Jupiter Area Condo Prices Remain Near 7 Year Highs

Median sales price down slightly for the 1st time since October

While single family home prices have shown some rather dramatic swings over the past few months, it has been steady as she goes for condominium prices in the Northern Palm Beaches. The median price of a condominium in the Jupiter area was down slightly as of January 15th to $187,000. This is a less than a 2% drop from the $190,000 we had been stuck on since September.

Condo Prices
The real estate market has been trying to find some direction with very limited inventory of quality, well priced homes. Some developments had plenty of active listings while anxious buyers have little to choose from in other locations. We just finished an analysis of a downtown West Palm Beach building where we do some business and inventory was at 18 months.

Interest rates have been most favorable with the average overnight rate on a conforming 30 year fixed rate at 3.85% as of this morning. We are still about a week away from the February 1st numbers for the movement in both pending sales and inventory and we hope to see increases in both categories. With pending home sales at multi-year lows expect poor sales numbers over the next 30 to 60 days. Will buyers be willing to come up with higher offers or will seller’s be forced to come down a bit in their expectations? Condo prices are up about 10.5% from year ago numbers while single family homes show a 7% increase. The market is trying to find some direction and slow and steady increases are the best bet for everyone. Always interesting, always fun.

Fins up……

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com
http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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