Jupiter Condo and Townhome Real Estate Report May 2024
Jupiter Condo and Townhome Real Estate Report May 2024
Let’s get this out of the way upfront. Market statistics are boring. Not for me, but probably for you. But here’s the thing, selling or buying a home in Jupiter is a big decision. If you don’t suck up this boring, you could end up costing yourself a lot of money because you just didn’t know or trusted the wrong agent.
I’m going to try and do this a little differently than I was before. I’m going to go ahead and break out the single video I was doing, into two separate videos. One for single family homes, and this one for condos and townhomes in Jupiter. The markets are separate and distinct so I think this makes more sense.
My name is Casey Prindle and I’ve been a full time Realtor here in Florida going on 15 years now. But this video isn’t going to be about me, it’s going to be about arming you with the best real estate data to make an informed decision whether you’re looking to buy a home in Jupiter, or sell a home in Jupiter. I help busy people solve real estate problems, that’s my value.
Ok let’s start with townhome and condo sales in Jupiter. We will look at the period of April 1 – April 30 2024. Sales data is taken from closed MLS sales during that period.
Stick around to the end of the video I’m going to break the sales down in a way that I know no other agent is going to show you, by price bracket.
Median sales looks like we’re leveling a bit here. Still on the high side at $577,000. There’s no real way of getting around it, Jupiter is an expensive market place. You can pick and choose your spots, but still, $577k is a big number.
What I do like to pay a lot of attention to is the number of sales that are actually taking place. Look at this, up 27% month over month. But let’s take a look since January. There were 39 sales, we now have 89 sales. So just a casual 128% increase in total sales. Year over year from 57 to 89 sales or 56% increase. You know all those national news headlines that say Florida’s housing market is in freefall or whatever other nonsense, it just isn’t true in Jupiter. If you look at this chart we’re pulling well off the lows and headed into the busy season. Hockey stick growth here.
List to price is kind of heading down or leveling. At least in my experience and observation, I do this Sellers are getting the message that we’re past the crazy covid name your price market. The tighter this spread gets the less negotiation, and better pricing from the start, we see. Let’s see how this plays out.
Median days on market down to 40. Looking like we’re leveling off here a bit. Another slide that’s better for Sellers and worse for Buyers in terms of negotiation strategies. If properties aren’t sitting too long, it creates less opportunities for Buyers to negotiate.
Median price per square foot at $392. We’re going to breeze over this really with my usual footnote that the good stuff is selling, the junky old beat up stuff is sitting. That’s reflected here.
Total dollar volume. You knew when you saw increased sales the volume would follow right? The only way we wouldn’t see a big increase is if more sales were taking place in the low dollar range, but that just isn’t happening. From just shy of $27 million in volume in February, up to just shy of $59 million last month. Ridiculous move. We’re quickly approaching 2022 volume levels. Get your popcorn ready, and Buyers, if you’ve been on the fence, this may be the sign to get off of it.
Speaking of Buyers, if you were a Buyer just waiting for more supply to arrive, I’m here to burst your bubble. Here we go with what the actual issue is in our housing market, not enough inventory. Real estate isn’t a tough equation, It usually just comes down to supply and demand, and we simply don’t have enough homes for sale. We cant just build a bunch of new ones given our geographic constraints, so we have what we have. There’s no crystal ball, but if you’re a Buyer and looking at all this data we’re clearly off all the lows and roaring back. Now may be the last time you really have much time to jump in and have a chance at a decent negotiation.
$1,000,000 and above: 12 sales
$750,000 to $999,000: 7 Sales
$500,000 to $749,000: 34 sales
$499,000 and Below: 36 Sales
79% of sales are $749,000 and below.
14% of sales are above $1 million.
Of course, what can’t be lost on you is the most competitive market for Buyers, and easiest market for Sellers, remains under $499,000. That being said, it’s running almost neck and neck with sales between $500,000 and $749,000. If you’re in either bracket as a Buyer, the market is going to feel tighter than Buyers looking above $750,000. This is to say, understand what bracket you’re in when Buying or Selling, as the market’s going to feel really different across price brackets.
