Here at Paradise Sharks we watch what is going on with the local real estate market very closely. We have to if we want our clients to have the most accurate, up to date, information on which to base educated decisions.
Over the past month something big has happened with the median rental price of a Jupiter condominium. For the first time in 10 years, it has actually gone down. We field comments on a daily basis about the cost of housing in the Northern Palm Beaches. It’s expensive and buying a home is but a dream for many of our neighbors. The cost of monthly rent has forced people to Martin and St. Lucie Counties and long commutes which causes more traffic. There are no easy solutions to affordable housing and it is good to see the condo market doing a bit of self correction. Every little bit helps every budget.
The year after that big bubble popped in the real estate market here in Jupiter, the median price to rent a condominium was $1,200. Straight up it went year, after year, after year, to $1,700 in 2016. Until a month ago, we were looking an another gain in 2017 with the median price sitting at $1,725. But that changed over the past month and for now the 10 year climb in condominium rental prices has stopped.
As of this morning, the median cost of a condo rental is Jupiter is $1,650. Down 4.3% from a month ago. Down 3% from year ago numbers. Not huge drops, but something to keep our eyes on. It has been a decade since the median rent on a Jupiter condo has moved lower. Single family home rents are also down significantly over the past month but holding on to slim gains over 2016 figures. It’s a healthy sign and a tiny bit of help for those looking for housing here in paradise.
If you need help sorting out this giant real estate puzzle please feel free to contact Paradise Sharks anytime at email@example.com or 561.308.0175. We are puzzle solvers and would love to be on your team.