Jupiter Real Estate Market Report (Single Family Home) August 2024
Jupiter Real Estate Market Update (Single Family Homes) August 2024
Jupiter Real Estate Market Update July 2024 | Jupiter Homes
Welcome to the August 2024 Jupiter Real Estate Market report for single family home sales. Data presented here will be for single family home buyers interested in moving to Jupiter, those selling a home in Jupiter, those interested in Jupiter Real Estate, or anyone looking for a Jupiter Realtor.
The median price of a single family home in Jupiter Florida is now $1,000,000. This is up 2.6% from last month. But down from $1.1 million this time last year.
My name is Casey Prindle your Jupiter Realtor. If you’re looking at buying or selling real estate in Jupiter go ahead and call or email me! My phone number is below, it’s (786)443-7203. Don’t be shy, I’m reasonably entertaining to talk to.
All data will come from the multiple listing service (MLS). Data typically runs 30 days behind the date of this Jupiter real estate market report. Stick around to the end of the video where I’ll share some of my thoughts on the overall market.
Median Sold Price of single family homes in Jupiter Florida:
As I said at the top the median home price in Jupiter Florida is now $1,000,000. We’re still moving up, looks like in a bit of a smoother pattern. I have a lot of people asking me if the market is going to tank. I just don’t see it. The fed is T’d up to lower interest rates, though the bond market already priced this in if you’ve taken a look at 10 year yields. And we still have more people moving to Florida than leaving the state. So you have lower rates and high net migration, not exactly a recipe for a disaster. But my crystal ball has been broken a lot of times in the past.
Total number of homes sold in Jupiter Florida:
So we’re up from 60 to 67 homes sold year over year. Don’t get me wrong, this chart is concerning. The only pattern you can really see when you look at this is chaos. It’s not orderly like the median price chart is looking. You’ve heard me say this, how would it make sense that we have total sales on the lower side of a chart but higher median prices, answer is the good stuff continues to sell. Buyers are bypassing the beat up junk and paying up for the turn key renovated.
List to sales price:
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. So we’re either leveling off or declining if you look at this chart. My gut says we will see a decline. Buyers are pricing in some downside with offers, at least that’s what I’m seeing on my listings. To be honest, I think that’s a decent strategy right now.
If you’re looking to purchase a home in Jupiter, please do one of the following. Give me a call at (786)443-7203, and tell me where you are in your home search and what you’re looking for. If you don’t want to call me because I somehow scare you, 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. I’ll be honest I thought this was going to be up this month. I’m seeing good properties sit on the market for longer than I anticipated. That being said if you’re a seller you want to see the days on market declining.
Median price per square foot:
Median price per square foot of Jupiter Florida home sales, still on the high side of this chart, but at $458 psf you’re below this time last year which was $473 psf. Looks like we’re headed up and to the right here, not surprising, again the good stuff is selling and the good stuff costs more.
Total dollar volume of Jupiter Home Sales:
So a nice rebound in the total dollar volume of sales. So is this talking me off my ledge of concern from last month? Meh, not sure. So the top 5 sales included in this $122 million in volume, accounted for $50 million of that volume. Another way to saying this is the top 5 highest dollar volume sales accounted for 40% of the total volume. I’d really like to see all price points and sales picking up to feel better, but it is what it is, we are in a high dollar market where swings like this are inevitable.
Again if you’re looking to sell a home in Jupiter please call me at (786)443-7203. Whether you’re selling next month or next year, it’s best to call me sooner rather than later so I can provide you with more service value.
Months of inventory
Months of housing inventory in Jupiter looks to be favoring Buyers a bit! Year over year supply is up almost 57% year over year, meaning Buyers now have 57% more choices now vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. I said this last month but I think it’s worth repeating. 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. Whether you’re thinking of Buying or Selling a property, and that includes Land and Commercial properties, pick up that phone!
