First pullback of Jupiter condo prices in 5 months
No doubt condominium prices in north county have been on a roll. We have to go way back to February to find the last time Jupiter condo prices retreated. But what has me really scratching my head is the Palm Beach County Appraiser's office. If you haven't noticed the new 2014 valuations have been posted and if you own a condo they are all over the board.
As of August 15th the median Jupiter condo price has pulled back slightly, just over 1% from month ago numbers. These figures put Jupiter condo prices 7.5% higher than they were one year ago. But if you do not have your condo homesteaded watch out when your tax bill comes as we have seen some valuations jump almost 50% according to the Palm Beach County Appraiser. What has us scratching our head is we see drastic differences in annual adjustments in the same building which is a bit unusual. As always, we remind you to keep a close eye on your valuation, especially the year after you purchase if you are applying for a homestead exemption. What you do, or don't do, that first year can have a drastic effect on your tax bill for years and years.
Pending home sales have pulled back to the lowest levels we have seen since January nd are currently 10.5% behind our 12 month average. So far the lack of quality inventory seems to be the culprit as when we see new listings, priced well in the best locations they tend to be under cointract quickly. We badly need inventory and expect higher Jupiter condo prices in the months ahead as the 2014-2015 season is going to be big. Really big.