As of December 15th, the median price of a condominium in the northern Palm Beaches sits at $218,000 down 2.2 % over the past 30 days. Prices hit their annual highs back in June and there has been downward pressure since then, which is welcoming news to buyers looking for a great price on a home in paradise. Since last year at this time, the median price of a Jupiter condo is still up a very respectable 6.3%.
While we still have a couple weeks before we put the final wrapping on 2017, median condo prices in the Jupiter area will be up again for the 6th straight year. Since 2011 that median price is up a rather significant 76% but we still find ourselves far behind the all time high of $280,000 set back in both 2005 and 2006.
Nothing goes straight up forever, but as we head into 2018 it sure looks like condo prices have some room to run. Quality inventory is hard to find, as is new construction where prices are high. Buyers interested in the lifestyle offered in the Jupiter area are going to have to reach a bit for anything that is in move in condition. Others will settle for units that are a bit long in the tooth and need some TLC.
One thing is certain, buyers need to be positioned to be immediately notified of the best new opportunities and then have to make solid offers very quickly. Yesterday, Paradise Sharks closed on a condo for a buyer in Jupiter and when they picked up the approval letter from the President of the Association he told them he wanted to purchase the condo but they acted too quickly. We were the first in the door, made a very appealing cash offer and our client won the prize. It’s how the game is played when new listings hit the market that are move in ready.
If Paradise Sharks can help you find the perfect home, throughout the Northern Palm Beaches, we would be honored. It is out there, you just need the right game plan, a little patience and the ability to strike quickly when the right opportunity presents itself. We would love to show you how the game is played, as for decades we have been doing nothing but real estate. Please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org.