We knew the real estate market here in the Northern Palm Beaches was going to be interesting this summer. It turns out that median condo prices in the area are fighting. They are fighting inventory levels that continue to drop. In their corner are sales. As of July 15th the fight is close with median condo prices in Jupiter and the surrounding communities unchanged over the past 30 days. Pitifully low inventory levels are doing all they can to keep prices moving higher with waning demand telling the referee buyers aren’t willing to pay more. At least not right now. It is indeed a very close fight.
As of this week, median condo prices in Jupiter remain at $210,000, exactly where they were one month ago. This fight has kept the median sales price in the area 8.1% above the 12 month moving average and 9% better than year ago figures. Before, during and after the bubble, condo prices have historically been much more volatile than single family homes but lately they have not done much staying in a very tight range between $200,000 and $210,000 for 4 months.
We also knew sales would drop over the summer months and drop they have. Down again for the 3rd straight month. Over the past 30 days we have seen them drop 7.1%. Since April 15th they have dropped 37.6%. The good news is sales remain 3.5% above our 12 month moving average and 22.9% above year ago numbers.
Summer is really just getting started and the fight is on. If prices hold steady watch out as all signs point to more robust price gains one we get into the 2015-2016 season which is going to be off the hook if the overall economic picture remains intact. It is way to early to give any firm predictions but I can tell you that if we dissect condo prices in Jupiter and her neighboring communities we are starting to see prices thinking about pulling back. Right now the first round of this summer fight was a draw but look for median condo prices in Jupiter to pull back a bit by next month at this time. We see the next few months as good buying opportunities before our seasonal visitors return. Always interesting, always fun.