Jupiter Home Sales Continue to show strength
What’s Happening in our Jupiter Area Market
As you can see for October both closed Jupiter home sales and active inventory is up over last year and we are seeing only a small rise in median sales prices for single family homes after seeing huge price increases. Condo prices are up 8.8% over last year here in Palm Beach County as the number of inexpensive condos continue to dwindle. The Jupiter real estate prices may start to stabilize for a bit before heading up again. With so many buyers, and financing still very cheap we can still expect strong demand for homes and condos in Jupiter. What we will see is many buyers either settling for something they don’t love because they want to be in Jupiter or they are going to have to up their budget if they want to stay in the Jupiter area. If they can’t do either than they will have to look North.
Jupiter Housing Market
What continues to drive this Jupiter real estate market? Many buyers are looking down South and aren’t liking the older construction as well as the congestion and traffic that continues to sprawl North. Jupiter even though it is not a sleepy little town anymore and we do see 2 hour waits at restaurants in season which is very common down South it is still much nicer than being down South. We offer plenty of new restaurants, Harborside Place which will offer more waterfront dining as well and Jupiter Riverwalk offers a beautiful stroll along the water. We do have some new construction going on but expect prices to be near the $500,000 price for single family homes and townhouse will be in the high $200,000’s. Abacoa has a few places still left with new homes but they are just about built out as well.
The real surprise is the Hutchinson Island market update for condos below. Their median prices are up 44% since last year and the median condo price is more than Palm Beach County. One reason is their prices were really depressed last year and they trail our market by probably a year or so. Many of the condos are beach condos in Hutchinson Island so naturally they will sell for more. Palm Beach County has a lot more low end condos in the Western part of the County while most of St. Lucie Condos are East near the beach. The trend still shows a huge price rise for condos over last year.
I had an interesting conversation with the furniture sales person at Haverty’s in Fort Pierce this week. They have been busier this year than ever in the store history. This has been their best year since the store has been there. How come? Many of their buyers are coming from Vero Beach which is just up the road. Buyers have been scooping up properties that are undervalued compared to Palm Beach County. I have been saying Vero Beach will be the next boom town.
Another interesting fact I heard just the other day. The owners of the Square Grouper in Jupiter are building a Square Grouper on South Hutchinson Island on the Fort Pierce Inlet. They have redone the entire beach area and Inlet area with new sidewalks, lighting and restaurants.What does this tell you? They must see a lot of growth potential for Hutchinson Island in the coming years.
