Jupiter Real Estate- Jupiter Homes & Jupiter Condos
Jupiter Real Estate Market
The real estate market continues to show year over year growth with median sales prices up about 5% over last year. We are also seeing a slight rise in new inventory choices with sold listings up about 4%. Inventory shortages continue to be our largest obstacle even as we see many new home developments being built. The flood of new businesses coming to the Jupiter area continues to draw more out of state residents to North County. Soon to be retirees are also looking for a little sunshine for those winter months. The cold snap up North will also drive many potential buyers off the fence in search of a Florida home as well. Many new buyers are migrating North from Broward County and below.
A few interesting facts about Florida buyers and sellers. Only 1 in 5 are first time home buyers and the average age of the Florida buyer is 54. 79% of the home buyers are purchasing single family homes and ground floor masters were high on their wish lists. The average Florida seller is 60 years of age which is not surprising considering the demographics of the state.
New Jupiter Listings
This week we had the largest number of new Jupiter listings hit the market in a very long time. This is good news but expected as our snowbird selling season begins in late January. What I’m seeing is a dramatic rise in asking prices. Many of the properties along the beach are asking $300,000 for original condition condos and some are quickly approaching $400,000. We are not speaking about oceanfront condos. Right now ocean condos are starting at $450,000 for original condition condos in places like Ocean Trail and near $500,000 in Juno Beach for older buildings.
Newer Jupiter beach condos such as Jupiter Ocean Grande and Ocean Royale are well over a million. The highest asking price in Jupiter Ocean Grande is listed at $2.3 million or $1,000/ sq. ft. The highest sale ever in the building has been around $1.3 million. Three newer condos on the sand in Juno Beach include Oceanfront, Waterfront and Beachfront. In the three buildings we have only two condos presently per sale which is allowing sellers to ask higher prices due to the limited inventory.
New oceanfront condos or waterfront condos are well above the million dollar mark. Singer Island condos such as 5000 N Ocean and Vistablue are close to $2 million and up. Water Club in North Palm which overlooks the Intracoastal are running about $1.2 million and up for larger condos. Singer Island waterfront homes are very popular with boaters.
The entry level homes are continuing to be our strongest market as rising prices are pushing many entry level buyers to other areas outside of Jupiter. Jupiter waterfront homes under 2 million seem to be a close second for buyer demand. Buyers expectations are still extremely high as prices continue to rise and interest rates edge up.
We have had a quick recovery from the low prices we saw back in 2012 and we enter the 6th year of rising prices. 2018 should be an interesting year but I’m thinking we aren’t going to see any reduction or drastic rise in sales prices.
If you have any questions about the real estate market feel free to contact me anytime. I’m happy to offer you any advice or point you in the direction to answer your questions.
If you are thinking of selling or upgrading to a new home feel free to contact me for a market analysis of your home. We offer professional aerial photos, video tours and outstanding web exposure.
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