Jupiter Real Estate Market
The RAPB just came out with Junes local market real estate report including towns of Jupiter and Juno Beach. It comes as no surprise to see the strength of the numbers as we continue to watch prices rise. We are still far short of the peak 2006 median price record of $400,000 plus. Take a quick look below and see the single family home sales.
Jupiter Home Sales
As you can see closed sales are up 21.5% from last year which is what we expected as the market has been red hot with limited inventory over the past year. We are starting to see some changes in the past few months. The median home price hit $295,025 which is up 6.4% over last year. The reasoning for the huge upswing in sales vs the smaller rise in prices can be contributed to several factors. We are seeing less higher end homes selling and more sales are homes under $300,000 in Palm Beach County. The investors have left the market so this is the first time that non cash buyers can actually have the opportunity to purchase a home. In the past they had been competing with cash buyers and most of the foreclosures have been sold. Foreclosures are down 50% from last year according to property appraiser which were down from the year before.
Whats happening in Jupiter real estate market
Even though the median home price is at $295,000 don't expect to find a home here in Jupiter in that price range. These numbers include areas such as Lake Worth where you can still buy homes under $200,000. More of those homes in those areas have been selling and holding back that median number. I will look and see what the median sales price for a home in Jupiter is but just guessing it would be $400,000 plus.
Inventory Listings swell
One big reversal has been the limited inventory we have seen has taken a turn as we see inventory levels up 35% from last year even as the agents are complaining about limited inventory. I think the past 3 -4 months inventory levels have really climbed but so have the asking prices. Sellers are seeing homes selling quickly and inventory low so many sellers are putting their homes on the market due to the recent price appreciation. What I am seeing is higher prices for less quality products. When a true gem does come along expect two things, probably multiply offers and probably a cash offer and an unmotivated seller.
To summarize this up in a nutshell inventory levels are rising but quality is dropping and the not as desirable areas are holding down the median prices. In the boom every area was screaming because it didn't matter where it was because you were flipping it in a few months for a $25,000 profit or more. This time it's not investors or speculators driving the market but true home buyers who are looking for a quality home and a good area, not a flip.
Comparing Jupiter to St. Lucie County homes
I did come across a very interesting fact as I compared Palm Beach County to St. Lucie County. The median sales price in Palm Beach County is nearly 3 times higher than St. Lucie County so if you start shopping in St. Lucie you will be quite surprised at what you don't get here in Jupiter and Palm Beach County.Posted by Jim McLane on