What's Happening in the Jupiter Real Estate Market?

JUPITER, Fla. - July 21, 2014 - PRLog -- I continue to watch and study the changing real estate market here in Jupiter Florida and the surrounding areas. I'm tracking the Boca Raton real estate market, the Jupiter real estate market and Hutchinson Island. Not only am I watching sales, but new listings coming to the market. I'm also watching and gathering feedback from customers I am working with. What's happening in their market, are homes selling? Are prices stabilizing? What can we expect in the upcoming year? All questions that buyers are looking at before making a major purchase of real estate.

In Jupiter the market has exploded as inventory levels are at the lowest level in years. What I'm seeing is each new property coming on the market at a higher price than the last property and the condition of the properties are lower than the last sale. This is especially true in lower end under $300,000 properties. A quick example in Oceanside Terrace at 1801 S US Highway 1. The last sales were $205,000 and then $220,000. The $220,000 had a pool. They just listed a property that has no pool, needs to be renovated and its price is asking $229,000. Nothing else for sale in the community and the last property sold in a few days. Today a Jupiter Ocean & Racquet Club Sealofters was listed at $315,000. This is darn close to the peak of 2006. Nothing else for sale again.

Basically who is going to blink the seller or the buyer? New construction is through the roof. Starting at $289,000 means your lucky if you get out the door at $315,000 once you add what you want. What's driving this, low interest rates is one. Once those interest rates start to tick upwards we will see a weakening in the market . What I'm still seeing here though is the volume of cash buyers in certain segments of the market. This continues to push prices upward. This is the Jupiter market which is a very different market than many markets. See the recent sales at www.Jupiter1oceanfront.com and look at the newest listings.

Head to Hutchinson Island in St. Lucie County and it is a different market. They are probably trailing our market by a year or so and it will never be the same Jupiter market. The demand for property there is not near what it is here. A similar condo in Jupiter or Juno Beach will be nearly double what it would be in Hutchinson Island. Yes there inventory levels are down there also but the amount of demand and cash buyers isn't there. Properties are sitting much longer on the market and yes you can still buy a 1 bedroom small condo near the beach for under $100,000. That same property in Jupiter would be stating at $165,000.  It will eventual push upward there as buyers continue to get priced out of the Jupiter market. Will it ever be as strong, no but prices will push upwards there because new construction is just very expensive. See oceanfront condos under $300,000 at www.HutchinsonIslandRealty.com.