We have to go way back to September to find the last time we reported an increase in Jupiter condo prices. Six long months of median prices in the Northern Palm Beaches condo market either retreating or staying flat. All this talk of a really big season wasn’t coming into fruition until pending home sales kick started a rally that we find ourselves in the middle of right now. Prices are going to move higher.
As of March 15th, the median Jupiter area condo price is up 3% over the past 30 days. Going back to this date in 2014 we are showing a 14% increase which is a solid number. However, with the roller coaster ride in prices over the past year we are pretty much dead even with the 12 month moving average. The good news is all signs show that prices over the short term should continue to move higher from here.
It is hard to imagine pending home sales moving much higher after the historic moves we have seen over the past 60 days but over the past week they are up again. Another 3%. Inventory remains a significant problem and while we are off the lows we saw back on October 1st the numbers are not good. Over the past week we are down another 1.5%. As long as we see pending home sales moving higher combined with lower inventory, prices are going to be moving higher.
So, for the first time in six month Jupiter condo prices have moved higher. Single family home prices moved higher last month and we are expecting even bigger moves ahead. Frankly, we would be very surprised if we do not set new 8 year highs in the weeks ahead.
We continue to closely watch potential moves in interest rates which remain a risk. We still contend they cannot move much higher without someone explaining how the United States can keep up with payments on our 18 trillion dollar debt. The significant pullback in million dollar home sales has us concerned but for right now everything is looking very nice for Jupiter condo prices and just about everything else real estate in the Northern Palm Beaches. Always interesting, always fun.
Paradise Sharks Real Estate