Jupiter Real Estate Market Update – January 2025 (Condos & Townhomes)

Jupiter Condo Market Update January 2025 | Jupiter Townhome

Welcome to the October 2024 Jupiter Real Estate Market report for condo and townhome sales. We will try to answer the question, are Jupiter condo and townhome prices going to crash! I get this question kind of a lot. 

The median price of condo’s and townhomes in Jupiter Florida is now $518,500. This is down year over year from $650,000.

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.

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:

$518,500 down sharply year over year from $650,000.  If we look at the chart it seems pricing peaked last December/ January.  Look there’s a lot going on in the condo market, that really does not affect the townhome market.  The data is lumped together, but the products and stats are completely independent from one another, and that rift is kind of growing.  Just like with most things, quality is winning.  Well maintained complex’s still have units selling, just not at the pace they once were. You’re not going to hear me say you should stay away from condo’s that’s simply not the case.  What you will hear me say is you need to exercise more due diligence if you’re considering purchasing one.

Total number of condo’s and townhouses sold in Jupiter Florida:

There were 42 condos and townhomes that traded hands in all of Jupiter last month.  For context in May of 2021 there were 155 sales. We’ve just been on a decline since then and we sit towards the bottom of the chart.  Look there aren’t stats that matter more than the number of properties actually trading hands, and putting that in a context over several years. I can give you all the directional clues that I can find, but what matters is how many Buyers are stepping forward.  Right now the answer is, not a lot are.

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.  I’ve been saying we need to keep an eye on this spread.  The lower it goes the more Sellers are getting frustrated and significantly dropping price, and that’s going to affect pricing overall for the rest of the market.  It also shows you, if you get an offer 10% off listing price, you shouldn’t just brush it aside, not counter, or not try to find a way to work with the interested Buyer.

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 if you’re too shy to call, you can text or email me. Don’t hide behind the computer, contact me!

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.  39 days coming off a high of 74 days in September. I’ll be blunt, I don’t think that’s reflective of the market.  We have a small sample size to deal with and we’re pulling median numbers, not average. So I pulled all the sales and manually calculated the average.  While the median days is 38, the average days on market is 69.  That number is much more reflective of what I’m seeing in the market.

Median price per square foot:

Median price per square foot of Jupiter Florida condo and Townhome sales had been relatively stable if you look at the chart, save this time last year.  We’re down from $520 down to $342 year over year. I don’t want to spend too long on this. We’ve exhausted this one over the last few months. The sample sale size is just too small to glean a whole lot from this.

Total dollar volume of Jupiter Home Sales:

Overall market breadth remains weak, though we did bounce off the lows.  From just over $36 million down to $29 million year over year.  I’m not going to go much further on this one.  Don’t focus too much on it honestly.  Again the sample size is really small with only 41 sales to pull from. I think there are better stats to focus on, such as total number of sales, days on market, and supply inventory levels.

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

Give me one stat in a marketplace that I can look at to know how healthy the market is, and I’m going to want to see months of supply. I’m going to be honestly, I’ll be surprised if this chart continues to curl down. The only reason I would see that happening would be if fatigued Sellers pull their listings from the market and don’t relist.  Other than that, I anticipate supply to expand rather than contract.  The overall sales are just too slow to eat up the inventory, and we’re entering the season that typically sees new supply hit the market.  That being said, we’re sitting with 23% more supply year over year.  This is not good for Sellers.

Final thoughts with my crystal ball.  Look I see a lot of headwinds in the market.  I see rising property taxes, rising insurance costs, and rates not pulling back.  These are not good things for sellers, these are really bad things for buyers. That being said, things happen in life that cause people to have to list their homes for sale, even those homes with sub 4% interest rates. My guess is that some sellers are sitting and waiting for rates to pull back, or insurance legislation to come out, personally I wouldn’t hold out for either.  Do I think a crash in the values of condos and Jupiter townhomes is on the way? No, I don’t.  Simple reasoning, there’s not enough pressure in the market to force sellers, in mass numbers, to list. We also don’t have affordable new construction supply that’s magically going to appear for Buyers to purchase.

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.