Median condo prices in the Northern Palm Beaches have made significant gains for each of the past 4 years. Since 2011 prices have moved higher each year and 2 1/2 months into the new year it certainly looks like a 5th straight year of increases is well underway.
As of March 15th, the median sales price of a condominium in the Jupiter area is up again, about 1.3% over the past 30 days. Not a huge increase but it brings us back up to $200,000 for the 1st time in 4 months. Seasonal purchases have been decent and all signs are pointing to median prices increasing in the months ahead.
Sales have slowed considerably when compared to year ago numbers. Over the first two months of the year the volume of closed condo sales in the Northern Palm Beach market are down 15.5%. A warmer than normal winter up north shares the blame with limited inventory of well priced units and fewer international buyers because of a strong US dollar.
Todays condo prices look a bargain when compared to prices in the single family home market. Consider the reality that the median condo price in the Jupiter area is still 28.6% below the market highs before the bubble burst in 2006 while the median single family home prices is only down 12.4%.
Each individual condo has a different set of current demand and competition that needs to be analyzed. If you are buying, or selling, real estate anywhere in Palm Beach or Martin County and want to learn how to get the most value and the very highest level of customer service please feel free to contact Paradise Sharks anytime at 561.308.0175 or firstname.lastname@example.org