Jupiter Homes for Sale
Jupiter Home Report
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Another strong week for home sales here in Jupiter & Juno Beach area. Sales were down from the previous week but we still had 54 sales which is great for mid summer. There were three properties that sold under $200,000 and just 11 sales under $300,000. Most properties under $300,000 were $250,000 and higher as the median home price reaches $300,000. Palm Beach County home sales were up 21% from June last year with prices up 6.4%. I said expect to see around 5% for 2014 so let's watch and see once December comes. The good news is inventory county wide is up 35% but not here in Jupiter.
Here in Jupiter we still continue to see a shortage of homes for sale as well as condos. I am thinking most of the new inventory is in less desirable areas that have seen price rises of 20% for 2013. Many sellers have decided to put their properties on the market. The Jupiter Island condo I featured in my last report went under contract already showing you the value of updated homes and how fast they sell.
Jupiter Real Estate Market Surges
With this rapid rise in pricing what can we expect for the rest of the year. The news this morning said nationally we can continue to see a rise in appreciation in home prices. Even with strong demand here I think people are getting priced out of the market in Jupiter. A single family home will set you back almost $400,000 on the low end for a 3 bedroom/ 2 bath home. Any property under $200,000 still has some strong upward appreciation in the upcoming years. The only factor I see that can affect lower priced properties is a rapid rise in interest rates but I don't see that on the horizon for a few years especially with elections in 2016. 50% or higher are cash sales here but the lower end under $300,000 many are financed. Can you believe I'm saying under $300,000 is lower end homes.
Jupiter median home prices near $300,000
I also saw the St. Lucie County home sales report for June and can understand why many of the local workers here in Jupiter commute from Port St. Lucie. Their median home price was $138,000 almost a 1/3 of the median home price in Palm Beach County. In Jupiter the median home price is closer to $400,000 or higher. I'm going to see if I can find that exact figure from RAPB. Amazing just a short distance away to see that much difference in median home prices. The interesting fact was St. Lucie and Palm Beach County condo median sales prices were almost identical. What drags our condo prices down are the amount of older small condos in places like Boynton Beach and Lake Worth that are selling for under $50,000. Believe it or not but you can buy a 1 bedroom condo for $35,000 in many areas of Palm Beach County.
Palm Beach County Condo Sales
There are 700 plus condos in Palm Beach County under $50,000. Many are 55+ communities such as Kings Point and Century Village. Remember the TV ads for Century Village back in the late 70's. I do, believe it was Red Buttons advertising a Florida lifestyle. I pulled up the tax records on a Century Village condo listed today at $19,000. The same condo sold new in 1989 for $23,000. Not a great investment but inexpensive living. The 55+ stigma really holds back appreciation. A couple other popular communities have been hit hard in Boca Raton and Boynton Beach. Boca West a premier Arvida golf community built in 1977 has a condo listed for $2,000. Yes you are reading it correctly. It sold in 1977 for $76,000. Talk about a bad investment. A Hunters Run condo is listed at $1,500 and was $92,000 in 1986. These are older golf communities which require a mandatory membership. There are many condos listed at these prices. Goes to show you be wary of 55+ and even premier golf communities.Posted by Jim McLane on