It was bound to happen. Nothing can go straight up forever. But what a nice run it has been for median Jupiter condo prices and those throughout the Northern Palm Beaches. Since January they had been on a straight up run, 5 straight months of higher prices.
During that span, the median Jupiter condo price was up significantly from $192,750 all the way up to $216,215 which was a brand new 9 year record. Over the past month median prices pulled back, but it was a minor move down to $215,000. Over the past year condo prices have been on a bit of a rollercoaster and for the year median Jupiter condo prices are up 2.4%.
The number of condo sales in the Northern Palm Beach region dropped significantly and were down about 22% over the past 30 days. Certainly expected as the 4 biggest months for condo sales in the Jupiter area are March, April, May and June. Compared to last year, sales over the past month are down 10.5% as we still lag 2015 numbers in almost every category.
Out on the front lines, well priced condos in good condition remain a hot commodity. A lot of stuff of questionable condition available for buyers; original finishes and bad flips. But finding a quality remodel or new construction at a good price is not so easy. Watch for median Jupiter condo prices to stabilize for at least the next month. Watch for the number of sales to continue to fall. How far sales volume drops will be the precursor to what happens with prices over the next few months. If you are either buying or selling in this market watch the numbers surrounding specific properties very closely.
In real estate, mistakes are costly and educated decision making is the key to success. If Paradise Sharks can be of help in any way please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.