Welcome to another update from Preferred Residential Properties, your source for real estate information in Jupiter, Tequesta, Palm Beach Gardens and the surrounding areas. Today we’re going to take a look at dropping interest rates, it’s effect on condo prices in Northern Palm Beach County, and the rise of median home prices in the Jupiter, Florida area. We’re in full-on summer mode here at the office, busy with many of the changes the “off-season” brings. But while many of our clients are beating the heat up north, we’re hard at work making sure their homes are set for next season!
With interest rates at 27 week lows, we’re left wondering how long these rates can remain this low. With 30 year fixed rate mortgages coming in at 4.21%, we’re seeing the price of a median single family home rise 4.2% year over year in Palm Beach County. Compared to a national rise of 11.1%, I see it as proof that the northern Palm Beach County market recovered faster than much of the country. This trend was seen in the condo market as well, with year-over-year gains of 8.7% in median price.
This gain brings condo prices to 5 year highs in the area. From my perspective it’s interesting to see the highs in the more volatile condo market pushing median prices to $186,500. In luxury neighborhoods such as Jonathan’s Landing the median is higher, but generally speaking, increases by sector tend to influence both the high end and low end of each respective housing sector.
Single Family home prices have been rising for over 200 days and now sit at a median price of $386,000 in the Jupiter area as of June 1. This is the highest number we’ve seen since 2007 and proof the market has done nothing but rise since the lows of last November. These number are up 30% since 2003 proving the real estate recovery hitting much of the country is ahead of schedule here in Jupiter.
Thanks for checking in and stay tuned for another Jupiter Real Estate Update in the near future!