Jupiter condo prices back up to 5 month highs

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.

Condo price with logo

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.

 

Fins up……

 

#jupitercondoprices

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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