Condo Prices in Jupiter Up Again to New 8 Year Highs

Limited supply helps boost prices

Condo prices in Jupiter and the surrounding communities moved higher for the 4th straight month to levels we have not seen since 2007. As of June 15th, the median price of a condominium in the Northern Palm Beaches has moved up to $210,000, a 30 day jump of 5%. These numbers move condo prices in Jupiter a full 10.5% above year ago numbers.

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There is no doubt that shrinking inventories of available properties has been a prime factor in this months’ increase. In fact, sales over the past 30 day fell to 3 month lows and were off by 22.5% in one month. With slower sales and prices moving higher we head into summer with strength and leading indicators showing condo prices in Jupiter moving even higher in the coming month.

Only two more days until we officially kick off summer and it is going to be an interesting time here in paradise. Interest rates have been on the rise as all signs from the Fed had been that interest rates would move higher based on strong economic growth. That was until this weeks get together where they sharply downgraded their economic forecast. In fact, they now are saying annual growth in the economy has fallen to 4 year lows. Watch for interest rates to pull back on this news.

You will hear us say it over, and over, and over again: any macro economic event can turn the fortunes of the local real estate market around in the blink of an eye. For now, lower inventories and prices on new construction, far above current resale prices, should keep prices moving higher. Demand will wane during the summer and that may help prices pull back a bit but lack of inventory may help pull them higher. Keep an eye on the overall economy, the 5 billion dollar Presidential election and please do not make any real estate decisions without being fully informed. We are here to help in you need it.

Fins up…..

Tom Priester
Principle 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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