The reality is, the two product types have not rebounded anywhere in tandem since the great real estate bubble exploded back in 2005/2006. At this moment, median single family home prices in the Jupiter area are up 22% from those old bubble highs. Median condo prices today are still down 11% from prices that we had 15 years ago.
It’s hard to believe but that’s reality. The strength of today’s Jupiter real estate market is a bit mind boggling but it’s been a perfect storm of well healed tax payers fleeing bankrupt Northern states and cities, a historic pandemic, the lowest interest rates in history and few option of where to safely invest one’s money. It’s still hard to believe that condo prices are down for the year while single family home prices are up over 21%. Nutty indeed.
The good news is, median Jupiter condo prices have moved higher for the 2nd straight month. Over the past 30 days the median condo price is up slightly from $247,750 to $249,000. If this market strength is going to continue condo prices need to wake up. Sales have been strong compared to year ago numbers, inventory stinks, but condo prices have stubbornly not taken off.
Lots of economic news, much driven by this highly divisive and contested Presidential election, that once over will go a long ways in determining the future path of Jupiter real estate prices. As long as the stock market does not crash, current tax laws remain in place, and Northern states cannot pay their bills, then the top end of the Jupiter real estate market should stay firm. The broader market has significant affordability issues that “give-away” interest rates help but certainly don’t solve. The median single family home price in the Jupiter area is quickly heading towards $600,000 and the median income of the area does not come close to being able to afford this type of housing cost.
Stay tuned, stay informed, and if Paradise Sharks can be of help in any way please let us know. We won’t bite and are super easy to reach at firstname.lastname@example.org or 561.308.0175. Decades of experience, our boutique, local, small business culture has kicked the middlemen righty out of the real estate transaction. No franchise fees sent to far away lands, no broker splits, no nonsense. We simply pass those savings directly to our clients where we feel they belong. We don’t sell, we educate, and are here whenever you need us.