Jupiter-Juno Beach- Singer Island Real Estate Market 

The Jupiter real estate market started  2018 with a slight slowing from previous years which could be to the bad weather up North, rising prices, limited inventory and a stock market at record levels. People are talking about 2006 and the market crash that followed. I feel many people are just unsure of the economy and wondering can home prices continue to rise or are we going to see a repeat of 2006.  Come February we are seeing an uptick in buyer interest and inquires but sales are remaining sluggish in some markets. Even with the rapid escalation in prices we are not in the same market as 2006. 2006 was pure speculation and money was free flowing. Mortgage companies have become quite strict in their lending practices even though FHA loans are still being sold with 3.5% down. 
A recent article stated home prices in 2017 rose at the fastest pace we have seen in the last 3 1/2 years rising nationally at 6.3%. Home prices continue to rise at a much faster than wages and inflation. January saw the lowest number of homes for sale since 1999. Strong demand tied into the record high stock market seems to be pushing home prices higher. With increased volatility in the stock market we could see that effects flow over into the housing market. 
Existing home sales stalled for the first two months of the year and were the lowest in 3 years. New home sales slowed as well. The drastic rise in home prices may be in for a cooling off period in 2018. 
With many natural disasters here and in Puerto Rico many displaced families are looking for rentals or homes which may be putting additional pressure on the housing market.

                                              Jupiter Home Sales

This week we saw 33 new homes come up for sale but saw 53 price changes and homes sitting on the market longer. Many seller's are misinformed about the market believing it is stronger than it actually is.  Buyers are looking closely at recent comps when making offers and can't justify the increased prices that sellers are asking. Many buyers along the beach area don't have to buy today and have time to look for that right property. Remember unless it is a cash offer the home is going to have to appraise out for the bank to make the loan. 
The low inventory is keeping prices up but this may change if we see a rise in interest rates and more homes coming on the market. Active listings on our MLS are up about  8%  over last year.  Start a search for Jupiter homes for sale  today. 
Housing affordability is becoming a problem in many cities and towns around the country. We are seeing a greater amount of income being directed towards home ownership. Buyers are more concerned with their monthly mortgage payment than the actual cost of the home in some cases.  I'm seeing more buyers really looking at the HOA/condo fees and trying to justify what they are receiving for this monthly payment. Many condo fees are fast approaching $400 or more a month for non oceanfront condos while oceanfront condos are nearing $1,000/month and more. In general I'm seeing less foot traffic and inquires about properties. Still, newly updated and well maintained properties are selling much quicker than properties that are in need of updating. Buyers aren't interested in doing renovations and I see many properties that have three different floors in a place or are partially renovated. Buyers put a larger cost on renovations than it may actually take. 

                               List My Jupiter Home for Sale

 You decide to list my Jupiter homes for sale. Your first week on the market will give you a clear picture of what you can expect. There are buyers on the sidelines looking for properties so when the correct property at a reasonable price comes up for sale they are selling. Sellers be careful not to list your property to high just because your neighbor has theirs listed at a certain price. Look at what has sold and you can add a small premium to the last sale if you have the right property. Don't pay attention to what is for sale as much as what has sold!
A problem I'm seeing is the new HDR photos make even bad properties look really good. The photographers are making the pictures look fake and they don't show the slight imperfections of the property. More often than ever before I'm walking in with buyers whose first response is "It looked great on the Internet". We want to show the best features of the property but we have reached a pinnacle where even the worst property looks great and we are almost doing an injustice to the buyers and the sellers. It's almost like false advertising. 
Today I took a geographic area from the MLS along Jupiter Beach. There were 138 Jupiter beach properties properties for sale and 54 of the properties have been on the market over 100 days. That's nearly 40% of the properties have been for sale over 100 days while our average days on market for sales are 60-70 days. If 40% of the homes have been on the market for over 100 days or nearly 50%  longer what is the issue with the properties?  Is the price to high? Is the condition of the property that bad? Are there not enough buyers? No matter what the condition, good or bad, if it is priced correctly it will sell
I showed two communities yesterday and every condo is the same layout which makes comp's that much easier to compare. The last recent sale was $330,000 for a nicely updated unit. Two of the condos we looked at were listed at $339,000 and $369,000. Both were in need of a $50,000 update to make it comparable to the last sale at $330,000 yet they are asking $9,000 and $39,000 more. The days on market  were 136 for the less expensive unit and 52 days for the more expensive unit. What's wrong with this picture? 
I experienced a similar scenario in a Juno Beach condo community. I went to as well. Condos listed for sale were priced nearly 15%  higher than recent sales. Our  sales average about 95% of the listed price. One condo has been on the market for 352 days. 
If our Jupiter real estate market is so strong why are we seeing homes sitting for such a length of time. As I said earlier, no matter what the condition, if it is priced right it will sell. Our strongest markets are still the sub $300,000 and deep water homes. Somewhere in the middle we are seeing our weakest markets.
My thoughts for 2018 is we will see more and more price changes until the asking prices are more in line with recent sales. As season comes to an end I think we will see an increasing number of Monday morning price reductions. I don't see a drop in sales prices due to low inventory this year but maybe just a cooling off period where home prices stabilize. Check out Jupiter home prices on each community page under sold listings.
If you have any questions about the real estate market feel free to contact me anytime. I'm happy to offer you any advice or point you in the direction to answer your questions. 
If you are thinking of selling or upgrading to a new home feel free to contact me for a market analysis of your home. We offer professional aerial photos, video tours and outstanding web exposure.
Posted by Jim McLane on


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