Jupiter condo sales: Is it the lack of inventory or something more
One thing is certain. Jupiter condo sales and those throughout the Northern Palm Beaches have slowed. Dramatically. To the lowest monthly total we have seen in years. We had to redo our charts to put in a new bottom row because this low of number would not fit on our old charts.
Jupiter condo sales and those in her neighboring communities dropped 24% from the numbers we reported just one month ago. Is it seasonal? Not really, as today’s Jupiter condo sales are a full 34% below the numbers we reported last year at this time. A full 30% below the 12 month moving average. Really low numbers. Sick numbers.
Median condo prices had held steady and continued to rise so we had to say the lack of quality inventory to satisfy buyer demand was the main reason sales had been slowing. After all they were down last month as well. But yesterday, we reported the first decrease in the median condo price we had seen in 7 months. It’s starting to look like weakening demand may also be a real factor. A significant factor. We even stuck our neck on the line with a bold prediction that median condo prices in the area will fall for at least 2 more months. Inventory levels finally leveled off this month but remain very low.
So the patient is looking a little sick here and the question is with an overall economy that has also shown some weakness are we going to be OK? Are Jupiter condo sales going to perk up with the return of our seasonal visitors? Is there going to be enough inventory for them to choose from and what prices are they going to be willing to pay? It’s going to be an interesting ride and we will be here bringing you weekly updates with the most accurate data affecting Jupiter condo sales and everything else real estate in the Northern Palm Beaches. It’s what we do like and it’s always interesting and always fun.
Paradise Sharks Real Estate