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Jupiter Condo Prices Up Again to New 6 Year High

Closing in on $200,000 benchmark

As of September 15th Jupiter condo prices are up again. Up for the 5th time in six months bringing us to the highest median prices we have seen in the Northern Palm Beaches since 2008. Demand for well priced units remains high and while sales are pulling back it is mainly because buyers have little quality inventory to choose from.

Jupiter condo prices were up a little over 1% from month ago numbers while staying about 9% above year ago numbers. With the decline in units being put under contract we expect median prices in the area to hold steady and even pull back slightly. That reversal should be short term as the first 6 months of the year is when we see the highest volume of sales. Once our seasonal visitors start returning next month they should start effecting sales that closed in January and beyond. There is no reason we should not exceed strong historical seasonal sales so watch for more sales and higher prices through May of next year.

The best buildings and locations are seeing new listings snapped up quickly with record prices in the very best locations, exceeding records set back in 2005-2006. We will look at the most recent condo sales numbers tomorrow but Jupiter condo prices remain firm. Paradise Sharks remains bullish on prices moving higher in the coming months. There may be a slight pullback for the next couple months but watch out come January. Always interesting, always fun.

Fins up.....

Tom Priester
Principal Broker

Paradise Sharks Real Estate