March 2024 Jupiter Florida Real Estate Market Update

Jupiter March 2024 Real Estate Market Update

My name is Casey Prindle, I’m a Realtor that lives here in Jupiter, in Jupiter Farms to be specific! This month I’m going to skip the commentary and get right into the data, so let’s go ahead and share my screen:

Let’s start with single family homes

The data loads about a month after the month closes, so this data will be from the period of January 1 to January 31 of 2024.

Median Sales price $962,500.  Kind of in a trendless pattern here for the time being I feel.  We skipped down a bit from last month, but up from $882k January of last year. I don’t put a ton of stock in median pricing, so let’s get onto something I feel is much more meaningful.

Total number of sales. In my opinion the number of closings actually happening is what’s going to give you the fastest, and best, snapshot of the Jupiter Real Estate market. Seasonality kicked in hard here!  If you don’t know what I mean, go and watch my video about the best time of year to sell a home. Historically January is one of our most active months. So we jumped up a bit from last month to 76 sales, well above the 50 sales that took place in January of 2023. Really a good sign for Sellers here.

List to sales price, are we leveling off? Are Sellers getting the message that this is no longer the crazy covid market we were in? Maybe. The average seller received 94.88% of their asking price, so still a decent amount of negotiation happening before contract.

Median days on market sitting at 40. Down significantly from last month. Down form the 45 days in January of 2023. This is a good stat to follow.  It’s going to tell both Buyers and Sellers how tight the market is getting.  It should also be a note to Buyers that if you see something on the market for 30 days and think it’s been listed way too long and you’re going to get a steal of a deal, you’re not paying attention.  Also, Sellers, don’t freak out if you’ve been on market for 30 days without sale….. save that for the 90 day mark.

Median price per square foot is range bound.  I’m not going to talk about it much, no real point in doing so. If you’ve been hearing me you know this number is where it is because Buyers want the good stuff, not the junk, right now anyways.

Total dollar volume came roaring back! There were 3 sales above $10 million, so that always helps! Up year over year from $81 million, up month over month by a whopping 45%. This is really something to watch, what a spike in volume!

And now Buyers let’s get our doom and gloom hats on.  Inventory, down 25.5% year over year. Down slightly month over month.  Now I’ve said this before but it bears repeating. You’re going to feel like there is more or less inventory depending on what price bracket you’re shopping in. In the lower price brackets there’s still very little actual inventory. So you need to understand where the market is loosest and tightest before you begin your search and set your expectations.

Townhomes and condos.

Before we begin I want to note, the single family and condo/townhome markets look VERY different from one another right now.  If you’re searching for single family, you need to really pay attention to that data set, looking for condo’s or townhomes in Jupiter, use this one.  Don’t mix and match or anything crazy like that.  These markets are very distinct from one another.

Median pricing on condos and townhomes headed south.  I don’t want to spend too much time on this one.  I’m not shocked by this. Let’s look at more of the data before I throw out too many opinions.

Number of properties sold.  An example of why I say condo/ townhome and single family homes are distinct.  Single family sales were up, condo and townhome sales are still down around where they were the last few months. 41 sales, up slightly from last month, Down year over year from 59 sales in January of 2023. Let’s see what February brings, but there are some storm clouds here for sure.

It's very interesting that the list to sales was so tight at 97.5%. Buyers and Sellers aren’t negotiating a ton before contract. It seems the Sellers were realistic in pricing, and Buyers were motivated enough to come close to ask. A very positive development for Sellers.

Days on market headed down to 39 days from 55.  Really interesting. We were up at 70 days in January of 2023. My guess, again, sellers priced right and Buyers couldn’t really argue the asking price once comparable sales were reviewed.

Price per square foot we’re going to glaze over.  Came down off the spike, but we’ve been in that $350-$400 range a lot of times before. So I wouldn’t be shocked, or scared, if we end up there again.

Total dollar volume looking rough here. Down over 26% month over month, Down from $36 million to $24 million year over year.  I honestly had expected a bump in volume, so this is a bit ominous for Sellers.  But what’s bad for one side of a deal, is good for the other side, another net win here for Buyers.

Supply Supply supply.  Not a positive development for Sellers. We’re still up by that 6 months of supply which is by the 5 year high water mark. While I’m not calling it a Buyers market in condos and townhomes, Buyers certainly have A LOT more inventory to view vs those looking to buy a single family home.  Unlike in single family homes, this isn’t as price bracket sensitive.  There are things sitting on the lower, and higher end of pricing.

Want to talk some more about real estate? Call, text, or email me! We can even grab a coffee or an alcoholic beverage together! Until next month