Jupiter Condo and Townhome Real Estate Report May 2024

Let’s get this out of the way upfront.  Market statistics are boring. Not for me, but probably for you. But here’s the thing, selling or buying a home in Jupiter is a big decision. If you don’t suck up this boring, you could end up costing yourself a lot of money because you just didn’t know or trusted the wrong agent.

I’m going to try and do this a little differently than I was before.  I’m going to go ahead and break out the videos into single family homes, and then a separate video for condo’s and townhomes, versus before where I lumped them into one video.

My name is Casey Prindle and I’ve been a full time Realtor here in Florida going on 15 years now. But this video isn’t going to be about me, it’s going to be about arming you with the best real estate data to make an informed decision whether you’re looking to buy a home in Jupiter, or sell a home in Jupiter. I help busy people solve real estate problems, that’s my value.

Ok let’s start with single family homes in Jupiter. We will look at the period of April 1 – April 30 2024. Sales data is taken from closed MLS sales during that period.

Stick around to the end of the video I’m going to break the sales down in a way that I know no other agent is going to show you, by price bracket.

Median sales prices a little off the peak here, but still very much on the high side.  I don’t really see this moving down much honestly.  We have limited inventory and we’re coming into the busy season. As I always warn though, single family median sale price data can be subject to a bit of manipulation if we get a number of sales on the high end. That being said, $995k is a big number.

What I do like to pay a lot of attention to is the number of sales that are actually taking place.  Look at this, up 47.5% month over month, up 14% year over year, from 76 to 87 sales. You know all those national news headlines that say Florida’s housing market is in freefall or whatever other nonsense, it just isn’t true in Jupiter. If you look at this chart we’re pulling well off the lows and headed into the busy season. 

List to sales price is kind of levelling off here.  At least in my experience and observation, I do this Sellers are getting the message that we’re past the crazy covid name your price market.  The tighter this spread gets the less negotiation, and better pricing from the start, we see. Buyers, not the best slide for you.

Median days on market down to 40.  Looking like we’re leveling off here a bit. Another slide that’s better for Sellers and worse for Buyers in terms of negotiation strategies. If properties aren’t sitting too long, it creates less opportunities for Buyers to negotiate.

Median price per square foot at $483.  We’re going to breeze over this really with my usual footnote that the good stuff is selling, the junky old beat up stuff is sitting. That’s reflected here.

Total dollar volume.  Ok this one is going to say a few things.  First, there were 3 sales in Admirals Cove and one sale in Bears Club above $10 million. So you’ve got 4 sales that took up roughly $50 million in volume.  Take those sales out and we’re still roughly $25 million above last month, but that 88% jump that you see, know that it was made up from a handful of large sales.

Here we go with what the actual issue is in our housing market, not enough inventory.  Real estate isn’t a tough equation, It usually just comes down to supply and demand, and we simply don’t have enough homes for sale.  We cant just build a bunch of new ones given our geographic constraints, so we have what we have.  We’re firmly in a Sellers market in terms of inventory, and don’t let anyone tell you otherwise.  3.87 months of supply which is 28% less than this time last year.

$5,000,000 and above: 6 sales

$3,000,000 to $5,000,000: 3 Sales

$2,000,000 to $3,000,000: 17 sales

$1,000,000 to $2,000,000: 21 Sales

$1,000,000 and Below: 40 Sales

45% of sales are $1 million and below.

10% of sales are above $3 million.

Almost as many sales took place between $1 million and $3 million, as took place under $1 million.

If we dig a little deeper there are 163 actively listed single family homes listed for sale in Jupiter right now priced between $1 million and $3 million. If 38 sales took place last month that means we have 4.28 months of supply in that bracket.

However, if we look below $1 million at single family homes actively listed in Jupiter right now, we will find 103 of them. Again 40 sales took place last month.  So we have only 2.5 months of supply in this bracket.

Where is it harder to be a Buyer? What price bracket are you likely going to have to make decisions faster in and expect less negotiation? Below $1 million right.  Know your bracket.

Pretty wild to look at it that way.  If you go back to my old videos you’ll see that the $1 to $3 million bracket was moving very slowly.  That price point in the market has picked up dramatically.  But of course, what can’t be lost on you is the most competitive market for Buyers, and easiest market for Sellers, remains under $1 million.

If you are looking for a Realtor in Jupiter that actually understands the data, give me a call, text, or email.  Or of course, let’s grab a coffee or a cocktail.