Jupiter Condo Prices Show Biggest 30 Day Gain in 10 Months

Median price in region up 3% as of March 15th

We have to go way back to September to find the last time we reported an increase in Jupiter condo prices. Six long months of median prices in the Northern Palm Beaches condo market either retreating or staying flat. All this talk of a really big season wasn’t coming into fruition until pending home sales kick started a rally that we find ourselves in the middle of right now. Prices are going to move higher.

Condo Prices
As of March 15th, the median Jupiter area condo price is up 3% over the past 30 days. Going back to this date in 2014 we are showing a 14% increase which is a solid number. However, with the roller coaster ride in prices over the past year we are pretty much dead even with the 12 month moving average. The good news is all signs show that prices over the short term should continue to move higher from here.

It is hard to imagine pending home sales moving much higher after the historic moves we have seen over the past 60 days but over the past week they are up again. Another 3%. Inventory remains a significant problem and while we are off the lows we saw back on October 1st the numbers are not good. Over the past week we are down another 1.5%. As long as we see pending home sales moving higher combined with lower inventory, prices are going to be moving higher.

So, for the first time in six month Jupiter condo prices have moved higher. Single family home prices moved higher last month and we are expecting even bigger moves ahead. Frankly, we would be very surprised if we do not set new 8 year highs in the weeks ahead.

We continue to closely watch potential moves in interest rates which remain a risk. We still contend they cannot move much higher without someone explaining how the United States can keep up with payments on our 18 trillion dollar debt. The significant pullback in million dollar home sales has us concerned but for right now everything is looking very nice for Jupiter condo prices and just about everything else real estate in the Northern Palm Beaches. Always interesting, always fun.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175

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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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