Median Jupiter area condo prices remain at 7 year highs

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.

Condo prices
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.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks
561.308.0175
info@paradisesharks.com

#jupitercondoprices

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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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