Trending for Townhomes & Condominiums in Jupiter, FL

By
Real Estate Agent with Florida Supreme Realty SL514814

There's much to be said about Condominium and Townhome life in South Florida. As Summer quickly approaches the number of lit high and mid rise units begin to diminish rapidly. That's because most of these 2nd & 3rd homeowners have either left for the season or soon will be. Inventory is up almost 60% year over year despite what you may have read or heard. Average sale prices are down by 14.4% during the first quarter while median prices saw a whopping 17.7% reduction. About one third of purchases are made via cash and with pending sales up by 56% the Supply & Demand curve is about to make a move I believe. When it does those prices will rise accordingly.

Condominium and Townhome trends Jupiter

Dollars (multiply by $10,000) = the median prices had a high of $257,000 a year ago and averages peaked above $328,000 10 months ago. This tells me that the luxury market was strong. What is today's $193,000 median and $292,000 average saying to you? I believe it's shouting BUY NOW!

Sales (multiply by 10) = closed sales are 20 points higher than at any other time this year and nearly double their low of 84 units. This upward activity appears to be ongoing for the near future.

Days (multiply by 10) = the time it took Sellers to go from listing to under contract varied widely, between 38 and 71 days. This isn't necessarily a bad thing.

Inventory (multiply by 100) = the supply rose and it's plain to see that as that occurred the demand tapered. I don't know if the sales will climb too much steeper than shown here but if prices and inventory remain relatively stable they certainly will try!

 

Know that this graph is a general overview of the respective market area and may not reflect the specific values and activity for your home and neighborhood. Contact your real estate representative for better accuracy and valuation of your particular property, however, if you do not have an associate in your corner and need answers you now know where to find me!       

 

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Topic:
Real Estate Market Trends
Location:
Florida Palm Beach County Jupiter
Groups:
Market Reports
Tags:
market activity
inventory
statistics
trends
sale price
townhouses
2nd home markets
condominium activity

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Rainmaker
1,310,724
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

A savvy report...thank you!

Jun 16, 2016 09:30 AM #1
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Kevin.  Thanks for the Jupiter market report for townhomes and condominiums.

Jun 22, 2016 08:47 PM #2
Rainmaker
2,477,069
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I think that it would be nice to have a townhouse or condo in Jupiter, Florida, it sounds like a nice place!

Jun 23, 2016 04:44 AM #3
Rainmaker
5,305,281
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Many Maryland residents are relocating to Florida.

Jun 23, 2016 07:44 PM #4
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Very interesting Kevin. I see all of Florida is experiencing a very good real estate market.

Jun 27, 2016 12:12 AM #5
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Rainmaker
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Kevin J. May

Serving the Treasure & Paradise Coasts of Florida
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