It's now been 5 months and the median condo price in the Northern Palm Beaches has barely moved. Back on April 15th that median price sat at $309,000 and on September 15th it sits at $310,000. Sure, there have been some ups and downs over the past 150 days but we are essentially right back where we were five months ago.

The most interesting thing over the past month is the volume of condo sales between August 16th and September 15th. Never in history have we enjoyed more condo closings in the Jupiter area than we did this year. The old record was set back in 2018 but this years numbers blew that out of the water with sales 19% higher than the all time record that had held for 3 years.

Prices that have stagnated a bit give anxious buyers a bit of hope. Interest rates that have also barely moved now for over 2 months are another bright spot as they remain near all time lows.

But condo buyers have never had fewer options that they do today. Overall, inventory levels of resale properties in the Northern Palm Beaches are down 48% since the beginning of the year. Condo inventory is far worse and today is down 63% since January 1st.

There are still almost 4 months before we see what is typically the start of a strong condo buying season in the Jupiter area. But nothing these days is typical. Covid changed typical to crazy and right in the middle of crazy is where we currently stand. Where Jupiter condo prices go from here is hard to say.

So many questions and no clear answers. Limited inventory with season approaching would lead one to believe the stage is set for Jupiter condo prices to move higher but over the historically slow summer months they have gone nowhere. Now that fall has officially started, there is nothing that shows me prices should be moving much higher in the short term. In fact, the odds of Jupiter condo prices pulling back a bit by years end are just as high.

The political and economic divide in this country has never been wider. The debt has never been larger. The spending has never been as insane and a battle is brewing in Washington about what to do about the national debt ceiling that was eclipsed in July. Uncharted waters and if anybody tells you they know where we are going from here I would love to gaze into their crystal ball.

Every condo unit is different, every condo development is different and buyers need to be cautious and educate themselves before making any buying, or selling, decisions. Government oversight of taller condo buildings is certainly going to increase in older buildings but the number of those in the Northern Palm Beaches is thankfully limited.

If the economy stays on an even keel, it would seem an expected seasonal increase in demand, coupled with historically low inventory, will drive Jupiter condo prices area higher over the next 8 or 9 months. If you are buying, your best bet is to try and find something by the end of the year. But then again, anything can happen. Covid showed us that.

We will say it until we are blue in the face, but anybody doing anything with real estate in the Northern Palm Beaches needs to interview brokers and ask questions. Make sure you are making informed decisions as they truly are the best decisions. Many realtors are more interested in their commission than in helping you. Find one who knows what they are doing and are committed to helping you make an informed decision.

Paradise Sharks LOVES to interview. We work for you and only focus on doing what is right for you. Our consultations are absolutely complimentary and can be scheduled at 561.308.0175 or tom@paradisesharks.com. We will not only make sure your decisions are informed ones, we will save you money and make sure you are happy. It's what we do!

Fins up……

#jupitercondoprices

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