As we kick off the new America we still struggle with affordability as a key factor in where the Jupiter real estate market will go this year. As of today the median condo price in Jupiter and the rest of the Northern Palm Beaches is up to $210,000 from the $205,500 we sat at one month ago. Still off $5,000 from our 12 month highs and a long way from the record of $280,000 we enjoyed before the bubble burst back in 2006. Looking back at year ago numbers todays median condo prices in the Jupiter area are up by 8.9%.
The number of sales, as expected, were low but pending home sales finally over the past week are starting to pick up as we expect this time of the year. Watch for slow condo sales for another 45 days before they start picking up. Historically March, April and May are the months where we have the most condo closings so expect pending condo sales to start picking up steam. Right now is the absolute best time to sell a condo in the Jupiter area. Watch for median condo prices to continue rising for the next few months. We expect new 11 year highs to be hit very soon. How high they go will depend on the demand we see this season.
The affordability “issue” actually helps condo sales and prices. At this moment, the median single family home price in the Northern Palm Beaches sits at $435,000. Many of those who are looking for a home here in paradise can’t afford prices like that so condominiums fill that void. Watch for stronger condo sales and higher median prices in the weeks ahead.
Remember when doing anything in real estate that information is your friend. Always look to be educated and not sold. Interview at least 3 real estate brokers when buying or selling and as always Paradise Sharks would be honored for the opportunity to earn your business.