Jupiter home sales continue strong growth

                                Jupiter Real Estate Market Report


It seems to be a crazy real estate market with some communities so hot properties are coming on the market and selling in days. Other communities have homes sitting and are seeing very little action. There is no reason that I can pinpoint. It changes by time of year and what buyers are looking for based on availability. Right now the hottest market is the million dollar plus oceanfront condo and newer luxury condo buildings. We have seen several higher floors in Jupiter Ocean Grande come up and sold in days, a 3rd floor Jupiter Yacht Club was listed and under contract the same day. It was listed at $1,175,000. Four years ago you would be hard pressed to get $750,000 for that condo. A SE corner condo in Beachfront on Juno came on the market last week at $1.5 million and was under contract in less than a week. It was all original from 1993.


Right now there are no higher floor condos for sale in Jupiter and Juno Beach that are less than $1.6 million. The upper end luxury condo market has exploded with price increases up to 25% over last year in some cases.


On the other end of the spectrum in the sub $300,000 beach condos we are seeing the identical thing. No inventory choices and prices are up in some communities nearly 20% over last year. Try finding a $200,000 condo near the beach today. Most likely its a 1 bedroom condo.


In Juno Beach at the Searise Motel which is an old motel converted into a condo years ago had three recent sales. One sale was $95,000. Sounds pretty reasonably! Sure if you want to live in 356 sq. ft and have no pool, outdoor parking and no view. To top it off it needs to be gutted and remodeled. The good thing is how much can it cost to remodel 300 sq. ft.


I'm hearing story after story of buyers going in with low ball offers and waiting for sellers to cave and then finally raising their offers only to be out bid by another offer. It's a seller market and don't lose a home over a small amount of money.   What is happening, the next condo in that building is going to be listed much higher than the one you bid on and probably not as nice.  I have buyers waiting for condos to come up for sale and I'm just one agent. Imagine how many other agents have buyers waiting for a condo in a specific community.


                                The Deals are Gone! Jupiter home sales strong



It isn't even single family home season yet and with this limited inventory what is going to happen to this market? Single family home season is just a month or so away. I spoke to a fellow the other day and he said it seems like the only homes for sale are the ones no one wants and all the good homes are gone quickly. He is 100% correct. The low hanging fruit is left and all the best fruit is getting picked. The other obstacle is the continuing rise in asking prices.


Take a look at Jupiter single family home sales for February 2015 vs 2014. Sales are up 33%, cash sales are up 25%, homes under contract are up 29%. The only numbers that have fallen is the median sales prices by 8% and average sales prices by 14%. I think this a quick correction in the market, sort of a breather. It is hard to predict with  just numbers alone as other factors play into the equation. Maybe the less desirable homes are now selling at a lower price than the premium homes that had been selling. The only way to know is for buyers to watch what is coming up for sale and what is selling. You can bet once you start looking your choices will be few. Be prepared to hunt for a new home. 

                                                         Jupiter Condo Sales

          The Jupiter condo market is a little different story than single family homes with sales down 3% and cash sales down 7%. New listings are down as well which should drive prices up again. Median sales prices and average sales prices are up 4 and 7% respectfully. Remember how many low end condos there are in Palm Beach County. The beach condos is truly a different story. Demand for beachfront condos is crazy right now. Closed sales may be down but that is due to limited inventory choices and prices are much higher than 4% over last year along the beach. The Juno Beach market is probably the hottest market in the area. Markets are local in nature right down to the communities.              


Posted by Jim McLane on


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