Jupiter Homes for sale

        Another good week for home sales here in the Jupiter area. We saw 56 homes close which is strong number for this time of year. The Board of Realtors released new housing data for the month of May 2014. I guess you won't be surprised but home prices are up 7% from last year to a median price of $281,900. This is still far below the 2006 peak median price of $400,000 here in Palm Beach County during the boom. We did hear that prices on average are back to 2004 prices and climbing. Several neighborhoods are pushing late 2004 and early 2005 prices.

Closed sales are up 11% from last year and cash sales are running 46% of all homes sold. The days on market before homes are selling is down 29% to just 56 days but inventory supply is up by a month. No surprise as prices continue to climb enticing more sellers to list their homes for sale. I'm also seeing many homes being put on the market and they are just not prepared to be listed. They need paint, carpet and have holes in the wall. They look like foreclosed bank properties.                                                 

Something quite interesting I noted was the new median list prices of homes is up 20% from last year as sellers continue to see limited competition to sell their home. This is especially true of the sub $300,000 market and holds even more true for the sub $200,000 market. That market is absolutely a crazy shark feeding frenzy for condos. The limited supply of sub $200,000 properties are putting strong pressure on upward asking prices in that market segment. Take a look at the active contingent listings this week. Many were under contract in less than a week. I saw an Oceanside Terrace listing hit the market at $249,900. A similar condo sold a few months back at just over $220,000. This was under contract in a day. A recent Bluffs River was just listed at $189,000, same story under contract in 3 days. I also went to look at a Bluffs house in the Ridge last week. First day on the market and it had a cash offer.

In this lower market if you see a property you really like don't wait to see it. Call us right away and lets get an offer in on it. The next one will be listed even higher and who knows when the next time we see a property like that for sale. .

The townhome market seems to be quite a bit stronger than the typical condo market. Several reasons for this is condo financing requires 25% down and townhomes can be bought with 10% down. Many buyers that were thinking about a single family home have been priced out of the market here in Jupiter and are looking at townhomes as their entry level or starter home. They are also competing against cash snowbird buyers. 

 Our biggest challenge still continues to be the lack of inventory and buyers who don't understand the market and the strength of our market here in the Jupiter-Juno Beach area. They think they have plenty of time to make an offer on a property once they find one. You try not to be pushy as they think you are just trying to sell them but once they lose a deal or two they understand what we are trying to explain. Many buyers are getting priced out of the Jupiter-Juno Beach area and will start moving North to Stuart and Hobe Sound.


- Sellers it is a great time to sell your Jupiter home or condo. With inventory levels so low you may want to see what your home is really worth. Find your community on our website and you can see the recent sales over the past year as well as what is for sale now. To sell a home you need exposure on the Internet and we have some of the top ranking sites on-line. Sure advertising in the paper works but almost anyone you speak with says just Google it. Google Jupiter condos and visit me. You will get some of the best Internet exposure on our websites for Jupiter ocean condos or Boca Raton ocean condos.  

Posted by Jim McLane on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.