Jupiter FL Condos & Townhomes: Buyer's Market Alert! June 2024 Sales Report
Welome to the June 2024 Jupiter Real Estate Market report. Data presented here will be for condo and townhouse buyers interested in moving to Jupiter, those selling a condo or townhome in Jupiter, those interested in Jupiter Real Estate, or anyone looking for a Jupiter Realtor.
All data will come from the multiple listing service (MLS) and cover the period of May 1 2024 through May 31 of 2024.
Let’s drive right in here with Median Sold Price of condo’s and townhomes in Jupiter Florida:
$591,000, up 4% month over month. Still on the high side of the chart. Keep in mind that we have a smaller number of sales (sample size) and everything from beachfront condo’s in Jupiter, to Townhomes in Abacoa, to older condo’s around Center Street are all lumped in together here. So take this with a grain of salt if you will.
Total number of condos sold in Jupiter Florida:
Total number of condos and townhomes sold is down sharply month over month from 92 to 64 sales. Down from 77 sales last May. The market is slower this year, I don’t need data to tell you that. Now whether that’s due to rising home owners insurance costs, condo associations now having to mandatorily hold reserves, higher interest rates, or any other factor, those are property and Buyer specific. The milestone inspection reports are becoming a really big deal for condo’s in Jupiter. If you don’t know what they are message or call me and I’ll explain. It’s essential you understand this both as a current condo owner, or future condo buyer.
List to sales price:
The list to sales price in Jupiter condo’s and townhomes seems to be sticking around the bottom of the chart here, just shy of 96%. The higher this gets, the less negotiation that is taking place. This chart is looking like Buyers do have some wiggle room when making offers. Absolutely something to keep an eye on.
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. This is an incredibly important metric to watch. Buyers want longer days as it means they’re not pressured to make a quick decision, Sellers want shorter days. We’re at 54 days on market, about flat from this time last year when we were at 57 days on market. Interesting to watch that’s for sure.
Median price per square foot:
Median price per square foot of Jupiter Florida condo and townhome sales, about level from last month but still on the high side of the chart. I’ll keep saying this, this is logical. Why? Because the good stuff is selling. Buyers want Sellers to have done the renovations before the condo or townhome hits the market, they don’t want to do the renovations themselves! This is a shift from the make it your own thing a few years back.
Total dollar volume of Jupiter Condo and Townhome Sales:
Total dollar volume for townhome and condo sales in Jupiter is down 22% month over month. Is this a cause for concern? Not sure. I do have concerns over the assessments, budgets, reserves, and structural integrity reports coming down on Condo’s, and I do think at some point this works its way through the market. Just not certain how much it will influence the market as time ticks towards year end.
Months of inventory
Months of condo and townhouse inventory in Jupiter looks to be favoring Buyer! Year over year supply is up over 39%, meaning Buyers now have 39% more choices vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. This is incredibly important to keep an eye on! We crossed above 6 months of supply. If you’re a Buyer or a Seller looking at condo’s and townhomes you really need to understand how supply is going to affect you.
