If you have been watching real estate prices in the Northern Palm Beaches you know all about the steep climb they have been on. As of April 15th, the median price of a condo in the Jupiter area is up to $235,000. That is an 8.8% jump since December 15th, which is more than a little bit significant.
There are many things we can point to that have helped push condo prices to the highest levels we have seen since 2007. Season is here and spring is when we always see our strongest buying. Inventory is not good, so buyers have to compete for the best listings, putting sellers in control and prices moving higher. Interest rates have been steady for about 10 weeks, after the big jump we saw between November and March. Most signs point to even higher rates ahead, so buyers who are financing see the urgency. Interestingly, after two and half months of calm, we are seeing interest rates move strongly higher so far this week.
Even so, median condo prices in they Jupiter area are 16% below the all time highs we saw back in the bubble days. While inventory levels, on the surface, are poor there are still opportunities out there that quite frankly surprise me. An amazing professionally remodeled unit in an oceanfront building that should have disappeared with seasonal buying. A community within steps of the oceans edge where inventory levels are at 12 months and pricing is not a problem. A single family boating community where square foot list prices are below recent sales with solid homes still searching for a buyer.
While prices of condos have been moving substantially higher, it’s the single family market where the real action has been. Recent moves have pushed the median single family home price above the $500,000 mark for the first time in history. The old “bubble” records have been taken out with median single family home prices that have soared about 15% since December.
Be careful out there as the real estate market is in a tricky spot right now. Make sure you are fully educated about any property you are making a decision about. The economy looks stronger than it has in many years yet pending home sales in the Jupiter area are lower this year than we have seen in eons. Home inventory levels so far have increased a bit in April and that never happens.
Always seek knowledge and don’t get sold. Interview at least three brokers and ask lots of questions. Real estate is expensive, mistakes in real estate are expensive. If Paradise Sharks can ever help you not make mistakes, please feel free to reach out to us anytime at 561.308.0175 or firstname.lastname@example.org. We have been doing nothing but building and selling real estate for decades and would love to get our experience working for you.