Jupiter Real Estate Market Update (Condos & Townhomes) August 2024
Jupiter Real Estate Market Update - August 2024 (Condos & Townhomes)
Jupiter Condo Market Update August 2024 | Jupiter Townhome
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.
The median price of condo’s and townhomes in Jupiter Florida is now $539,777. This is down year over year from $510,000 in June of 2023.
My name is Casey Prindle your Jupiter Realtor. If you’re looking at buying or selling real estate in Jupiter go ahead call me at (786)443-7203. Don’t be shy and don’t wait! Whether you’re looking to make a move next week or next year, the sooner we speak the easier it is for me to provide value to you.
All data will come from the multiple listing service (MLS). Data typically runs 30 days behind the date of this real estate market report. Stick around to the end of the video as I’ll give you some final thoughts I have on the market.
Median Sold Price of condo and townhomes in Jupiter Florida:
$539,777, up 1.4% month over month. Still on the high side of the chart. I want to point something out here. Things could be getting more orderly here on the chart but we’ll see. For all the news headlines proclaiming the condo market in Florida dead, it is not in Jupiter. Yes some buildings have more Milestone inspection reports than others, if you don’t understand what that is and you’re looking to either buy or sell a condo call me as it’s very important to understand.
Total number of condo’s and townhouses sold in Jupiter Florida:
Did we bounce off the bottom of the chart here? I mean you can’t get much lower than last month and feel confident in the market. Year over year we’re down from 53 sales to 50, so not too bad there all things considered. Keep in mind that we’re going to get into snowbird season here soon. October, November, and December tend to be decent months in terms of sales, it will be really interesting to see how this fall plays out.
List to sales price:
The list to sales price in Jupiter real estate seems to be leveled off. 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 don’t think Sellers I speak with are getting realistic about having to price well, vs aspirational, in order to sell. A 5% discount to list is a pretty decent spot to be in for both Buyers and Sellers in my opinion.
If you’re looking to purchase a home in Jupiter, please do one of the following. Give me a call (786)443-7203 and tell me where you are in your home search and what you’re looking for. Or click the “Home Search” link, register on my website, and I’ll give you a call! You’ll love talking with me I’m a laugh a minute.
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. So we’re up 22.5% month over month from 40 days to 49. I’m not going to be surprised if this number grows a bit. Buyers for the most part are taking their time in the decision making process. The market isn’t punishing them for doing that at this point as our days on market expands.
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! I said all that last month and it’s true for this month! At $365 psf were up 3.1% month over month. We were at $333 psf this time last year for reference.
Total dollar volume of Jupiter Home Sales:
Well, this is still bad! Kind of like a slow moving train wreck that isn’t stopping. From $60 million in volume in April down to $32 million in volume this month, just brutal. Here’s the only silver lining I can find. July of 2023 we were at $31 million in volume, we’re at $32 million now. If we hadn’t had that massive February/March/ April spike I think this chart would look more orderly. I think those months just set up some false hope. Crucially important to watch total dollar volume, so we will watch this like the red hawk circling around my back yard as I type this.
Again if you’re thinking about selling a home in a week or a year from now, please give me a call. I can’t help you out if I don’t know you exist. My phone number is (786)443-7203. Now I do call a lot of property owners so there’s a chance I’ll find you, but it’s a lot easier if you find me first!
Months of inventory
Has inventory peaked? Could this be the turn down Sellers have been waiting for? Crucial time here, especially as we enter into what’s expected to be a lower rate 4th quarter. If you’ve been watching the 10 year, the bond market isn’t waiting for the Fed. Year over year supply is up over 38%, meaning Buyers now have 38% 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. Will we come back down to that level and put some wind at Sellers backs? We shall see my friends.
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. So come on, let’s talk, or have a coffee or a cocktail.
