Jupiter Florida Real Estate Market Data and Statistics February 2024
Jupiter
Today I wanted to start off by going over some things that have been out in the news lately. Every year the states with the fastest growing number of residents is compiled. Florida is close to the top of the list every year, and this year came in at number 2 in terms of numeric growth per the census. So why’s this a really big deal? Because we have more people moving here who need homes, and we simply don’t have enough of them! Is this good for sellers? Yes, good for Buyers, no. If you’ve spent much time with me you’ve heard me say Florida is geographically constrained. We can’t build homes in the ocean, and we can’t, or certainly should not, be building homes in the everglades. I’ll even extend that to saying large scale community development has not place in the rural center of the state. The Florida Panther should live there, not tract homes. Point is, we’re not Texas, we can’t just build out further. We have geography that prohibits that. When you have positive net migration, geographic constraints, and not enough homes, well you get a pretty good reason as to why it’s unlikely that homes will lose value here, over a period of time of course.
Ok so onto the data: Please note, all data is going to be from the period of December 01 -December 30 of 2023.
Starting with single family home data in Jupiter
To start off we tend not to expect great things out of November and December as seasonality kicks in hard.
Median home pricing took a bounce north in December. Pretty interesting given the time of year I’d say. Now when sales are heavy on the low end median pricing gets dragged down. Last month we talked about the higher end starting to participate. If median pricing is up but sales are flat, that will tell you the higher end is starting to move. So did sales tick up?
Number of properties sold, rose from 46 to 50. So I’d say you can conclude that we’re seeing more action on the higher end of pricing. That being said, 50 sales are still pretty close to the bottom of this 5 year chart. This is to say, we have a ways to go before we’re back in a wild market.
List to sales headed back down. Again . We’re at 5 year lows here. Simplest way to view that is Sellers came to market on the high side, didn’t get their asking price, and had to either reduce price or accepted an offer below their list price.
Median days to sales rose, again. We’re up to 51 days on market now and climbing. So it is taking longer, and longer, to sell an active listing. Sellers you need to build this into your timeline as the longer a home is on market, the higher your carry cost is going to be.
Price per square foot, I was guessing last month that we stay off the lows here. I think the theme of Buyers want renovated and move in ready, those properties that carry a higher cost per square foot, is here to stay for the near future. So it’s logical that even if sales slowed, that we may not see this figure dip.
Total dollar volume moved up, in a strong way, from November. We added a bit over $30 million in total dollar volume, so really a big rebound there. Again as I pointed out in the beginning, it seems that the higher price brackets are getting some attention, so total dollar volume will show that.
Months of supply heading back down. A ray of sunshine for Sellers here, not so much for Buyers. Supply is down almost 25% in the last 12 months as you can see highlighted in yellow there. Until supply comes up, this is going to be a challenging market for Buyers, not much of a way around that.
Let’s switch over to Condos and Townhomes
Median pricing took a breather after that monster move last month. Here we are above the 5 year highs. There were 3 sales above $2 million, so that certainly doesn’t hurt in keeping this number elevated.
Well prices may be up, but transactions, again sliding down. We’re creeping down towards 5 year low on total sales numbers, which was 34 sales in December of 2022. We had just 38 sales in this graph. Of course, a lot of what this is saying, if sales are down, and prices are up, is that people are buying the good stuff. I can’t keep saying that enough.
List to sales continues to slide as well. What’s that say? Sellers are having to negotiate. So if you’re a Seller be prepared. And of course, price correctly from the start. A little overall perspective, list to sales says there’s roughly 5% of the price, on average, being negotiated. We’re not looking at a wild figure, but we are down by 5 year lows. So this is saying you can’t just ask what you want and get it. Likely, isn’t going to happen and you’ll just waste time on market letting the listing get stale. Don’t do that.
Median days on market rising again. Here’s the thing with days on market. Everyone can see it. Buyers, Buyers agents, anyone interested in the property. Once you get around 90 days on market, the tone of showings change. Buyers agents will say to the Listing agent, so how far off list will your Seller go. Buyers may not even want to see the property because they think something is wrong with it. Pricing right from the start should help avoid that and leave you in control of the negotiation as the Seller.
Price per square foot still on the high side, but looks to be heading down. We will see if it bounces here. If the higher end is seeing more sales take place, we should see this bounce up.
Total dollar volume, not great. A little dip off that November bounce. I think we’re too early to see this resolve one way or another.
Months of supply again heading north. Buyers, do a little happy dance here. Supply is up over 22% in the last 12 months. Something both Buyers and Sellers need to be aware of. Buyers will know this already as they’re seeing more homes on the market. If this keeps rising its really going to be a good thing for Buyers, so lets see where it goes.
So that’s it. As always please feel free to call, text, or email me if want to talk about some real estate in, or around Jupiter, whether you’re timeline is a week or a year from now, I’d love to chat.
