Jupiter Real Estate Market Update July 2024 | Jupiter Homes
Jupiter Real Estate Market Update July 2024 | Jupiter Homes
The median price of a single family home in Jupiter Florida is now $950,000. This is down year over year from $1.09 million in June of 2023.
Welcome to the July 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.
My name is Casey Prindle your Jupiter Realtor. If you’re looking at buying or selling real estate in Jupiter go ahead and book a 30 minute phone call with you, you can do that through the calendly link below.
If you want to know what your home is worth in this market I have an auto generated valuation tool you can put your address into and get a range of value, as well as an exact dollar value. Click the link in the description title “free home valuation” and that will give you a value. I’m the only one who will see your contact information, I’ll use it to give you a call to say hello.
All data will come from the multiple listing service (MLS). Data typically runs 30 days behind the date of this real estate market report.
Median Sold Price of single family homes in Jupiter Florida:
$950,000, down 1% month over month. Still on the high side of the chart. I want to point something out here. See all these peaks. These represent Sellers that are now trapped that would have to sell at a loss. Add in the additional layer that they likely have an interest rate of 3 or 4%. So they can’t sell due to negative equity, and they can’t sell due to a mortgage payment that would double if they sold their current house and bought a new one at the same price. This is becoming a real issue, you have a lot of trapped would be sellers right now, I’m hearing from more and more of them.
Total number of homes sold in Jupiter Florida:
Bit of an ominous sign here for Sellers. If we look back at June of 2023 it’s actually a high point on the recent chart, there were 113 sales. We’re now at 62 sales. While the month over month fall of just over 24% is alarming, I think the 45% decrease year over year is more alarming. June and July are supposed to be strong months for sales of single family homes in Jupiter if you take a look back at the chart here you can see that.
List to sales price:
The list to sales price in Jupiter real estate seems to be pretty level. 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 think the leveling off here is a net positive. To me it showing Sellers are willing to work with Buyer offers, even if they’re less than ideal, which in the long run helps keep overall sale numbers from plummeting.
If you’re looking to purchase a home in Jupiter, please do one of the following. Give me a call, text, or email, and tell me where you are in your home search and what you’re looking for. Use the “book a call” link below to book a 30 minute phone call with me. 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. We’re climbing up here, at least it looks like. This is a net positive for Buyers as it means they’re less pressured to make an immediate decision when they see a property. We’re really getting to the high side of this chart. Sellers for you this means you’re going to have to exercise some patience, and understand your home is likely going to be on the market for a bit. The higher this number goes, the longer, on average, you’ll have to wait to get your home sold.
Median price per square foot:
Median price per square foot of Jupiter Florida home sales, still on the high side of this chart. 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!
Total dollar volume of Jupiter Home Sales:
Last month I made some excuses for why I thought the total dollar volume was low. This month, I’m out of excuses. This isn’t very good honestly. Just over $83 million, down 25% month over month, down roughly 48% since April. Down roughly 54% year over year. Not good. Not good for Sellers anyways. For Buyers this means there’s opportunity as Sellers are likely seeing fewer offers than they expected, which could mean negotiation room for you in your offer price!
Again if you’re looking to sell a home please click the “free home valuation” button in the description below. You’ll get a value, and I’ll be the only one who sees your property address and valuation. I’ll give you a call to go over what gets sent to you. Yes, I’ll call you, I promise I’m fun to talk to.
Months of inventory
Months of housing inventory in Jupiter looks to be favoring Buyers a bit! Year over year supply is up almost 40%, meaning Buyers now have 40% 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.
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. I started this out as a blog year before I came onto YouTube in Fort Lauderdale. Since then I’ve closed in excess of $100 million worth of real estate deals that have come from clients that I can directly attribute to YouTube, and I’ve expanded up here to Jupiter. So come on, let’s talk, or have a coffee or a cocktail.
