Jupiter Homes Sales Report

Jupiter Home Report

 Welcome to our Newsletter   

I would like to thank all the Veteran's who have proudly served our country and given us the freedoms we enjoy here in America. Today the firefighters in Martin & Palm Beach County brought a group of WWII vets to Washington DC to commemerate Memorial Day. The Honor Flight takes groups of WWII vets to see the many memorials that honor our past vets. Everyone please remember to thank our vets and enjoy your Memorial Day weekend.

This week we saw Jupiter home sales come back up above 50 for the week with 57 homes closing. Many of the lower priced condos are selling for close to asking price or above. One example of rising home prices is the home at 112 Olympus Way which was listed last year at $899,000 and did not sell. It was relisted earlier this year at $925,000 and sold for $910,000. We also saw the Jupiter Yacht Club Penthouse sell for $950,000 that had been on my 10 Best List. I ran the short sales and bank owned properties available here in Jupiter and we had just 25 short sales and 3 bank owned properties for sale here in Jupiter. Would have never guessed that. Below is a great article from the Palm Beach Post regarding home prices here in Palm Beach County.

Jupiter Home sales and prices continue to rise

County home sales up 14 percent, prices jump 26 percent to highest level since 2008
by Kim Miller
Sales of existing Palm Beach County homes were up 14 percent in April compared to the same time last year with median sales prices leaping 26 percent to $265,000.
According to a report released this morning by the Realtors Association of the Palm Beaches, the number of single-family homes and condominiums sold in April is the highest since 2007. About 1,400 single-family homes sold last month. The number of townhomes and condos that sold totaled 1,559.
The median sales price for a condominium last month was up 20 percent to $108,000.
The single-family sales price was the highest since September 2008 when it was $285,000.
“Overall, people are seeing their property value increase,” said Realtors Association of the Palm Beaches President Tim Harris.
He noted that the price jump can be attributed to more houses selling above the $250,000 mark this year than during the same time in 2012.
“This type of shift does factor in to the median price and although the values of most properties are increasing, not all property values are increasing at the same pace,” Harris said.

 

I hope everyone looked over the list of what $250,000 will buy you in Jupiter. Were you surprised by what you saw or was this what you were expecting? I spent the last week up in Mt. Pleasant SC looking at real estate and they seem to have the same situation with low inventory levels. Builders are starting new homes in places that you would not expect. Anywhere there seems to be some vacant land they are building a home. The homes are becoming smaller as well as the lot sizes continue to shrink. New homes are selling in the $200 per sq. ft price range. There are a  more short sales and bank owned properties there but that is due to most of the development in that area really began in 2001 or so which was the start of the eventual bubble that caused the real estate crash.The single family home prices continue to rise especially for new construction and this is pushing many buyers into townhomes instead of a  single family home. I expect to see a continued rise in prices and then a leveling off for some time. When can we expect the leveling off of home prices is the question. As long as interest rates remain low I think we shall continue to see rising prices but I would expect the banks to slowly start raising interest rates as the recovery continues which in many parts of the country may still be months and or years away.

Places like Jupiter and Juno Beach aren't being effected like many parts of the country. We are still seeing strong demand for people looking to move to South Florida instead of North Florida or the Carolinas because once you get North of this area you really have a drastic temperature change and a real winter season. Home prices will continue to get more expensive and fewer people will be able to afford to live here along the coast. I spent the week with my Uncle from NJ and we were comparing home prices and taxes of NJ to South Florida. Suprisingly  our taxes really were not much less than NJ. Their taxes seem to run 2 to 2.5% of the assessed value of the home. Add in our homeowners insurance and we may be higher than NJ. The price of Paradise!

   Buyers sign up to receive new listings as they come to market. The best deals are gone within days in most cases and you may run into multiply offer bids. Do some research by looking on-line, use any of my websites for your daily searches. It will save your searches and email you new listings as they come to market. Don't be afraid to call or contact me for questions about specific Jupiter waterfront condos or homes. If you aren't seeing exactly what you want, pick up the phone. Anyone can show you a home but my years of knowledge is why you want to use me to buy your next Jupiter home              

Posted by Jim McLane on

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