So many things converge to help determine where real estate prices are and where they may be heading. Interest rates, inventory, the economy, location, condition, demand all play important roles and it is hard to imagine a time when there was so much on the line. Gridlock in Washington DC is apparently playing a role in a year where government spending appears to have slowed rather dramatically. Interest rates remain at historically low levels but questions linger on how long they can remain there. Finding properties for sale in the right location and great condition is a tough game to be playing right now here in the Jupiter area.
Over the past month, the median Jupiter condo price has rebounded nicely after dropping last month for the first time since February. This morning, the median price of a condo in the area sits at $225,000. Up about 1.2% over the past 30 days and up about 4.7% from year ago numbers. Very comfortable increases when compared to single family home prices that have been moving steeply higher.
Seasonally, we have arrived at a point where we should start seeing inventory levels increase. However, more homeowners are not planning on going anywhere. A recent survey by Realtor.com shows the baby boomer generation is loving where they live and just aren’t planning on moving anytime soon. In Jupiter and the surrounding communities, the second home market is a much bigger market segment than most areas. New construction prices are still far above resale prices in the Northern Palm Beaches and that is one factor that has been driving prices higher.
Always make informed decisions when doing anything real estate and if Paradise Sharks can be of help in any way please feel free to reach out to us at 561.308.0175 or tom@paradisesharks.com.
Fins up……
#jupitercondoprices
Over the past month, the median Jupiter condo price has rebounded nicely after dropping last month for the first time since February. This morning, the median price of a condo in the area sits at $225,000. Up about 1.2% over the past 30 days and up about 4.7% from year ago numbers. Very comfortable increases when compared to single family home prices that have been moving steeply higher.
Seasonally, we have arrived at a point where we should start seeing inventory levels increase. However, more homeowners are not planning on going anywhere. A recent survey by Realtor.com shows the baby boomer generation is loving where they live and just aren’t planning on moving anytime soon. In Jupiter and the surrounding communities, the second home market is a much bigger market segment than most areas. New construction prices are still far above resale prices in the Northern Palm Beaches and that is one factor that has been driving prices higher.
Always make informed decisions when doing anything real estate and if Paradise Sharks can be of help in any way please feel free to reach out to us at 561.308.0175 or tom@paradisesharks.com.
Fins up……
#jupitercondoprices
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