The median price of a condo in the Northern Palm Beaches, as of March 15th, has risen to $240,000 from $234,500 the previous month. Compared to the year ago price of $230,000 prices are up 4.3% which historically is about an average annual return.
Even though pending homes sales in the Jupiter area are not what we consider strong, condo sales over the past 30 days are in line with the closing figures we had in previous years. Overall condo sales numbers are holding up stronger than single family home sales, presumably because of affordability.
History tells us that the next three months will bring us the highest number of condo closings we will see all year. It’s also a period where we see median prices make nice jumps. Last year between March 15th and June 15th condo prices were up 7.4%. In 2017 the jump was 7.8%, In 2016 the jump was 7.5% and in 2015 it was 12.9%. The reality is the median cost of a condo in the Jupiter area should be moving higher over the next 90 days. If they do not then the strength of the overall real estate market needs to be further questioned.
The strength of condo sales so far this year cannot be overlooked when being compared to single family home sales. As on March 15th we have had more condos sell in the Jupiter area than we did last year. For the same period single family homes sales are down almost 15%. Again, with median single family home prices near record highs affordability factors has many buyers forced to look at a condo as an alternative which has helped drive sales numbers.
Watch condo sales numbers and prices very closely over the next three months. If we do not see median prices up to well over $250,000 by June 15th ask questions and seek information if you are thinking about buying, or selling, real estate in the Northern Palm Beaches. If you are buying, please remember that Paradise Sharks offers our buyer clients credits on every purchase and offer our full service, world class, listing packages from total commissions as low as 4%. If we can ever be of help in any way please give us a call at 561.308.0175 or send us an email to firstname.lastname@example.org.