Jupiter Real Estate Market Report

Market Reports

Inventory continues to grow as we hit 35,628 homes for sale today in our MLS up from 30,000 October 1 and our low last year of 19,000. Inventory has nearly doubled which is good news for buyers but the higher interest rates have put continuing pressure on slowing home sales.

Here in Jupiter we now have 497 homes for sale which has risen dramatically over the last year with prices only slightly declining. Along the beach in Jupiter & Juno we now have 199 Jupiter Oceanfront condos & beach condos for sale which I can attribute to the rising carrying costs of second homes. Seller's are still reluctant to adjust to the changing market conditions with days on market rising and showings are sparse. I'm once again seeing many Jupiter Open Houses which were non-existent just earlier this year. I'm expecting once season is over we are going to have a long slow Summer selling season.

Unique properties and updated properties are the strongest selling market segment presently. Jupiter Single family homes remain strong while condo sales are slipping. Second homes are becoming more expensive to maintain with many homeowners seeing rising insurance costs and taxes raising monthly condo fees to limits not seen before.

Many buyer's are not informed about the costs of maintaining and purchasing Florida properties. The property tax seems to be the most confusing with homesteaded properties showing very low taxes which will be adjusted upon the next sale. A good tool to use is the Palm Beach property office website. Take a look at a property. Put the address in and they have a great tool to figure out your future property taxes.

Click link to visit PAPA site

I took a property listed today at 1405 Mainsail Circle in Jupiter listed at $825,000. I put in a selling price of $800,000 which gave me a property tax of $13,978 where the present owner is paying $2,800/year. The monthly condo fee is $1,195.00 which includes exterior building insurance, cable/tv and amenities. You are still required to have interior condo insurance which will run about $1,800/year.

Between the 3 items you are looking at $2,500/month or $30,000/year for annual carrying costs on a mortgage free home.

You can offset the carrying costs with a 3 month seasonal rental which will earn about $21,000 for the 3 months. This is a great way to buy a property, cover some costs and still have the availability to use it the rest of the year. We are seeing more buyers looking at this option but be careful with the condo rules regarding rentals.

I'm always available and happy to answer any questions and I highly recommend you do your own homework as well. Talk to the property managers and if your in a community talk to the local neighbors. They are a wealth of information.

Buyers, I recommend you sign up for a search of new listings with me that comes directly from our MLS system. I can fine tune to a specific area, features such as downstairs master or number of garages and views. If you are in the market drop me a quick email of your buying "wants" and I'm happy to setup a search for you.

Two local areas made the 13 best places to retire in Florida. Take a look at the article below. Jupiter and Fort Pierce made the list of best places to retire in Florida this year. Hutchinson Island is a terrific place to live if you're looking for affordable beachfront living. Jupiter is more expensive but offers many more amenities than living on Hutchinson Island. See the best places to live here in Jupiter FL.