Median condo prices in the Jupiter area have been holding steady in a very tight range for 5 months. This morning, that median sales price sits at $223,000. Back on May 15th the median price was $223,500. Kind of a flat line, but that is a good thing. It’s what we come to expect during the summer months and this market looks very solid heading into the season.
Sales volume has been slow. Looking at total condo sales in the Northern Palm Beaches, they have been down about 15% over the past 4 months when compared to both 2015 and 2016. To top it off, pending home sales are down for 6 straight months and we are heading into a 4 month stretch when condo sales will remain slow.
The fact that prices are holding steady is a testament to a bull market that appears to be catching it’s breath. Try finding new construction condos in the area anywhere near the median price…well, it just isn’t going to happen. Toll Brothers has some new things at Jupiter Country Club around $500,000 and that is about the best you are going to do in the Jupiter area with new condo construction. Yes, affordability remains a problem.
Inventory is limited, but starting to ascend a bit. Will sellers provide enough quality listings to keep median prices moving higher? The snowbirds are already pulling into town but no real buying typically kicks in until we get a couple weeks past the new year. Interest rates are still low, the stock market seems to hit a new record high each day and it is going to be another awesome season ahead.
Whether you are looking at new construction, or resales, Paradise Sharks always seeks to add value back into real estate. To learn more about how we can help you please feel free to contact us anytime at email@example.com or 561.308.0175.