Jupiter Area Condo Prices Tread Water at 7 Year Highs

Sales volume pulls back from last months record high

There is no doubt the Northern Palm Beaches real estate market is going to be interesting as we head into what historically are the slower summer months. Each month at this time we dig a little deeper into the local condo market to see where we have been, where we are and where we might be heading.

Condo Prices
Pending home sales are strong but slowing. Inventory is very low and stabilizing. Sales of condos hit an all time record as of April 15th and while we have pulled back about 11% from those levels sales are still strong. Eliminate the previous month and the last 30 day period sales have been the highest we have seen since the same period last year. Since we have been keeping records, it was the 4th strongest sales month we have ever seen. For the year, we remain 1.5% ahead of last years pace but still fall about 4% behind 2013 sales during the same period. Sales are good.

Median sales prices for Jupiter area condos are unchanged over the past 30 days and remained stagnant at $200,000. That median price is the highest we have seen since 2008 but we still remain 29.5% below the all time highs we hit back in 2005/2006. We still have plenty of room to run if the overall economic picture holds steady. Over the shorter term prices have pulled back a bit but that appears to be more a factor of poor inventory. There is little out there to buy that is not priced too high or has condition issues. The good stuff goes fast.

The options for buyers are poor with inventory levels as of May 15th falling to new lows. Down a rather amazing 8% over the last 30 days. Since then we have seen some stabilization and even a tiny increase. If you are looking to buy you must have shark like focus and be prepared to act quickly. The right property is out there but you have to have a game plan. 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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