Seven months have passed since the last monthly price increase
It's been a long time coming. Seven long months since the last time we were able to report an increase in the median condo price in the northern Palm Beach County region. After yesterday's report of a huge increase in condo sales this was the last piece of negative market news we needed to correct.
For the first time in over 7 years we have all metrics that we track in perfect alignment showing a strong bull market. As of April 15th, the median condominium sales price in the Jupiter area jumped to $172,000 from the $165,000 we sat at one month ago. Certainly a 4% move isn't earth shattering but after such a long stretch that we have either had prices decline or stay flat an important milestone. It also moves the median condo price to the highest level we have seen locally since December 15th of last year.
So all the news is positive; condo prices up, condo sales way up, single family sales up, single family home prices way up, inventory levels dropping, pending home sales up, interest rates down. It is not my job to be a cheerleader; only to report what is going on in the local real estate markets, but not jumping up and down with excitement is hard to control. But it is hard to see anything negative here. How long can this trend continue is the biggest question and my gut tells me we still have a couple months that will be very, very solid. We are still about a week and a half before we see what turns the market may take and remember they can reverse quickly like we saw last year.
Investor activity has been a huge factor in this recovery and we have a detailed look at what is going on with these purchases coming your way over the next few days. Always interesting, always fun.
Paradise Sharks Real Estate