Jupiter condo prices tread water after recent falls
As of January 15th, the median price for a condominium in the Northern Palm Beaches sits at $230,000, unchanged from where prices stood one month ago. Compared to year ago numbers, Jupiter condo prices are up only about 2% and it has been quite the roller coaster ride.
Signs point, for a number of reasons, to higher condo prices ahead. While pending home sales in the area had been down to 6 year lows, we are already starting to see seasonal home buying starting to pick up dramatically. In fact, over the past two weeks, pending homes sales in the Jupiter area are up 22% after having been down sharply over the previous 8 months. Buyers are starting to turn this market around after only 14 days.
Buyers also have more selection than they have in a long time and that should help spur some more sales activity through the season. The number of homes on the market in the Jupiter area is up about 11% so far this month. You have to go way back to April of 2017 to find a time when buyers had more choices. Still a lack of properties in up-to-date move in condition in many neighborhoods and price points which also will help push prices higher.
With median prices that are still 18% below the all time highs we last saw in 2005 it would seem today’s prices have a ways to run. Higher demand, less quality inventory and interest rates that have come down from recent highs should all help push Jupiter median condo prices higher in the weeks ahead.
After two weeks it is hard to call the 2019 real estate condo buying season robust but it is certainly starting off on the right foot. If you are looking to find the perfect opportunity put Paradise Sharksdecades of experience to work for you. Not only will you have a partner who knows how the game is played, but by kicking the middleman out of the real estate equation means we can offer buyer rebates on any purchase. If you are thinking about selling, you need to sit down with us and learn how our full service, world class marketing starts at total commission levels as low as 4%.
To experience real estate done right, contact us anytime at firstname.lastname@example.org or 561.308.0175.