Jupiter Real Estate
Our Jupiter real estate market continues to show strength with over 200 homes selling in November. Our low inventory choices and strong buyer demand continue to put upward pressure on sales prices. In Florida our YTD sales prices are up 11% where historically prices have climbed an average of 3.5% per year. We have had several years of double digit price increases which tends to show there may be a possibility for Jupiter home values to slow for 2017.
A recent article in Florida realtors news stated many communities across the state of Florida are nearing their 2006 boom prices. I know here in Jupiter I'm seeing some Jupiter communities above their 2006 boom prices while others are still far below. A few local Jupiter beach communities such as Jupiter I are still about $50,000 shy of its 2006 boom numbers but rapidly approaching them. Lower end condos here along the beach are still drastically below their 2006 boom numbers. Jupiter Ocean Racquet Club 1 bedrooms are in the $175,000 range for original clean condos where back in 2006 we saw prices at nearly $300,000 for similar units. Condos in communities such as San Matera are facing similar results. 1 bedroom condos sold at $250,000 during the boom and the same condo today is $150,000.
Today is a different market than 2006. Back then investors were driving up prices for any type/quality of property while today buyers are more specific on what they buy. Less desirable condos such as 1 bedroom condos and places that need a lot of updating aren't following the upward trending prices as much. Undesirable locations are tending to sit longer. Even some Jupiter ocean condos are sitting longer in some buildings. Buyer demographics are different which causes different demands for specific communities and types of properties.
I'm seeing a lot of Jupiter properties that are flips hitting the market at high numbers and then seeing price reductions to finally sell the property. Many Jupiter home sellers are fishing looking for that buyer that just has to have the property. I'm seeing updated Jupiter condos bringing top dollar, higher than I imagined.
Our absorption rate has finally switched direction and rose last month for the first time in 7 months. Inventory levels seem to be flattening out after hitting a high back in March 2016. Median asking prices still seem to be climbing while median sold prices continue to remain flat for the past few months. This could change as we enter our selling season for Jupiter beach properties. With the continued low inventory and strong demand we may see sales prices rising again.
You would think with such a rapid rise in prices and climbing interest rates the housing market would have to slow some. Demand just keeps throwing that equation out of line.
Jupiter Pet friendly Real Estate
The demand for Jupiter pet friendly condos continues to be popular but limited inventory as well as very few condos near the beach allow large dogs. There are only 5 condos near the beach that allow 50+ lb dogs. Jupiter Ocean Grande, Jupiter I, The Estuary, Sea Colony and Ocean Ridge in Juno Beach. The least expensive option is Jupiter I which gives you a 1,700 sq. ft townhouse walking distance to the beach. Prices start about $325,000 and go up depending upon the condition of the condo. Finding a pet friendly condo for a large dog can be challenging so many owners have to look at single family homes here along the beach.
I'm bringing people to pet friendly condos in Hutchinson Island. They seem to have more oceanfront condos that are pet friendly than Jupiter. Ocean House in Ocean Village is one such condo which allows large dogs. The aerials below show the condos and the beach.Posted by Jim McLane on