The seasonal real estate market here in the Northern Palm Beaches has been white hot over the past couple months. Since January 15th buyers have been active snapping up deals with inventory levels growing and over priced sellers lowering their expectations and asking prices. Median prices on condominiums and single family homes have been under downward pressure for about 8 months.
As of March 15th, the median condo price in the Jupiter area was up to $210,650 compared to $208,000 one month ago. This is the highest we have seen condo prices in the area since October. When compared to year ago numbers median condo prices are up 5.3%.
Watch inventory levels, which have finally stopped rising, and interest rates to get an idea of where we go from here. Inventory levels hit their highs in, and around, the Jupiter area on February 15th. It had been about three years since buyers had more choices. Since then inventory has stabilized and moved ever so slightly down. If inventory starts pulling back this will be bullish for prices.
Even though the Fed raised their prime rate on March 15 interest rates on a conforming 30 year loan are down. When the Fed raised their rate the 30 year loan was at 4.17% and today it is at 4.01%. No one factor moving forward will be as important as what happens to interest rates so keep a close eye on them.
For now, we see prices moving higher on Jupiter condos over the next month. If you are buying, or selling, get educated and make informed decisions. Each property is different and decisions must be made understanding the numbers that effect that particular homes’ value. Always interview at least three brokers before trusting them to assist you in a very important financial decision. Don’t get sold, get educated as it can mean a lot more money in your pocket. Where it belongs.