Jupiter Real Estate Market Trends

JUPITER, Fla. - Oct. 1, 2013 - PRLog -- The Jupiter real estate market (http://www.Jupiterhomeseller.com) has taken a 180 degree turn around in just a few months. What was a buyers market for so long as suddenly switched to a strong sellers market with inventory levels down to 4 months and buyers getting in bidding wars on lower end properties. The turn was so fast and sudden that many buyers did not see it coming and are still looking for a so called deal. Them deals are long gone. Banks are listing properties at prices sometimes higher than regular sellers for similar properties. They go in and put new carpet, paint and sometimes appliances so they look new and fresh.

I am seeing new constuction being started everywhere I look and prices are not inexpensive. Condos are running $200 per sq. ft with no water. Water views will push you to $300-$350 per foot or higher. Places like Windsor Walk in Abacoa are having people camping out waiting for the next phase to be released. Sounds like 2005  again but prices are still below those numbers by 20-30%.

Jupiter is not the only place where I hear inventory levels are low and prices have gone up 10-12% over the last year. I'm hearing this around the country from different agents. No longer is South Florida filled with a glute of condos and homes but just the opposite. Oceanfront condos in newer buildings are again hitting the million dollar mark and I'm seeing sales numbers that seem almost unreal.

Jupiter is still an attractive place to live as we see many Florida residents moving out of Dade , Broward and Southern Palm Beach County up to the Jupiter area.

With such low inventory and strong buyer demand I am telling buyers to find a community you like and signup for a new listings email that goes out when a property comes up for sale. If it is a well maintained and well priced property you can bet you will see a flood of buyers the very first day. Most will be somewhat surprised at how high the listing price is compared to recent sales. We are again seeing properties go under contract only to find out they don't appraise anywhere near the selling price.

What can we expect in the coming year? I think  we will see flat prices with still nice properties commanding huge premiums and selling to cash buyers. Demand is so strong and I think it will continue to be strong as more renters get back in the housing market in  the next few years. We are seeing many people renting who had to short sell their home and they will start jumping back in the market causing rentals to become more available but lower end rentals will continue to be strong as rising prices and interest rates force potential buyers to become renters.

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