While median condo prices are up as of August 15th the gain was only $2,000 and it was the first increase we have seen since April. Even more amazing is, at $247,000, they are still $33,000 below where those median prices were back in 2005. While single family homes have been flying high, the condo market here in Jupiter is frankly, not even on the same page.
The number of single family homes on the market for sale today are at the lowest levels we have seen in well over a decade. Jupiter condo inventory just dipped to the lowest we have seen in less than a year. Median single family home prices continue to hit record after record and are far above the prices we saw back in the 2005/2006 “bubble years.
Condo sales in the area were up for the third straight month, but over the past 30 days were only slightly better than year ago numbers. Over the same period, single family home sales were up well over 30% from year ago numbers. Homes sales over the million dollar threshold were up 147% during July. Condo sales have been left in the dust.
Those at the top end of the market are buying like crazy. Money is cheap. People are moving out of big cities, where hate and destruction has been in the air. A home on the water in Tequesta has become far a superior place to be than a Park Avenue penthouse. People running from taxes and crime in the streets are also escaping the confinement of condo living.
The divide in America is wide and deep. The election is now only 71 days away. Many small businesses throughout the country are in big trouble. The live music industry has been stopped dead. The restaurant industry isn’t far behind. Government debt it at all time highs and climbing. So is the stock market. So is gold. So are single family homes in the Jupiter area. Not the same for condos. Will they catch up or will the rest of the market start showing cracks?
My bet is cracks are heading our way. Median list prices of single family homes in Jupiter and Tequesta are 165% of sales prices. Inventory is at record lows. Money has never been cheaper. But middle America is hurting. Unless a miracle comes along and creates an economic boom that is hard to imagine right now I see cracks. I do believe in miracles so who knows.
If the value of your home is important then pay close attention. If Paradise Sharks can ever be of help just let us know. Our customer service will blow you away. Our value is tough for anyone to touch and our consultations are absolutely free. Contact us anytime at 561.308.0175 or firstname.lastname@example.org. We would LOVE to hear from you.