Jupiter Real Estate
Jupiter Real Estate Market Report
I pulled some research data for November 2015 Jupiter real estate statistics vs November 2014 of last year. Active listings are slightly trending upwards since September 2015 which corresponds with new listings following the same trend. Sold listings have been declining here in Jupiter since June 2015 which shows a little slowing in the market due to inventory choices or buyer demand, I’m not sure. Absorption rate hit a low of 3.21 months in September and is beginning to slowly climb. Remember 6 months is a neutral market.
The biggest surprise is the Jupiter average list price is up from $762,692 November 2014 to $969,526 in 2015 or a 27% rise from last year in list prices. Median list prices are also up 16% from $435,900 to $507,450 for November 2015. Median is half the sales are below and half are above.
Average Jupiter sales prices are up only .56% from $430,199 to $432,617 with median sales prices up 6.93% from 289,900 to $310,000. It reiterates what I have been saying that sellers are putting big list prices on their homes due to the limited inventory but are seeing only a small rise in actual selling prices at the end of the day.
Jupiter Real Estate
Days on market on down 50% from last year due to our limited inventory choices. When buyers see a well priced property or a nicely remodeled property they are jumping on the properties almost immediately. Keep a keen eye on new Jupiter listings and don’t hesitate if you see a property that interests you. Wait and it will be gone!
A good example, in Sea Brook there was a 3 bedroom unit listed at $379,000 for about a month. This week a similar unit came up for sale at $330,000 and it was under contract in less than 5 days. The last sale was just over $300,000. Since that time the $379,000 property has been reduced to $349,000. An example of a seller overpricing a property only to reduce it closer to market value to sell the property.
We are seeing less lower priced Jupiter properties available for sale. Many of those lower priced units are gone. Sub $200,000 properties are a rare commodity and expect to see most prices beginning at $200 per sq. ft for ordinary properties and rising from there. With properties in this price range you can expect multiply bidders competing and many times selling at list price or above. Also you can expect a short days on market. See the best deals on Jupiter real estate online. Call your Jupiter real estate agent.
