Short term move higher in Jupiter condo prices
Yesterday we had the opportunity to eat at Jupiter's newest restaurant and it is just another sign that Jupiter has moved to the top of a premier list of highly sought after areas when it comes to real estate. I am going to do an upcoming biog on this very subject but today it is all about Paradise Sharks normal monthly update on Jupiter condo prices and those in the surrounding communities that make up our unique definition of the Northern Palm Beaches.
We here at Paradise Sharks take great pride in providing our clients the latest, most accurate, market data available anywhere. It's critical when making decision surrounding a real estate purchase or sale. Yesterday we reported a very strong move over the past month in condo sales in the area. Up over 26% over the past thirty days and higher in every category we track. Impressive. But what happened to prices?
We developed our unique price tracking system as it provides a very accurate reading on where prices are moving over the long term. As we dig into the details we are also able to spot shorter term market trends that do not show up on the longer term chart presented here in this article. This month has been very unique and closely tracks what we saw in the single family home market over the past 45 days. More sales and higher sales prices.
The longer term trend in Jupiter condo prices actually moved slightly lower over where we stood on October 15th. But digging into the numbers we see a short term trend with a spike in the median Jupiter condo price that really tells us there is strength and prices will be moving higher over the short term. Today, that median price stands at $188,000 down $2,000 from a month ago but mark our words that number is climbing higher in the months ahead. It is impossible for us to see what happens in the future but if the short term trend continues we feel our multi-year high in median Jupiter condo prices that we hit on both June 15th and October 15th will be easily eclipsed. Probably next month.
We have loudly and proudly stated in this column and everywhere one would listen to our ramblings that the 2014-2105 season here in paradise is going to be big. Really big. With higher prices. It's coming, just watch. If you want to make fully informed decisions about your real estate please find a broker who can provide you complete information on any parcel. It is critical. Always interesting, always fun.
Fins up.....
Tom Priester
Principal Broker
Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com
www.paradisesharks.com
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