Jupiter Real Estate

Today I'm going to present you with some interesting statistics regarding Florida properties including Palm Beach County properties and Jupiter properties. Our MLS covers properties from Fort Pierce down to Miami which is a very large area and it can not accurately reflect smaller areas that are more local in nature.  I will show you this below and it will give you a better understanding of the Jupiter real estate market.


The first three graphs represent the entire MLS area I mentioned above. As you can see the absorption rate is about 5.9 months which is falling after reaching a peak of 6.8 months in March 2016. This number is the number of months it would take to sell the remaining homes if no new homes were brought to market. Basically it shows we are having increasing sales and the market is improving for sellers. 


Our inventory levels or supply of Jupiter homes continues to fall while our new listings and sold listings remain stable. The lack of new listings is pushing our inventory levels down and putting upward pressure on sales prices. You can see this in our second graph below which show sales rising from $210,000 to around $230,000 or a 10% year over year jump.  

The statewide median sales prices for Florida is up 11.3% over last year at $222,500 for single family homes while in Palm Beach County the median sales price is $311,000 or 40% higher than the state average or nearly $90,000. If you look at the chart below for just Jupiter, the median sales price is $340,000 for all properties including condos and single family homes. The $340,000 median price for Jupiter properties under estimates single family homes only. The median price is $447,000 for Jupiter homes or nearly double the state average and almost 50% higher than Palm Beach County which Jupiter is located in. 


To give you an idea of how that compares to other areas, the median sales price in California is $526,580 and New York is $257,291. Our average list price is almost a million dollars while our median list price is over $500,000 or about the entry level price for a single family home in Jupiter of 2,200 sq. ft. You will also notice the average days on market in Jupiter is just 66 days. Compare those numbers to places elsewhere in the county or in the country. What's your average days on market in your community?


We have seen the 58th consecutive month in Florida for rising sales prices and our inventory continues to shrink. This continues to put upward pressure on home prices as we have very limited amounts of space left to build new homes. This is causing many homeowners to stay put in their present homes and update them. Home Depot just came out yesterday with their highest  sales since 2006 which was the peak of the housing market. People are staying put and remodeling.


What do we see ahead is the question. This market is completely different from the 2006 market with tighter regulations for home mortgages, more home buyers are buying to live in them and we have seen nearly 50% of the Jupiter home sales over the past few years be cash. 


Here is something else to think about. Many new companies are moving to Jupiter Florida including United Technologies and it's many subsidiaries. Many buyers are retired buyers. This may possible be their last home purchase so they are going to buy what they want. They are not worried about a real estate correction as this is their home and they are in for the long haul. Paying a few more dollars today to have exactly what they want doesn't make a difference to them. Many are also cash buyers. 


The Jupiter real estate market remains strong with excellent schools, an incredible amount of parks and green space. We have one of the few dog friendly beaches and yes free parking at the beach. They have many new restaurants, world class shops and two airports within an hour of Jupiter. These are all recipes for success and this is why Jupiter remains one of the top choices for real estate in Florida. 

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Posted by Jim McLane on


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