One month jump of 8.4% brings us back to 5 year highs
There is no doubt about it; condo prices are much more volatile than single family home prices. There is no doubt about it; condo prices and single family home prices had been moving in different directions for about 7 months. There is no doubt about it; over the past two months the median prices of both condos and single family homes in the Jupiter area have been on the same page. And that pages is saying prices in the area are moving up, up, up!
And the recent moves in condo prices seems to be powered by kryptonite. They have been that strong with median condo prices in the northern Palm Beach County region up 8.4% in the past 30 days. Up over 13% in just two months; from $165,000 to $186,500 in the blink of an eye. Back up to the highest prices we have seen in 5 years. Back above the highest prices we had ever seen prior to 2005. The median sales price to date in 2014 has only been eclipsed during the height of the bubble from 2005 through 2008 and we are very close to knocking 2008 off that list.
Now we are heading into the summer months. Seeing continued strength and price increases should probably not be expected. But if we can just hold our own there is little doubt next season around these parts is going to be huge. Jupiter is changing. When our winter visitors return Harbourside Place will be open. The tone of the area is changing. If we do not have some sort of macro economic meltdown in the road ahead the real estate market could be making more incredible moves. Jupiter is a special place and it was our little secret for many years. But the secret is out and now the question is will be remain special?
The volume of sales remains critical to keeping prices moving ahead. Condo sales have been very strong with single family sales showing some weakness. If you are contemplating the purchase or sale of any real estate throughout Palm Beach or Martin County you must fully understand the numbers surrounding any particular parcel. Are prices going to be moving higher or pulling back? The signs are out there so pay attention. Always interesting, always fun.
Paradise Sharks Real Estate