Singer Island Real Estate Market Report

Singer Island Real Estate Market Report

Local Market Updates (LMU)

I hope you had a moment to look at the sales charts for Jupiter and Singer Island and I’m not sure if anyone noticed the staggering increase in sales prices for Singer Island condos versus the Jupiter condo market. Numbers are great but you really have to understand the local market and the data that plays into the results. If you look at Singer Island condo sales you see a whooping year to date % change of 74% from $646,630 to $ 1,128,939.  While Jupiter condo sales prices were up only 9% you immediately think, wow Singer Island must be hot and prices are way up on the Island. What you need to understand is Singer Island has three brand new condo buildings that start at  well over million dollars and they started to close. Look at the dollar volume versus  the rise in closed sales units. Yes the luxury condo market is hot for new construction but that does not mean the rest of the condo market is as strong or increased tremendously in value. They had 37 new condos in VistaBlue sell this year at an average price of $2.5 million so you can see how the sales will skew your numbers. There were also 11 resales in the Ritz Carlton this year much higher than recent years. The condos in the Ritz  were all $2+ million dollar condos. So between just theses two buildings we saw $100 million in sales. Enjoy your Singer Island real estate market reports.

Look at Singer Island home sales which show drops in average and median prices while pending sales are down as well.New listings percentages are down but not nearly as much as pending sales. The single family home market is much stronger than the condo market in both Singer Island and Jupiter but we are seeing a slight drop in prices here as well.

In Jupiter both single family homes and condo prices are up year to date but sales and pending sales are both down. New listings for single family homes are down 10% while new condo listings are only down 2%.

Seller’s the market is flipping towards a buyers market as prices continue to rise and push many buyers out of the market. I’m seeing more buyers looking at other alternatives that are less expensive. I’m expecting the single family market under $600,000 and the condo market under $350,000 to remain strong due to limited supply of entry level properties.  

We are also seeing a dramatic rise in home improvements as many owners are locked into their homes. The ability to upgrade or downsize just doesn’t make economic sense. Why move if you have a 3% mortgage rate when a new mortgage will be nearly double the rate. We are seeing more and more 30 year mortgages making home ownership affordable. The average working homeowner is paying an excessive amount to put a roof over their head no matter if they are owning or renting. The average 2 bedroom rental is quickly approaching $2,000/ month. The costs to maintain properties is becoming more expensive so you are seeing more homes that need updates. Call a contractor for even a small job and you will faint once you receive the quote.  

Many homes are at or above 2006 peak prices and with rising interest rates as well as the economic instability I expect to see some small correction in the market around the country.    

                                                   Jupiter Fl Real Estate Market

You will see in the last two weeks we saw about 100 sales in the Jupiter area with 40 homes under $300,000 and 76 homes under $500,000 selling. The lower end market is propelling our sales. We saw a similar  number of new listings and price changes this week. Asking prices are still much higher than actually selling prices and also look at the Days on market.  You will see some drastic reductions in price changes in many cases. Overall our Jupiter market is doing much better than many areas of Florida.  Our problem is we are running out of land so we are starting to see more homes being knocked down especially along the beach area where older wood frame homes are prevalent.  Jupiter still offers uncrowded beaches and still a small town feel with all the amenities residents want.  We have just so much to offer and Jupiter continues to attract affluent buyers. Call for more information on Jupiter Homes for Sale

                           [idx-platinum-widget id=”18662-40521″ ]