It has been a long time since we have been able to tell you that median home prices in the Jupiter area have done anything but go up. In fact, the last time we informed you of a pullback of any kind was way back on February 15th. Well, we can break that streak right now as median condo prices in the Jupiter area have pulled back since last month and it has been a fairly sizable correction. On July 15th, the median price for condo sales in the Northern Palm Beaches sat at $222,000 down from $228,750 just 30 days earlier.
From my viewpoint, this market has been moving a bit too fast and this is a most welcomed pullback. Falling prices really is good news. We can only hope that prices on single family homes also pull back and give a bit of relief to what truly is an affordability crisis for many families in South Florida.
Seasonal factors come into play as, unlike single family homes, condo sales almost always pull back in June. If you have been keeping up with our articles, you already know more single family homes sold in Jupiter than any other month in history. Over the past 30 days, condo sales in the area have fallen by over 30%. It shows you just how different the real estate market truly is. Each property is different and plays by a different set of rules. Buyers and seller need to be informed and pay very close attention, if they are to make educated decisions.
A couple things we are watching closely are sales volume and rental prices. Condo sales for this period were the lowest we have seen for years. Not only did they fall 30% month over month but they are also down 25% from last years numbers. Median rental prices are so important to watch as the more a property rents for the higher it’s value to buyers, especially investors. Condo rents have been rising year, after year, after year. We have to step back all the way to 2007 to find a year that median rents on a condo in Jupiter actually fell. Since then it has been all straight up and another reason sale prices have been rising.
Through April of this year, rent prices were once again rising but they have pulled back a bit and as of today the median condo rent in Jupiter is down just about 3% from last year’s numbers. Not a big number but the first decline in 10 years and a bit of good news for those scrambling to pay rents that keep getting more expensive.
If you care about the value of your real estate holdings then pay attention. If Paradise Sharks can ever be of assistance please feel free to contact us anytime at 561.308.0175 or email@example.com.