Median sales price unchanged for 2nd straight month
Condo prices tend to be much more volatile than single family homes, but for the last 90 days the median sales prices of condos here in the Northern Palm Beaches have just been hanging out. Hanging out at 7 year highs and seemingly waiting for summer to end. Sales volume has been steady and what we expect during this time of the year. In fact, as of this morning 30 day sales volume ending August 15th is exactly what we had during the same period in 2014.
As of August 15th, the median Jupiter area condo price sits at $210,000 unchanged for the past 90 days. This number shows a year over year gain of 8.2%. Single family homes have performed a bit better over the past year currently showing median price gains of 9.7% over 2014 numbers.
Inventory levels continue to shrink and future demand looks to be strong with seasonal visitors scrambling to lock up a place to rent if they have not already done so. They will find that finding a home to purchase will not be much easier with inventory in the area currently 18.6% below year ago levels. Recent activity on Wall Street is of obvious concern but signs point to a strong rebound this morning. The 6 year bull market in equites has been a huge boost to real estate in markets like Jupiter where well, healed, seasonal visitors play such a huge role in real estate valuations.
Over the next 30 days watch for inventory and pending home sales to stabilize with slight pricing pressure to the downside.