[New post] Median Jupiter condo prices fall for 1st time in a year
Tom Priester posted: " It was bound to happen. After all, median single family home prices have dropped from $850,000 to $750,000 over the summer months. To me, that was mainly an effect of the disappearing millionaire buyer. They don't hang around Florida for the heat and" Jupiter Real Estate
It was bound to happen. After all, median single family home prices have dropped from $850,000 to $750,000 over the summer months. To me, that was mainly an effect of the disappearing millionaire buyer. They don't hang around Florida for the heat and sweat party that summer brings. They don't want to be anywhere near here when hurricanes are flying through the air. They aren't here, million-dollar sales drop and so do median home values.
The median Jupiter condo price, and those throughout the Northern Palm Beaches, dropped to $415,000, down from $420,000 a month ago, down from the record high of $425,000 set back in September, and not really much of a fall at all. Still, it's the first monthly drop we have seen now for 12 months.
Median, unfurnished, annual, condo rentals are up again, with a median rental price in Jupiter of $2,500, which is up a mind blowing 39% over last year's numbers.
Buyers have more Jupiter condo inventory than they did a month ago, 4.5% more. They also have interest rates that on a 30-year conforming loan are up another 3.8% this week and an amazing 212% from year ago levels. If they keep climbing, watch out, as it will shake many an apple, from many a tree.
The overall economic picture continues to get more and more worrisome. So many things can affect where our local real estate market goes from here. Inventory will be restricted as those with low long-term rates already locked in are unlikely to be moving anywere. Cost of land, and new construction, continue to climb. If inflation, and interest rates, continue to climb it's going to get very, very interesting indeed.
Stay informed. Don't get sold by some script slinging fast talker looking for a commission. Find some one you trust. Like Paradise Sharks Real Estate, who has been doing nothing but building and selling real estate for 40 years. Trust and honesty is our middle name. Making you our client for life, saving you money and being able to call you a friend and part of our family is our only motivation. Complimentary consultations are easy to schedule at tom@paradisesharks.comor 561.308.0175. It would be a true honor to hear from you.
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