Jupiter Real Estate Market Update April 2024

So you're thinking of buying or selling a property in or around Jupiter Florida? Then you've found the right video. Today I’m going to go through the statistics and data that buyers and and current property owners need to have in order to know who the real estate market is good for right now, and what it’s really doing. The good and the bad, not just the fluff. Real Estate is local, if you’re trying to follow national real estate trends and applying those to the Jupiter market, you’re making a huge mistake.

Higher for longer is the theme of the Fed on rates, and constricted housing supply remains in place. Let’s take a look at how that is affecting the single family, condo, and townhome market here in Jupiter.

Let’s begin with the single family home data

Moving from left to right here. Let’s start with the Median sold price.  To recap I don’t put a ton of weight into this one, it’s too easy to push this number around.  That being said, we continue to see Median prices rise, while total sales stagnant or pull back.  I’ve said this a number of times, the good stuff is selling!  People will pay for the renovated, well located, turn key places.  That’s what we see play out here.

Total number of properties sold, this is one of the big stats to watch.  If 1 property sells for $30 million it can skew the median housing price along with total volume stats.  What you can’t fake, are how many people are actually coming in, raising their hand, and buying a home. Over a 30% month over month decline and back here flirting with the 5 year lows.  This is not good for Sellers!  Buyers it likely means Sellers are seeing less offers on their home, which can help you negotiate for a better price.  Of course that’s a broad statement and not specific to all properties or price points.

List to sales price pretty flat here.  To review, this basically tells you how far Sellers had to come off of their original asking price to get their property to sell. If someone came on market at a price too high, or saw too few offers at or close to list price, the Seller was forced to take a reduction and sell for less than they anticipated.  This is a really good stat to watch in terms of keeping your finger on the pulse of the market.

Days on market is another big stat to watch. For Sellers this will tell you how many days you should expect your home to sell within, on average. For Buyers this will tell you if a home has been sitting on the market for a long period of time relative to other listings, price point aside. Please keep in mind that this reflects the number of days a home was listed, before it went to Pending sale. The time it was in pending does not count in this figure. Sellers don’t want to see this number rise too far above the averages. I think if you look at this chart and kind of eyeball it, 30 days would be about the average, so sales are taking, let’s call it 25% longer than they have historically, or over the last 5 years anyways.

Median per square foot pricing, just like overall median pricing, I don’t put a ton of weight into.  Waterfront sells on a higher PSF basis vs non waterfront, but it all gets lumped in here together so I think it looses some value.

Total dollar volume is something I like to pay some attention to.  It gives you the total breath of the market. Now, again, a large sale can skew this.  Things have been bouncing around in a range between say $50 million and $150 million. Right now I just kind of see this as range bound.  That being said, if you keep heading towards that $50 million mark, get your popcorn ready. Now keep in mind, seasonality should start to pick things up a bit here soon. So don’t be surprised if next month we see total dollar volume dart back up again.

And here we are at my other most favorite statistic, along with the number of properties sold, Months of housing supply in Jupiter! As a recap 6 months of supply, nationally, is supposed to be reflective of a neutral market favoring neither Buyers nor Sellers.  Can we really apply that to the Jupiter single family home market? Look at this chart. In the past 5 years we haven’t seen 6 months of supply.  I would say that closer to 3 months of supply is average in Jupiter if you look at this chart.  I’ll tell you now from working with Buyers it certainly feels like there’s more inventory now than there has been, which is great for Buyers.

Let’s switch over to Townhomes and condo’s.

Condo’s, especially older condos close to the ocean, have some big headwinds in the form of milestone structural integrity reports, along with skyrocketing insurance costs.  What I’ve seen, anecdotally, is a sharp rise in Buyer interest in townhomes.  Why does this make sense? Largely because your HOA fees will cover exterior insurance costs in many cases.  Because you’re sharing the cost of insurance, vs in a single family home, and you tend to have budgets without things like valet, full time management, etc, the carry costs of townhomes right now looks really appealing. 

Median sold price at $580k.  Still on the high side of the chart here.  Again, let’s not focus on that too much.

Number of properties sold up 50+% month over month.  What a move up there! We’re certainly not out of the woods here if you’re a Seller, but a positive development none the less. Considering in January the condo market was about left for dead.

List to price looks like we continue to fall here.  So a few things there. Buyers it looks like there’s some wiggle room on pricing, Sellers likely means you came to market too high. We’re at the bottom of this chart here.  The farther we head down, the better it is to be a Buyer.

Of course Sellers would like days on market to push way back down here towards that 20 day mark or below, but we’re a ways away from there.  So Buyers edge here clearly as I see it.  It means Buyers aren’t as pressured to make a decision as they once were. The lower the days on market the faster Buyers have to act. 

Price per square foot came off the peak and bounced back again, seems to resuming it’s march north but we will see.  Again, don’t put a ton of weight into this.

Total dollar volume up 78% month over month.  Statistically ridiculous move. That line at $40  million seems to be the point we bounce above and below on.  It will be really interesting to see where this goes next month. 

Months of supply.  So remember on single family homes where we never saw 6 months of inventory? Does this look a bit different? We had broken above that 6 month line. We eased back a bit here, but clearly the condo and townhome real estate market is much more balanced in Jupiter, or much less competitive than the single family home market in Jupiter.