Thinking of Selling your Jupiter home?

The 2014 real estate market report will be broken down into home sales and condo/townhouses so you can see what's happening in each particular market. Each market attracts different buyers and it will reflect differently in market conditions.

The single family home market in Jupiter is out of the reach of many first time home buyers so they look to purtchase condos as an alternative housing choice. Cash investors are also a dominant force in that entry level condo market as well. Two reasons: First they are paying cash. The rental rates based on sales price allow a decent return on their investment and the appreciation potential is strong. Many  have seen nearly a 100% appreciation since 2011. This is one reason you may see cash sales falling on condos as investors have slowed down condo purchases as investment vehicles. Many investors are now selling so most cash condo sales will be higher end beach condos. You will see more condos being financed when sold.

 Selling your Jupiter Condo

The condo median sales price  ended up 15.6% higher over 2013 closing at $130,000.  $78,000 was the low for the median sales prices back in 2011. Since 2011 median condo prices have nearly doubled in Palm Beach County. Median sales prices are figured based on half the condos sold were under that price and half were above.

The average sales price was also up 15% closing at $221,000 with a low of $145,914 in 2011. Average sales prices have risen nearly 50% since 2011. Of the 13,443 total condo sales in 2014, 70.9% were cash buyers.Cash sales hit a high of 81% in 2011 which was the bottom of the market. Cash is still King in the condo market! Who are the cash buyers for all these condos? Baby boomers looking for a winter retirement home who are downsizing. More and more baby boomers seem to be lowering their expectations and buying smaller condos. Rapid price appreciation for condos and homes has forced many buyers to lower their expectations.

The number of new condos coming to market has been steady since 2009 but the Days on market has fallen from 123 days in 2009 to just 55 days today.

List prices received has been at 90% or higher since 2012 with a low of 81.2% in back 2009. More condos are selling closer to list prices.

Active listings at year end has continued to fall from a high of 14,838 in 2009 to a low of 6,237 in 2014. Decreased inventory continues to fuel rising prices in this condo market. With each new sale the next new listing continues to push the envelope towards higher prices. With the rising prices I was hoping to see more inventory come to market but this hasn't been the case.

 Selling Your Jupiter Home

The single family home market shows a bit different picture. The median sales prices were up just 4.2% in 2014 to $275,000. Remember the median home price is double the median condo price so in actual dollars it is much closer. The median low for homes was 2011 at $193,000. Median home prices are up nearly $100,000 in just 3 years.

The average sales prices of homes is now $477,387 or nearly a half million dollars. This number is more indicitive of what you will have to spend to live here in Jupiter. The low in 2011 was $353,617. Quite an impressive rise. Days on market is down from 123 in 2009 to 55 today.

Cash sales for single family homes is much lower at 45 to 50% due to the higher prices and not as many boomers buying homes. Cash is still the predominant buying force here in Palm Beach County.

The strongest home market is the $400,000 to $600,000 market with 22.2% of the homes selling in that price range. This is followed by the $300 to $400k market at 18.7% and 14.7% are in the $250k to $300k market. 55% of the homes sold in Palm Beach County are $250k to $600,000.

Remember this information includes all of Palm Beach County which includes areas like Bell Glade and Pahokee which have median home prices of $115,000 and $37,000. Juno Beach has the highest median home price at $365,000 followed by Palm Beach Gardens and Jupiter/Tequesta.  Here in the North end of the County we are nearly a $100,000 higher than the median sales price of Palm Beach County.  We are higher than Boca Raton which came in at $269,000. This shows the demand and desirability of Northern Palm Beach County.

                                   Jupiter Home Sales

This week we saw 69 Jupiter area homes sell during the last week of  January 2015. Sales remain strong as prices continue to climb. This week I saw two condos in Ocean Royale come to market. You have heard me saying sellers aren't shy, but some are just shooting for the moon. A 2nd floor condo in the back building in Ocean Royale was listed at $1.6 million. Days later the same unit in the front building which faces the ocean was listed at $1.4 million. The last sale of a corner unit on a lower floor was under a million this past year. Take a look at Ocean Royale active listings and recent sales on my site.

 Call me today to help you sell your Jupiter home.

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