Then comes along the coronavirus, sales sputter and everybody is holding their breath to see what happens with home prices. Well, as of today, median Jupiter condo prices are up for the first time in 4 months and back to the highest prices we have seen now in over 14 years. Today’s median price of $255,000 is within 10% of those record bubble highs of 2006. Again, by comparison single family home prices are up 12.8% since 2006. Time for Jupiter condo prices to play a little catch up.
Sure, many of these recent sales, but not all, were put under contract before this gift from China started to take hold. Sure, condo prices needed to play a little catch up with their big cousin, the single family home. But, after almost 6 weeks of being locked up, the fact that median Jupiter condo prices have moved higher to new records is most welcomed news.
Inventory levels are at the lowest we have seen in well over a decade and no doubt, for now, provide some support to prices falling. As do sellers, who are not ready to accept less for their sought after prize. The economy was cooking before this pest arrived on our shores and once we get things back up and running all that is still waiting on the other end. There will be some pent up home buying demand out there and who knows what the future might bring.
Interest rates bring more good news and today they sit at the lowest levels borrowers have seen since way back in November of 2016. Pending home sales have actually moved a little higher over the past 4 days and we are seeing more and more showings with some listings. Certainly no reason to get super excited yet, but little victories along the way are certainly something to celebrate.
Paradise Sharks is keeping a very close eye on luxury sales and distressed property sales and we want to make sure one stays strong and one stays weak. If buying, or selling, anywhere in the Jupiter area, Paradise Sharks can list almost any home for a total commission of 4%. If it’s vacant, worth over a million dollars, sells within a week, or is in exceptional condition we can usually list it for 3.5%. Of course, we always provide exceptional customer service and marketing with our eye on getting you the very best price. We are super easy to reach at 561.308.0175 or firstname.lastname@example.org and if we can ever answer any real estate questions for you please feel free to reach out. In today’s rough real estate waters you’ll be happy to have a shark by your side.