December Jupiter Real Estate Market Report
Let's look at our market and see what happened in 2019. Every market is local and unique and no matter if you are in Boca Raton, Jupiter or Hutchinson Island each has different challenges and market conditions. Affordability and Inventory continue to be our two biggest challenges over the past year. This isn't just here but in many parts of the country where buyers are migrating to. As far as affordability, builders aren't building lower priced homes. They are building more expensive and profitable homes. This in turn is raising the price of used homes to levels near or past the 2006 Boom. Don't expect a crash or correction here anytime soon or in the future. The sheer number of people moving to Florida is stressing our home markets. The price of the homes are due to our continued low interest rates which are making home more affordable even if the prices are higher. It's almost like car shopping where the sales person asks what do you want your payment to be and the price is secondary. This is especially true in the entry level market where they weigh renting versus owning costs.
With low inventory we are seeing upward pressure on asking prices but as the prices continue to spike Buyers are looking at other areas. Port St. Lucie is booming with new homes being built and nearly 1200 lots selling in 2019. A new home there is $300,000 or less while the same home in the Jupiter area will be nearly double. They still have large tracts of affordable home sites.
There are still some very affordable options in many of the towns. Some of the best and most affordable communities are the 55+ communities. Broadview in Tequesta which sits on the Intracoastal are in the low $300's. The Colonnades on Hutchinson Island are starting under $200,000. Little Club in Tequesta has some 1 bedroom condos right around $100,000. Singer Island condos also have Sugar Sands a beautiful 55+ waterfront community. These 55+ communities offer affordable and safe communities in desirable areas. Each are great options for Jupiter condos or Hutchinson Island condos.
There are a few non-55 communities that are very reasonable as well.
Harbour Isle in Hutchinson Island has 2,000 sq. ft condos looking at the marina for just over $250,000 and were built in 2005 and you are on the Island.
In Jupiter you will find Keystone condos in Indian Creek overlooking the golf course starting about $200,000. Tequesta Trace has some nice 2 bedroom condos with a garage built in 2006 starting around $235,000. These are all nice entry level communities in well maintained neighborhoods. The problem is there just aren't enough of them for sale and in this price range usually sell quickly.
Jupiter Florida Homes For Sale
Buyers I again emphasis the importance of choosing a few communities in your Jupiter Florida Homes for sale search and watch new listings and price changes. I'm happy to set those up for you so you get the latest listings right out of the MLS. In just the past week I saw two nice properties that were initially priced a little high. They sat until we saw a decent price change and within days both were under contract. At the end of the day Price is an important factor in the home selling equation. With low inventory Buyers are sitting and waiting for a specific property or community. Don't lose a property over a few thousand dollars as in this market as the next one is most likely going to be more expensive and it may be a long time before you see another one.
Watch the listings I email you. This is the reason I put new listings on my home page. When a new Jupiter home comes on the market and it is priced well and has the bells and whistles that are popular they are sold quickly. Look at the contingent properties and how many are under contract in less than 7 days. This week I sold a property that had been on the market for just a few hours.
I have set many of you up with searches and I get a copy of the email. If I see a terrific opportunity I will send you a second email as a reminder if I know your are seriously looking and ready to buy. Many buyers are still in the gathering phase but when you are ready and able please reach out to me and I will fine tune your search.
Jupiter Home Buyers
- Have me setup a search for you
- Provide feedback on results
- Be Patient
- Be Realistic in Your Expectations
- Watch New Listings & Price Changes
- Be Ready to Make an Offer
Potential Sellers even with limited inventory choices Buyers are still savvy and watch the recent sales in your community and what is presently for sale. They are looking at several communities as available options. Buyers are still price oriented and are looking at how your home has been maintained, what upgrades it has and what the costs are going to be to make it what they want.
Sellers even if all the homes in your community are listed at $300,000 and the last sale was at $270,000 don't be disappointed when the buyer offers you $270,000. I see a slowing market coming so price your property to be competitive and maybe go look at similar properties in your community. Many properties are overpriced but I can understand the mentality of low inventory pushing asking prices higher. Today there is no magic formula for pricing properties. I think it is more difficult then ever but the key is to be flexible and be open to making changes during the listing. Not only price but marketing ideas and home improvements that will attract that potential buyer. You may have to spend a few dollars to fix a recurring issue that buyers continually mention or drastically lower your price below what the cost of the issue may be.
- Prepare Your Property For Sale
- Price Your Property Correctly
- Photographs Are Important
- Listen to the Feedback
- Always Counter an Offer
- Be flexible and open to changes & recommendations
When you are ready to buy or sell a home here in the Jupiter area please feel free to reach out to Blue Ocean Realty as we serve homes in Boca Raton to Condos on Hutchinson Island.Posted by Jim McLane on