Jupiter Real Estate Market 


The first two weeks of 2017 got off to a strong start. We saw 117 Jupiter home sales as we began the new year. I am seeing is still a lack of inventory up and down the Florida coast. Many Jupiter communities haven't had any properties for sale for many months and with season here I'm still not seeing any properties in some communities. I'm seeing many potential buyers out there scouting the Jupiter neighborhoods looking for different properties but unable to find that right one. A limited supply is playing havoc with many buyers. One thing I tell buyers is, don't procrastinate if they see something that interests them. There are still a large group of buyers waiting on the sidelines for a specific community or price and when it hits the market it's gone fast especially in the sub $350,00 range. 


Buyers are saying several things in today's Jupiter real estate market. Friends and information they are reading says Florida is still an inexpensive place to live and they are quite shocked once they get here. Sure you can buy an inexpensive property away from the coast but the coastline continue to show  strong demand for new buyers. Buyer's are looking here in Jupiter at one of the most desirable communities along the coast. We still have great winter weather as we are below that frost belt. Our oceans are gorgeous  blue/green water due to the nearby gulfstream. Once you get above Vero Beach you start seeing that brown ocean water and cooler weather. We are 30 minutes to one airport and an hour to a second major airport. Jupiter is not congested like Broward County and as you drive along US 1  you see acres of green space instead of car dealers and box stores. Jupiter is close to world class shopping in Palm Beach and Palm Beach Gardens. We have hundreds of great restaurants including some of the best waterfront restaurants around. Looking in Jupiter is like shopping at the Ferrari dealership. You are looking at the best community along the coast and everyone wants to live here, yet everyone can't afford that Ferrari. Jupiter is a tremendous value as I have been up and down the coast and yet nothing compares to Jupiter Florida.


I recommend to buyers look at Hutchinson Island. By moving just 30 to 90 minutes North you will find another great place to live and enjoy that Florida lifestyle. It offers prices that are 25% less than Jupiter and sometimes greater. A perfect example is Harbour Isle on Hutchinson Island. It was built by Divosta and is identical to the Bluffs Marina which are $300,000 to $365,000. The Harbour Isle units are 2,000 sq. ft while the Bluffs are 1,385. They have 10ft ceilings with impact windows and were built in 2006. It features  24 hour security and has a beautiful clubhouse, pool and fitness center. You can buy condos in Harbor Isle for $245,000-$265,000 overlooking the marina. Does Hutchinson Island have all the same amenities as Jupiter? The airports are 1 1/2 two 2 1/2 hours away. It doesn't offer the shopping and restaurants Jupiter has but it's still a beautiful place but it's not Jupiter and much more affordable. Take a look on my Hutchinson Island site. 


I'm seeing several things happening this year in the Jupiter real estate market. Sticker shock is high up thereon the list followed by a rather limited supply of properties and some properties that really need fresh paint and new carpet to sell. Don't get me wrong some properties are hitting the market and gone in hours or days. A lakefront property in Villas of Ocean Dunes was sold the day it was listed and didn't even hit the mls. I just saw a 2.4 million dollar home in Tequesta on the Intracoastal sell in a few days. No matter if it's $300,000 or 3 million with such limited choices some properties are hot. 


I'm also seeing a lot of price changes from sellers who have priced their Jupiter properties unrealistically high either on advice of their agent or by being misinformed. I'm seeing huge price drops and properties sitting for hundreds of days. I showed a recent property in Sea Colony listed originally at $595,000 and it has been reduced to $529,000. The exact same model sold a few months ago for $420,000. Originally $595,000 and still listed at $100,000 over the last sale. I feel the market has had a great run and now we may see a slight correction in listing prices. Many seller's are realizing their properties are overpriced even with the limited inventory out there. The market is taking a breather and I'm sure you will see some better deals coming along on more properties. I don't see selling prices dropping but asking prices are going to come back down.  Remember some sellers are just not motivated and that is one of the first questions I like to ask when presenting an offer. Do they have to sell or are they selling because they would like to sell.


                     Jupiter Florida Real Estate Market

A recent article from the realtors association showed a higher median price but fewer cash sales ending 2016. Year over year sales prices have risen for the past 61 months. Home sales have been selling at 96% of list price but as you can see from my above example list prices can vary greatly for the same home. The Florida state median sales price was $226,000 while the Jupiter median sales price was much higher near $325,000 or $100,000 higher than the state average or nearly 50%. Inventory supply is down to 3.9 months and falling. 


Homeowners are not moving as much or as often as in the past. We are seeing more people staying put and remodeling than moving upwards or downwards. Some Jupiter sellers of second homes are seeing this as an opportune time to sell as the market is peaking. It shall be an interesting year as the less expensive Jupiter homes here are in very short supply and prices have risen dramatically over the past 5 years. I still see great value here in Jupiter as it is less expensive than desirable towns South of us such as Boca and Delray but I'm not expecting a huge surge in prices for 2017.

Posted by Jim McLane on


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