Condo prices in Jupiter and the surrounding areas are unchanged over the past month on sales volume that continues to lag previous years. Today’s median condo price is at $225,000, the same it was back in August. Over the past three months, condo sales in the Northern Palm Beaches are down about 14% from last year and down about 17% from 2015 numbers. Sales are weak and so far the lack of quality inventory is the biggest reason. After all prices have been rising.
Over the past nine months, condo prices in Jupiter are up 9.8%. Certainly a solid price gain but we still are well behind the all time record highs of condo prices in Jupiter that was set back in 2005 and 2006. The big question is where we go from here with many concerns lingering. Are interest rates finally going to start moving higher? Will this years winter visitors be buying real estate? Will the economy keep growing? Is inflation really in check? Where is the new construction? Where will supply come from? If inventory does not increase significantly will prices continue to rise? What about affordability?
Real estate markets never have been more complicated than they are today. Consumers are bombarded by too much information designed to make them think they are informed. Many on-line real estate “information” sites are designed with one thing in mind. They want the consumers email address and phone so they can sell it to real estate brokers who are willing to pay thousands of dollars each year for zip codes. It’s another reason why Paradise Sharks always tell anyone doing anything real estate to interview at least 3 brokers, ask a lot of questions and make informed decisions. If you are buying or selling real estate you want someone who understands the market not someone who paid for your name.
One thing for sure is condo prices in Jupiter and the rest of the Northern Palm Beaches are complicated and mistakes are expensive. I just communicated with a man who purchased a condo in the area about nine years ago and paid well over $400,000. Today it’s worth maybe $225,000. Guess what? That is what I would call an expensive mistake. He didn’t ask questions when he should have. Paradise Sharks wants everyone to make informed decisions. But if you do not interview, if you do not ask questions, the chances are your decision isn’t going to be informed.
Fins up for making educated real estate decisions…….