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Get ready as Jupiter condo prices are poised to soar

As of November 15th, the median Jupiter condo price, and those in the neighboring communities, was down again for the third straight month. In fact, that median price today is lower than anything we have seen since way back in April. Today’s median condo price in the Northern Palm Beaches is $245,000 down from $246,375 a month ago. But, hold onto your seats, as condo prices are poised to move higher. And that move may be significant.

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If you are looking to buy a condo, your options may not be great, but condo inventory in the Jupiter area has climbed significantly. In fact, over the past 90 days, local condo inventory has climbed a dramatic 16%. With prices down, and getting ready to climb, you may do your best to find that perfect home prior to the end of the year. You can save even more money if Paradise Sharks is your broker, as we give all our buyer clients significant credits as closing. You don’t even have to ask, we just do it. If you want to learn more about this buyer friendly program reach out to us anytime at tom@paradisesharks.com or 561.308.0175. Paradise Sharks LOVE to help our clients make informed decisions and save them lots of money at the same time.

Condo sales in the Jupiter area over the past 30 days were up for the third straight month but compared to last year they were not good. In fact, 2019 sales were down 19% from 2018 numbers and that is a little concerning. Some of it is related to poor quality inventory. Some of it is related to seller’s asking too much for their condos. Some of it is fear in what we are watching going on with the political divide here in America. 

If you are considering selling a condo, you better get properly positioned and understand the historic buying cycles here in the Jupiter area. To hit the “sweet spot” of the market you will want to go live on the Multiple Listing Service on Monday, January 13th. Interview brokers, get informed and ask a lot of questions. Invite Paradise Sharks to interview and you will learn that our decades of experience and boutique culture can provide our world class “let’s set a record sales price” marketing for total commissions that begin as low as 4%. If Paradise Sharks ever does not perform as promised, we insist you fire us. We have never been fired.

So, why are we so upbeat and believing that prices are moving higher. The real answer is we study the market and know the numbers more than any real estate broker we know anywhere. We know that single family home prices have already started moving higher. We know condo financing is easier than it has been for over ten years. We know condo sales are going to pick up dramatically on January 15th and have their best 6 months of the year after those sales start hitting the closing table. We know increased demand puts upward pressure on prices. Next month we may see prices still flat and maybe even a bit lower, but after that watch out as they will be heading higher. 

Certainly, a major economic event could derail the real estate market but we are hopeful that the current administration can keep this economic resurgence going and that will be very bullish for real estate here in the Jupiter area.

If you ever have any questions about your real estate situation, Paradise Sharks is here to help. No obligation, no contracts to tie you down, and a strong desire to provide an amazing real estate experience at the best prices you will find anywhere.


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