These rising rates have buyers and sellers scrambling a bit and the first “post election” week brought a strong surge in pending home sales in the Jupiter area. Up 15% since the first of the month but we have seen them pull back a bit over the past few days. As of November 15th, the median priced condo in the Jupiter area has sold for less money for the second straight month to the lowest price levels we have seen since April.
Sales of condos over the past month in the Northern Palm Beaches were at the lowest levels we have seen since February. Some of this is seasonal but compared to last year condo sales this month were down about 10% from 2015 numbers. Pricing pressure remains to the downside but median condo prices in the Jupiter area remain 4.25% higher that one year ago. Look for sales and prices to be under pressure for the next 30 days.
If you are doing anything real estate this market can move quickly and every location and market segment is seeing different realities. Do complete research, interview at least three real estate brokers and make informed decisions. If Paradise Sharks can ever be of assistance we would love the opportunity to earn your business. Complimentary consultations are super easy to set up at 561.308.0175 or firstname.lastname@example.org.