Jupiter Homes for Sale
Another amazing week for Jupiter home sales with nearly 100 homes selling last week. We are seeing some properties selling in just days and many sellers are getting multiple offers with bidding wars. Yesterday I looked at a house that was just listed and there were five other realtors looking at the house. It was like a TV reality show. It brought me back to the days of 2005/2006 except everyone has cash instead of credit.
We continue to see the effects of a decreased supply of homes here in Palm Beach County. The median sales prices for single family homes is fast approaching $300,000 yet it is still shy of the 2006 record of $417,000. Many buyers have seen a large surge in sales prices recently. Prices remained flat or modest increases for so long and suddenly we have seen a 15 to 20% price increase in the past 18 to 24 months. It caught many buyers by surprise and again they were caught chasing the rising market. The good news is we're still 15 to 25% below the record prices of 2006 and in some communities more.
The Days on Market(DOM) has dropped 25% since last year to an astonishing 42 days to sell a home. Many lower priced homes are selling in days. Total sales are up 6% from last year and the sales to list price is averaging 93.5%. Desirable communities such as Jupiter are seeing very few homes for sale under $400,000 and many will sell close to asking. The demand for homes in Jupiter has pushed prices upwards and with very little new construction left we should continue to see price appreciation here in Jupiter.
Jupiter Condo sales in May were down from last year but the limited supply may be causing that as condo prices were up 13% from last year. With financing more difficult for condos we are seeing 68% of the condos selling for cash. Even low end condos are selling for cash. It's not investors buying the low end condos anymore but homeowners. Parents are helping their children with purchases in many cases as it is less expensive to buy then rent. Most mortgage companies require 20-25% down to purchase condos so many first time buyers are finding it easier to purchase a single family home with 3.5% down then buy a condo requiring 25% down.
Condos fall into two categories: first time home buyers or the empty nesters who are looking to downsize and are buying primarily less expensive condos and snowbirds and/or older wealthy couples looking for high end luxury condos instead of a single family home.
Azzure in Juno Beach and Water Club in North Palm Beach are prime examples of this. I visited Azzure the other day and 80% of the first building is sold out. Condos in Azzure range from 2,600 sq. ft to over 3,800 sq. ft. These condos are larger than most single family homes. Condo fees are $4,800 to $7,500 per quarter with property taxes around $2,000 per month. Condo prices are starting at just under a million. This is the other end of the condo spectrum and demand for this product is strong.
Jupiter Sales This Week
Pay close attention in the sales listings to the (DOM) which is listed at the bottom of each home listing. You will see how fast some of the homes are going under contract. Cote De La Mer which is a Juno Beach townhouse community sold in just 6 days. Ocean Royale had a direct oceanfront corner condo sell for $1,615,000 and two years ago that same condo was $1.2 million. Beachfront 203 sat on the market a bit but did sell at $1,570,000 which is the highest sales price in nearly 10 years in that building. Out in Abacoa a large 3 bedroom townhome just sold for $334,000. Prices have climbed and buyer demand is strong. Prices have risen but don't wait to buy as today's expensive home may seem cheap in just another year.