Median condo prices in the Jupiter area are up another 2.2% over the past month to $265,650. The all-time “bubble high” of $280,000 is now clearly in sight for the first time in 14 years and all signs point to new highs in the months ahead. No doubt 2020 has been about the strangest year across the board and the Jupiter real estate market has certainly been part of all that crazy. Typically, we are 30 days away from condo sales picking up dramatically, but they are already up.
Over the past 30 days, sales were over 150 units for the first time in 8 months and only the 7th time over the past decade. For this time of the year, Jupiter condo sales at this volume just never happen. Until 2020 that is. Median prices are up for the 5th straight month and over that period are up 7.6%. Condo price increases still lag behind the single-family home market but affordability is key to them playing catch up at this juncture.
With condo prices reaching for all-time highs, inventory already at record lows and falling, the table seems set for higher Jupiter condo prices ahead. The tax situation for residents puts Florida at the top of many lists when looking to relocate from bankrupt states up north. Demand, seasonal buying activity, the lowest interest rates anybody has ever seen, all point to brighter days ahead. The economy, the hatred and the divide in America is a weight pulling everything the other direction and nothing is certain.
No doubt that we all started 2020 with positive thoughts. Certainly, more uncertainty as we turn the final page on this year's calendar. Staying informed is always the key to making wise real estate decisions. Nothing is for certain but if you watch the numbers, they tell a story that is worth listening to. Right now, there is plenty of caution in the air so be careful.
Paradise Sharks has been doing nothing but real estate for decades. We are a small business that focuses on our client's goals, not ours. We are old school but think outside the traditional real estate box. Unique, modern solutions to today's complicated problems. We have no middlemen which means our clients save money. Lots of it. Many real estate brokerages send a significant percentage of their earned commissions to faraway lands to the franchise operation. Paradise Sharks doesn’t. Many realtors have a broker taking a percentage of the commission at the closing table. Paradise Sharks doesn’t. We take all that money and pass it back to our clients, friends and neighbors. It’s as simple and as beautiful as that.
You can reach us at firstname.lastname@example.org or 561.308.0175 if you ever have a real estate problem you need assistance with. No obligation, no cost, just an honest consultation to help in any way that we can.
Have a blessed Christmas and much hope and good tidings for the New Year.