Over the past 30 days, median condo prices in Jupiter and the surrounding communities have made very nice gains. Up 2.6% from where we stood one month ago and up 6% above year ago numbers.
As of this morning, the median sales price of a condo in the Northern Palm Beaches sits at $217,500 and that is the highest number we have seen since way back in 2007. Condo sales in the Jupiter area over the past 30 days have been the strongest we have seen in 10 months. This increase in demand has been a major contributor pushing prices higher.
Watch for strong condo sales for at least the next 6 weeks before things slow down for the summer and fall months. There are still some really great condo opportunities by the beach as buyers, even in this rising price environment, continue to be very cost conscious. The market strength of condo sales over the past month has lagged a bit behind both townhomes and single family residences. Condos with list prices under $300,000 have performed the best with good strength in the $750,000 to $1,000,000 market segment.
Condo prices should continue moving higher over the next 30 days but watch closely as each condo development is experiencing different market statistics. If you are buying or selling, you need to understand the metrics surrounding that particular property to be in your strongest negotiating position. As always if Paradise Sharks can be of help in any way please feel free to contact us at firstname.lastname@example.org or 561.308.0175.