Wide diversity in fortunes of condominium developments
We have been involved with real estate for more years than I care to remember. The challenges in understanding what is happening in the market revolving around an individual property is what makes this an exciting field of study. Never have we felt a divergence so great between different properties and locations in a relatively small geographic area like the northern Palm Beach County region.
Overall inventory levels have continued to climb throughout the area. These increased inventories have held down median prices in the condo market for about 6 months. However, median prices of single family homes have been up strongly over the past four months. It could be a balancing of what transpired in the market over the past 18 months as condos had outperformed single family homes rather dramatically up until September of last year. Each month at this time we check in on what has changed with condo prices over the past 30 day period in Jupiter and the neighboring communities.
And this month what we can report is more of the same. As of March 15th the median sales price of an area condo has dropped again. A rather minor drop of less than 2% to $165,000 from the $167,250 we reported last month. The last time we reported a monthly increase in condo prices was way back on September 15th of last year. But the divergence in fortunes is wide with the best locations and buildings seeing prices in some cases exceeding the highs we saw in 2005/2006. Other developments are struggling with higher inventory levels and prices still far below what they were back before the bubble burst.
Buyers and sellers alike need to fully understand what is going on around them at the moment they are make either a purchasing or selling decision. Paradise Sharks Real Estate takes great pride in ensuring our clients are armed with all of the information they need to make an educated decision. Our passion remains to raise the quality of service, marketing and value in our industry. If you would like to learn more about why we tell all of our clients that they can pay more and receive less please feel free to contact us at your convenience. After all doing anything else just would not make any sense.
Paradise Sharks Real Estate
Direct Line 561 308-0175