Jupiter real estate trends

A recent article in the Palm Beach post this week reiterated what I have been saying for the past year about real estate values in northern Palm Beach County in areas such as Jupiter and Juno beach. Inventory levels continue to decline especially in the sub $300,000 market. Even the high-end market has limited inventory. I have seen a dramatic rise in selling prices in all areas of the market including single family homes and condos. The biggest rise in demand and pricing seems to be waterfront homes and direct oceanfront condos, once again showing the value of waterfront property. 

According to the Seattle-based housing research firm Zillow, home values in northerm Palm Beach County will continue to grow, but at a slower pace than seen since the area hit the bottom of the market in 2011 

Zillow predicts Jupiter home values will increase 1.4 percent within the next year. The median list price per square foot is $200, which is higher than the South Florida average of $159.

Click to see Palm Beach Post Article

Jupiter Home Prices above  County Median

Jupiter home prices are nearly 25% above the median home prices in Palm Beach County. The recent article has a two prong effect on the real estate market. Buyers that are looking will be more aggressive in purchasing and potential buyers will force them to move quicker in their buying decision. I have been saying this for the past year as I have seen inventory levels fall in prices rise dramatically. Many homebuyers will be pushed out of the Jupiter market and have to go elsewhere in search of affordable housing. The last phase of Abacoa is not far from being built out and Rialto is expected to sell out this year. With limited new construction options here in Jupiter we can expect prices to continue to rise. What we will see now is homebuyers pushing North once again in search of more affordable housing options. Places like Martin County and St. Lucie County will see buyer demand increase in their areas as well as price appreciation. They are just beginning to see some of this in the last few months.

Jupiter Waterfront Properties

Once again it goes to show that buying waterfront property is always a good investment here in Florida. As they continue to build new construction out West many snowbirds are looking for waterfront options. Single-family homes on the water always seem to have a strong rebound both sooner and higher than non-waterfront property. Oceanfront condos again continue to show strength due to limited supplies of this sought after product. The key to buying real estate is always by the best property and make sure it has water in the equation. Start searching for Jupiter waterfront properties today as demand will always be strong as more and more buyers continue to move to Florida.

Moving North to Hutchinson Island

Last week I started searching for other oceanfront condos on Hutchinson island and soon found that their inventory for good properties was just as scarce. The prices were more affordable but supply was still limited. I did find several direct oceanfront condos in the mid-400 range that had nice ocean views and good amenities. In ocean village on Hutchinson island I saw two new listings in the ocean house that were listed 50% higher than the recent sales. I think this is a little too optimistic but does show the sellers views of the real estate market.

In summarizing we shall continue to see upward pressure on prices here in northern Palm Beach County in areas such as Jupiter, Juno beach and Tequesta. We will see the rising prices push North into both Martin and St. Lucie counties. The demand for Florida real estate continues to grow as we are seeing both buyers coming from the North and buyers moving upwards from lower Palm Beach County and Broward County to the Jupiter area.

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• Jupiter real estate market (8)
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