Jupiter Home Sales Report

 Jupiter Condos & Homes for Sale

Home sales continue to remain strong through the summer. With just 3 weeks before school starts we should start to see a slowing in the market. Everyone should be settled in for school. The single family home market should soften and hopefully good homes should stay on the market for more time and without multiply offers. The homes in the best school districts are always excellent values and good for resale.

Last week I mentioned to review the (DOM) Days on Market of homes selling and this week I went through all of the sales again. Was I surprised, almost every home under $400,000 was under contract in less than 10 days. Many of the less expensive condos were less than 7 days. Even with the inflated prices we have seen in the housing market we are still seeing a strong demand in the Jupiter area. Our supply of homes is so limited that the demand is far exceeding the supply. I continue to hear about a bubble but I don’t see that here in Jupiter.  Even heading North to Hutchinson Island and Vero Beach I’m seeing a limited supply of homes and condos for sale and continuing rising prices.

Pay close attention to the sales price per sq. ft and you will see $175/sq. ft. for non waterfront homes and waterfront homes nearly $300/sq. ft. Oceanfront condos are starting just shy of $400/sq. ft and climbing from there for new condos. Even our newer Jupiter condos such as Ocean Royale and Jupiter Ocean Grande are nearing 15 years of age. They are selling near $500 per sq. ft and still have white appliances and builder quality cabinets.

Lower end condos are selling strong as well. A 3rd floor San Matera 1 bedroom condo just sold this week for $175/sq. ft. This is a third floor condo with no elevator. A few years back you couldn’t give away a 3rd floor condo and now they are selling at $175/sq. ft.

They market has done a 180 and and continues to show strength as cash buyers continue to flock to this desirable Jupiter area. We aren’t seeing sellers moving and trading up. Once you sell you have to spend an enormous amount of money to get a little nicer and larger home or if you are downsizing you really can’t downsize enough to justify the small savings. Limited inventory is causing this problem so it’s a great time to sell if you are moving out of the area. Call me to see what your home may be worth today.         

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