[New post] Jupiter condo prices fall for the first time in a year
Tom Priester posted: " It has been a long, long time since we have seen a monthly decline in the median sales price of a condo in the Northern Palm Beaches. In fact, we have to go all the way back to July 15, 2020, when that median price dropped to $246,950 from $249,500 the m"
It has been a long, long time since we have seen a monthly decline in the median sales price of a condo in the Northern Palm Beaches. In fact, we have to go all the way back to July 15, 2020, when that median price dropped to $246,950 from $249,500 the month before.
Covid was just a few months old at that time and it was impossible to see how it was going to affect, not only real estate, but really the entire economy and how the world is viewed through so many eyes. Median condo prices at that time were the lowest they had been since 2019 and nobody expected that would be the start of a historic climb in Jupiter condo prices, and those throughout the Northern Palm Beaches.
But for the past year median Jupiter condo prices would move higher every single month. In February of this year, we finally set a new all-time record for median condo prices in the area taking out the 2005/2006 bubble record that held for over 15 years. February, March, April, May and June each brought all new all-time record median prices for condos in the Northern Palm Beaches finally hitting $320,000 on June 15th. Prices last month had risen over 28% when compared to year ago numbers.
Then came a slowdown in the Jupiter area real estate market. As we discussed in last week's Paradise Sharks weekly update, it's impossible to tell if this slowdown is being caused by typical summer buying patterns, a significant market shift, or it is just time for the market to catch its breath after a historic climb.
Median Jupiter condo prices, along with those is the neighboring communities fell as of July 15th to $313,750 from $320,000 on June 15th. Certainly a 2% monthly decline is not insignificant, but in the scope of what has transpired over the past year really not of concern at this time. After all, compared to year ago numbers, median Jupiter condo prices are up 27% which isahistoric gain no matter how one looks at it.
This virus has changed the world in so many ways and recent news of a new variant seem to say that this pandemic is far from over. What happens from here is anyone's guess.
What we do know is inventory levels remain at historic lows. Condo inventory in the Jupiter area has been falling for years and the fall has been dramatic. Go all the way back to January of 2019 and today's inventory of condos available for sale through the real estate community in the Jupiter area is down an astounding 77%. There truly is little for buyers to select from and the odds of better days ahead for new listings are not good.
Everybody it seems wants to move to Florida to save money on taxes. Single family home prices have risen so dramatically the median cost in the Northern Palm Beaches has been over $700,000 since April. Many buyers are forced, from an affordability standpoint, to purchase a condo if they want to buy a property in the Jupiter area.
Unless the economy crumbles, unless people decide the Florida tax situation is no longer beneficial, unless interest rates start to climb significantly, there is no reason for concern relating to this month's 2% decline in median Jupiter condo prices. They may even pull back further this summer but once season get here high demand coupled with limited supply will keep upward pressure on prices. Keep up on national, and international economic news as things can change quickly.
Paradise Sharks take great pride in educating our clients, not selling them. Our culture is one where customer service and value is our focus. With no middlemen, no franchise fees, no broker taking a cut at the closing table, we simply do more, for less. It's that simple and complimentary consultations are easy to schedule at tom@paradisesharks.com or 561.308.0175.
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