Jupiter Real Estate
Hello Friends & Neighbors
Season is coming to a close but I am expecting the season for home buying to continue several months past the normal timeframe of April for several reasons. The blistering winter in the Northeast slowed home sales both in the Northeast and here. Flights were constantly cancelled and delayed with many buyers coming here to relax more than shop for homes as their vacations were shortened. Season overall for local businesses were the best they have seen in years. All good signs for Jupiter and the real estate market.
I received the market update for Palm Beach County this week and the numbers were quite surprising. The median home prices are up 15% from last year at $272,000 with days on market dropping 34% to 58 days. Condos /Townhomes saw a 25% price hike over last year to reach $122,500 and a drop in days on market 24% to 55 days. I did some research on the rising prices in a few communities such as Jupiter Ocean Grande, Jupiter Yacht Club and Ocean Royale. Much to my surprise the 15 -25% rise in the past year elevated prices to nearly the record highs of 2006.In fact a few condos in the communities did match the sales prices of 2006. Remember the condos are now 8 years older and like a car they may need some updating. With that in mind prices are really near or above the 2006 prices in some of the more desirable communities. What is ahead for prices on Jupiter condos?
As you see below both there are fewer active listings, days on market is down and sales prices are way up. What is the continuing trend we shall see in the next year or so? Will prices flatten and cool off a bit or will we continue to see strong demand push prices higher.
Visit our website www.Jupiter1oceanfront .com and look up your community. See what is for sale and what has sold over the past year. Call us today if you are thinking of selling. Let us show you our Internet marketing program which drives buyers to your home.Posted by Jim McLane on