The monthly Real Estate report for Palm Beach Countyupiter Condos Sales Report

We reported the home sales for August this week where we saw the median home prices drop for the first time in over 20 months. I can undestand see a bit of a  slow down as home prices have jumped quite drasticaly. The condo/townhouses market is a little different story as many buyers are being priced out of single family homes in Jupiter and other areas of Palm Beach County as well. The median home price was $270,000 which is still far below the peak of 2006 where it was over $400,000. The reason is that the very desirable areas such as Jupiter, Juno Beach and Palm Beach Gardens in North Palm Beach County as Boca Raton and Delray in South County have seen a large rise in home prices to many that aren't far off 2006 prices. The less desirable areas are severely staying depressed and holding down median home prices overall in the County.

Jupiter Condo Market

The overall condo market still has a  12% rise over last year in prices as the same situation applies here as the home market. There are many older condos in places such as Kings Point, Century Village that are selling for $25,000 to $35,000 and is skewing the median home price market for condos. Not only are theses developments doing this but high end country club communities such as Boca West and Quail Ridge in Boynton where you have to buy mandatory memberships are having lackluster sales. Condos in Quail Ridge are listed at under $5000. In fact there are 20 plus condos listed at under $2,000. Yes, that is correct but you have a mandatory membership fee of $50,000 plus annual dues of $15,000 so they are having a difficult time selling in these communities.

Even though supply of condos is up 15% and active listings are up 8% with sales down 8% from last year we are going to continue to see condo prices rise but townhouses will rise more. The reasoning is townhouse financing is easier to obtain than condo financing. Cash buyers are not buying $75,000 condos to live in. They have to finance them. Investors were buying the lower priced condos at cents on the dollar a few years back and are now putting them back on the market at a 100% profit. They have rented them with great returns on their money but now are listing them to sell at a tidy profit. With single family homes priced so high the demand for condos and townhouses will continue to increase as first time home buyers or older couples downsizing. It is still less expensive to buy a condo than to rent one.

Each month we report on the condos sales in Jupiter and Palm Beach County so remember ask your real estate expert and see what is happening in the market. Search for homes and condos online. We dedicate each of our sites to different communities and we send you new listings as they come to market.

Posted by Jim McLane on


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