Median condo prices in the Northern Palm Beaches continue to climb and are back up to ten year highs of $210,000. Sales over the past 30 days have slowed compared to both the previous month and year ago numbers but prices so far are going the other way. Unbelievably, today’s median Jupiter condo prices are still a full 25% below the highs we hit in 2005/2006.
The condo market remains somewhat fragmented with buyers being driven by that old tried and true combination of location, condition and price. We still see high inventory and pricing pressure to the downside in some locations so buyers and sellers must be careful if they want to make the best financial decisions. Paradise Sharks successfully closed the sale on one of our listings in The Pointe building of Jupiter Yacht Club last week where inventory had climbed to 5 years at one point this year.
New condominium developments are not exactly plentiful with price points for new construction far above the resale market. Watching activity over the past few days and we are seeing a bit of downward pressure upcoming but still anticipate the bull market in condo prices to remain intact for at least another month. Keep a close eye in any community where you are thinking about buying or selling as it is going to be an interesting summer for Jupiter condo prices.
Paradise Sharks remains passionate about bringing our clients a very high level of customer service while always striving to add value to every transaction. If we can EVER be of service in ANY way please feel free to contact us at 561.308.0175 or firstname.lastname@example.org