So far this year nothing has been able to hold back the rise in median condo prices in Jupiter and the neighboring communities. As of June 15th, the median price of a condominium in the Northern Palm Beaches is up for the 5th straight month to $216,500. We have to go way back to 2007 to see higher values.
Since the beginning of the year, condo prices in Jupiter and the surrounding areas are up about 12%. Compare that to single family prices that have been up and down over the same time period and are relatively unchanged in the $420,000+/- range. Part of this difference is tied to affordability as the median single family home price continues to climb pricing many buyers out of the market.
Even with the increase in the median condo price over the past 9 years we still are about 30% below the all time highs we saw back in 2005/2006. Single family prices are much closer to their all time highs. The last week has been very strong for the real estate market here in the Jupiter area with pending home sales pushing slightly higher and inventory dropping about 1%. We expect pending home sales to slow over the summer months so if the last week’s numbers become a trend watch for pricing pressure to the upside.
Paradise Sharks wants each of our clients to make fully informed buying and selling decisions in any market. The metrics surrounding each property are constantly changing so make sure you understand these numbers when doing anything real estate. If we can be of help in any way throughout Palm Beach and Martin County you will find us very easy to reach at 561.308.0175 or firstname.lastname@example.org.