good sign but with the number of homes under contract in the area near 6 year lows, watch for the number of condo sales to decline. History tells us to expect declines in the number of condo sales for the next three months.
Median Jupiter condo prices, while making monthly moves in one direction, or the other, are unchanged from where the stood back in April. The median condo prices in both months sat at $235,000, so while year over year numbers show a nice gain, there has be no change over the past seven months.
There is no doubt that last week’s plunge in the Dow Jones Industrials, of more than 3%, rattled some cages and we can hope for a healthy rebound this week. With the local real estate market buoyed by luxury end sales we need to watch closely how consumer confidence will effect those willing, and able, to push that index higher. Sales of properties that close above the $1M threshold continue to set record, after record, and 2018 will be a banner year in this market segment. For that to continue we will need to see a bit more stability on Wall Street and continued upbeat economic news.
Interest rates have remained relatively flat over the past 6 weeks and all eyes will be on the Fed’s meeting in December. So far, they have led us to believe that another rate increase is coming. There has been push back on that from the White House as well as Wall Street. Certainly another hike in interest rates will not be bullish for Jupiter real estate.
The next month should be a very good time for those looking for the right Jupiter condo opportunity. Seasonal condo buying typically ramps up about January 15th and with limited quality inventory and little new construction to satisfy demand it is going to be a very interesting real estate season ahead.
Stay informed, ask questions and make educated decisions. Paradise Sharks will be rolling out some creative new strategies that will save our clients more money in 2019. Buyers, especially, will want to pay attention as we are going to start saving them money as well. Paradise Sharks would love the opportunity to show you how we will provide you the best quality service for the lowest possible price. Contact us anytime at 561 308.0175 or firstname.lastname@example.org for a complimentary evaluation of your unique needs.