Jupiter Condo Market Update July 2024 | Jupiter Townhome
The median price of condo’s and townhomes in Jupiter Florida is now $532,500. This is down year over year from $570,000 in June of 2023.
Welcome to the July 2024 Jupiter Real Estate Market report for condo and townhome sales. Data presented here will be for condo and townhome buyers interested in moving to Jupiter, those interested in selling a condo or townhome in Jupiter, those curious about Jupiter Real Estate, or anyone looking for a Jupiter Realtor.
My name is Casey Prindle your Jupiter Realtor. If you’re looking at buying or selling real estate in Jupiter go ahead and book a 30 minute phone call with me, you can do that through the calendly link below that says “book a call”.
If you want to know what your home is worth in this market I have an auto generated valuation tool you can put your address into and get a range of value, as well as an exact dollar value. Click the link in the description title “free home valuation” and that will give you a value. I’m the only one who will see your contact information, I’ll use it to give you a call to say hello and discuss how far off base the estimate you received is!
All data will come from the multiple listing service (MLS). Data typically runs 30 days behind the date of this real estate market report.
Median Sold Price of condo and townhomes in Jupiter Florida:
$532,000, down almost 10% month over month. Still on the high side of the chart. I want to point something out here. See all these peaks. These represent Sellers that are now trapped that would have to sell at a loss. The further median price declines the more trapped Sellers that exist. For some of you on the selling fence you can use this data either way. If you’re close to having to sell at a loss, you can speed your timeline up and get on the market now if you think we will keep pulling back. If you have plenty of equity and want to wait things out, this could mean when you do go to sell there will be less inventory on the market, making it easier for you to sell, as the people above the median price line won’t be coming to market. This is becoming a real issue, you have a lot of trapped would be sellers right now, I’m hearing from more and more of them.
Total number of homes sold in Jupiter Florida:
This is doom and gloom honestly. No bright spot for Sellers here, but there is for Buyers as it likely means you have negotiation room on price. If we look back at June of 2023 there were 77 sales. We’re now at 62 sales. While the month over month fall of just over 33% is alarming, I think the 42% decrease year over year is more alarming. Sales have declined more than 50% since April. We’re again flirting with the bottom of this chart.
List to sales price:
The list to sales price in Jupiter real estate seems to be pretty level, but kind of sloping down if you eyeball the chart. For those of you knew to this analysis, list to sales price is the percentage of original listing price properties are selling for. A higher number favors sellers, a lower number favors Buyers as it shows more room for negotiation and price reductions are happening. I think the leveling off here is a net positive. To me it showing Sellers are willing to work with Buyer offers, even if they’re less than ideal, which in the long run helps keep overall sale numbers from plummeting. That being said, we’re almost through the lows which means Sellers are really struggling to close at offers close to asking price, and that seems to be getting worse.
If you’re looking to purchase a home in Jupiter, please do one of the following. Give me a call, text, or email, and tell me where you are in your home search and what you’re looking for. Use the “book a call” link below to book a 30 minute phone call with me. Click the “Home Search” link, register on my website, and I’ll give you a call!
Days on market:
The days of market are going to be the number of days a home is actively listed before going to pending sale. This is not how long it takes to close, just to go from active to pending. So this is a surprise. You would have expected with slowing sales that properties would be sitting on market longer. What we see here is actually the opposite, that’s a win for Sellers. Year over year we’re down from 62 to 38 days, a decrease of just over 38%. I never would have guessed that without seeing the data. So Sellers you may be getting less money than you expected, but it appears you’re going to the closing table in a shorter time period than last year. That adds certainty to a transaction. Of course if you list your property 10% over the market, don’t cry when you don’t sell in 38 days.
Median price per square foot:
Median price per square foot of Jupiter Florida condo and Townhome sales, aside from one large peak, pricing has been relatively stable over the last year. Let’s just hit the repeat button if you’ve been watching these videos. In todays market Buyers want renovated! They don’t want to buy a fixer upper, and if they do, they want a really big discount for doing so. Those sales are few and far between. What you see if you flip through closed listing is home after home that’s been updated and in good condition, and that’s whats actually Selling. So how does that flow through to higher median price per square foot? People will pay a premium for the good stuff!
Total dollar volume of Jupiter Home Sales:
This isn’t very good honestly. Just shy of $34 million, down 29% month over month, down roughly 45% since April. Down roughly 42% year over year. Not good. Not good for Sellers anyways. For Buyers this means there’s opportunity as Sellers are likely seeing fewer offers than they expected, which could mean negotiation room for you in your offer price!
Again if you’re thinking about selling a home in a week or a year from now, please click the “free home valuation” button in the description below. You’ll get a value, and I’ll be the only one who sees your property address and valuation. I’ll give you a call to go over what gets sent to you. Yes, I’ll call you, I promise I’m fun to talk to.
Months of inventory
Months of housing inventory in Jupiter looks to be favoring Buyers a bit! Year over year supply is up almost 35%, meaning Buyers now have 35% more choices now vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. The yardstick is supposed to be 6 months of inventory is a neutral market favoring neither Buyers not Sellers. Less than 6 months of inventory favors Sellers, more than 6 months favors Buyers. However, that’s a national standard. Take a look at the chart here in Jupiter. I think you can argue somewhere around 4 months is the average amount of supply, right now we’re running a bit above that.
The easiest way to find me is just to call me. My cell number is 786-443-7203. Don’t be shy. Don’t just lurk on my videos, give me a call, let’s chat. I sincerely appreciate each and every one of you that watches these videos. I started this out as a blog years before I came onto YouTube in Fort Lauderdale. Since then I’ve closed in excess of $100 million worth of real estate deals that have come from clients watching me on YouTube just like you. I’ve expanded up here to Jupiter to do it all over again. So come on, let’s talk, or have a coffee or a cocktail.
