The median condo price in the Northern Palm Beaches increased, as of April 15th, for the 3rd straight month. It was not a huge jump, but prices now are back to the highest levels we have seen since July. Compared to year ago numbers, prices are up just 2%. No reason to get crabby about rising prices quite yet, as even with recent increases they really are just barely above what you would have paid a year ago.
We are hoping that condos currently under contract, and waiting to close, will push prices higher and at least take out the 13 year highs we saw last June. Back then, the median condo price in the Jupiter area sat at $247,000 compared to today’s price of $240,000.
Unlike the single family market, median condo prices still lag all time record highs last seen in 2006. Back then, the median price of a condo in the Jupiter area had soared to $280,000, so today’s prices still lag those records by over 16%. Single family home prices zoomed past the 2005 bubble highs back in May of last year and have held onto those increases.
April, so far, has been a stronger than expected month for pending home sales. While we still have 8 days before we turn the page on the calendar it’s looking like a very solid month for real estate in the Jupiter area. The number of properties that buyers have to select from has started to fall and that will be the case over the next few months. Stronger sales with limited inventory would lead one to believe that prices will be moving higher in the weeks ahead. Interest rates moved sharply higher last week, seasonal home buying is soon coming to an end, and affordability factors all might help keep prices in check. Time will tell.
No matter what the market is doing, when buying, or selling real estate, always get informed and make educated decisions. Interview and ask brokers lots of questions about what they are going to do to professionally represent you and what they are going to charge you for those services. If you want to say no to the big box brokerages and hear what a boutique brokerage can do, Paradise Sharks would be honored to interview and answer any questions you may have. Even if you decide to select another broker we can pretty much guarantee that the education we provide will help you save money and get better representation. It’s very easy to reach us at email@example.com or 561.308.0175.