But, over the past couple months, Jupiter condo prices, along with those in the neighboring communities have started to move higher. Up last month by 2.4% to tie the modern-day record high, first set in September of 2019. This month, they move higher by another 2% to $260,000 which sets a brand-new modern-day record high and for the first time within $20,000 of the all-time highs last seen 14 years ago during those crazy bubble days.
Much of this recent condo price movement has to do with the fact there is very limited inventory across the board for real estate in the Jupiter area. Couple that with the fact that median single family home prices had hit $600,000, the affordability factor, which even with the lowest interest rates in history is becoming a bigger and bigger deal for many families.
Many people who want to purchase a home are shut out with the prices of single-family home so they purchase condos as that is simply all they can afford. Right now signs are all pointing to higher condo prices coming your way over the next month as they reach to finally take out the old record highs of 2006.
It's going to be a very interesting real estate season ahead here in the Jupiter area so stay tuned. Prices are at record highs and have been moving higher, inventory is at record lows and has been moving lower. We are still two months from what we usually consider the busiest time of the year for real estate sales. Still, a bunch of crazy out there with the virus and the political climate so pay close attention if your home's value is important to you. This season may be your best time to ever sell your Jupiter home.
If Paradise Sharks can help in any way, just let us know. Decades of experience, midwestern customer service and prices that many of our competitors can only dream about. Paradise Sharks has no franchise fees to send off to faraway lands. Paradise Sharks has no broker taking a cut of commissions at the closing table. Our small business culture has kicked the middleman right out of the real estate transaction and we pass these savings on to our clients, friends and neighbors where we feel they belong. Contact us anytime for your complimentary consultation.
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