Jupiter Home Sales Report

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It has been several weeks since my last Jupiter Report and I am continually amazed at the listing prices of many new homes and condos coming to market. Some of the listing prices have me looking twice at times. In this weeks sales a waterfront home that was bought last year at $855,000 sold for $1.35 million. The owner did some painting, put some wood floors in and spruced up the house to sell.  Even lower end properties such as Riverwalk sold for $153,000. It  has sold twice in the past three years. Started as a foreclosure for $53,000.

You keep hearing me harp on inventory but a few communities here along the beach have no inventory or very little.  Ocean Walk has almost 200 homes, 2 properties for sale, Sea Colony has 250 homes/condos and there are just 5 for sale and the Bluffs has nearly 1000 homes and we have just 16 for sale. In Jonathan's Landing there are just 18 townhomes for sale. Jonathan's is a small city in size. 

The least expensive 2 bedroom place near the beach is a 948 sq. ft mobile home listed at $154,900. Certain properties are in such high demand and with very little competition in their neighborhood they can pretty much dictate the pricing.  Many neighborhoods are pushing early 2005 prices again and a few aren't far behind.   The biggest factor pushing prices upwards is the lack of inventory. If you aren't ready to pull the trigger, have your financing in place or are waiting till you fly down next week  to purchase a home you might as well wait. Most of the good homes selling in days or have multiply offers.  We had an open house yesterday and one customer came in and said they have made 5 offers and got outbid or the property was under contract before they got their offer in.

Jupiter home sales this week stayed steady with 43 homes closing. The lower home sales so far this season are due to the strong pre season we have had and the lack of inventory choices. You can't sell what you don't have and the second reason I feel are buyers are getting sticker shocked when the see what they are getting for their dollar. My biggest challenge still remains lack of quality inventory to show buyers. 

What can we expect in the up coming months? I see alot of remodeling going on in neighborhoods and home stores seem to be very busy with kitchen remodels. I think more and more people are remodeling instead of moving. Even if they sell at a top dollar they have to find something to replace it. Even after downsizing you really aren't saving a whole lot because the lower end home prices are rising faster than the middle of the road prices. The price ranges are being compressed.

Remember this home below. After 3 days the agent stopped showing it because he had so many offers. I'm waiting for the sales price.

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• Jupiter Homes (24)
• Jupiter homes for sale (23)