Jupiter condo prices, and those throughout the Northern Palm Beaches, were up as of January 15th for the 1st time in four months. It’s a most welcomed sign after prices had declined over the previous 7 month stretch. Median condo prices today sit at $249,000 and this is up $4,000 over the past 30 days. It’s also the highest median price we have seen since September.
The good news for condo owners, and the bad news for condo buyers, is prices are going to move higher from here. Condo sales should continue to strengthen and over the past thirty days were up 32% from the previous month which was a strong move. Even better news is, they moved ahead of year ago numbers which is the momentum we like to see heading into the strongest buying season of the year.
While the overall inventory levels are poor, condo buyers have better choices than those shopping for a single family home. The number of condos on the market for sale has increased now for 5 straight months and are at the highest levels since February of last year. Compared to year ago numbers, those shopping for a condo have 9% fewer options, but that compares very favorably to the 17.5% reduction in single family home inventory.
So, condo sales will continue to improve, inventory isn’t great, and interest rates remain at very favorable levels. When you add it all up, Jupiter condo prices are going to be moving higher over the next few months. How high they go is anyones guess. Could we finally take out the old record high of $280,000 from way back in the “bubble days”? That would take a very strong season and is doubtful, but taking out the more recent record of $255,000 set back in July is pretty much a sure thing. In fact, one month from now I would not be surprised if we are telling you that number has been surpassed. Watch for median condo prices above the $260,000 mark for the first time in 14 years very soon.
With Jupiter condo prices rising, there are still a few ways to save money when buying, or selling, a property anywhere in Palm Beach or Martin County. The best way is to team with a real estate broker who has decades of experience, knows the markets and current trends like the back of their hand, and is going to give you the best value. It’s funny as that is just what Paradise Sharks does. Our “let’s set a record price” marketing plans start at total commissions as low as 4% and most of our buyer client’s get substantial credits at closing from us as our little way to say thank you.
You can always pay more for real estate services, and receive less, but that just wouldn’t make any sense. If you want to learn more, please feel free to contact Paradise Sharks for a complimentary consultation at firstname.lastname@example.org or 561.308.0175.