Latest figures 12% higher than 2013 numbers
While Jupiter condo sales dipped slightly for the 30 day period ending September 15th they remain very solid indeed. Consider that last year this period was the weakest month of the entire year the same cannot be said in 2014. While Jupiter condo sales fell 13% month over month and remained just about the same 13% percentage behind the 12 month moving average it was another great month with condo prices moving higher to new 6 year highs.
With Jupiter condo sales, cash remains king with 72% of all sales having no loan attached to the transaction at the closing table. This number is in line with the 12 month average of 71% but far ahead of the 60% we saw during the same period last year. Just two days ago the Florida Realtors® released their August figures showing median condo pricess in Florida were at $135,000 up 3.8% from last years’ numbers. They further reported the Florida market is seeing stability and consistency with the inventory of condos statewide up 8.9% from 2013 numbers.
Here in the Northern Palm Beaches we wish we had that problem as we actually have fewer condos available than we did last year at this time. With cash transactions growing, median prices 46% above the state wide average and an off the wall, crazy busy season heading right at us anything can happen but we are watching for fireworks. At this moment the market is being hampered a bit by significantly lower numbers in pending home sales but we have not yet seen them affect Jupiter condo sales figures. With little new construction coming on line and demand from international buyers at record highs it looks like sunny skies ahead for condo prices. If inventory remains low watch out as movement to the upside could be significant. If you are looking to buy use the pull back we should see over the next 60 to 90 days to your advantage. If you need assistance buying or selling a property throughout Palm Beach and Martin County and are looking for quality and value in your real estate partner then look no further than Paradise Sharks as we are here to assist in any way that we can.
Paradise Sharks Real Estate