Thankfully, we are just about 3 weeks from the date seasonal condo buying historically picks up in earnest. Attractive mortgage rates, and more forgiving loan options for condo buyers, should be helpful. So should resale condo inventory levels that are up again for the 4th straight month. However, the number of condos on the market still lags year ago numbers and the condition of many units is suspect.
A bigger problem for buyers will be acceptance of prices set by seller’s asking too much when compared to market conditions. The perception of many is condo prices are moving higher, but that hasn’t happened locally. Over the past month, median Jupiter condo prices, and those in the neighboring communities, were unchanged at $245,000 and sit at the lowest levels we have seen in 8 months. Compared to year ago numbers prices are up 6.5%.
While we have a few days left in 2019, we know that condo sales in the Jupiter area this year will be the lowest we have seen in 7 years. Median prices will be up again for the 8th straight year. While single family home prices long ago set new all time records, median condo prices in the area still lag 2005/2006 record highs by 12.5%.
Affordability will remain a real challenge to the Jupiter area real estate market next year. The reality is new construction in the Northern Palm Beaches is expensive and affordable entry level product is extremely scarce, if not non-existent. The economy, and hate filled political climate, facing America are significant concerns to the real estate market moving forward. If you care about your homes’ value you better pray the economy keeps growing.
In the short term, limited inventory, favorable borrowing costs and seasonal buying activity should help pull prices higher, but economic news needs to stay strong if we are to see a 9th straight year of rising Jupiter condo prices.
Paradise Sharks is proud of another year, our 6th, keeping you informed about the true condition of the real estate market in the Jupiter area. This is our very last weekly market update of 2019 and we are truly looking forward to another year helping our clients with world class marketing and customer service at prices that most of the competition can only dream about. If Paradise Sharkscan ever be of help in any way, complimentary consultations are super easy to schedule at 561.308.0175 or firstname.lastname@example.org.