Abacoa 6 month market update

It’s been well over 6 months since we brought you an update on the single-family real estate market in Abacoa so let’s take a quick look at what has happened over the past 180 days.

Active listings currently sit at 15, compared with 4 listed when we last did our last market update. Over the past 12 months there have been 105 single family home sales in the Abacoa community and that is up a couple sales from the 103 sales we had when we looked at the numbers six months ago. Inventory today, based on 12 months sales, sits at 1.71 months which is up dramatically from the 2 weeks when we last provided you an update 6 months ago.

In the overall Jupiter market, single family home inventory based on 12-month sales sit this morning at 2.59 months and six months ago it sat at 3.7 weeks. In the overall Palm Beach County market, today’s inventory is 2.77 months, up dramatically from the 3.2 weeks we enjoyed back in March. Buyers looking for a home in Abacoa have a better situation in today’s market as there is far more for them to choose from. Inventory numbers across the board have risen significantly over the past 6 months.

With Abacoa single family inventory up 231% over the past 6 months, with Jupiter single family home inventory up 300% and county numbers up 375% buyers are in a far better position than they have been for a long, long time when it comes to selection.

Six months ago, the median list price in Abacoa was $1,397,500 and today it is $1,250,000 or a fall of 11%. Today, the median list price per livable square foot is $536 and six months ago it was $549. Median sales price for 2022 sits at $1,100,00 compared to $825,000 last year, or a jump of 33%. The numbers, when looking at sales price per livable square foot, are not quite that strong. So far this year in Abacoa, sales price per square foot has been $477 and that is up 29% compared to the $371 we saw in 2021.

40% of the homes that have sold in Abacoa so far this year sold for less than $1,000,000. Last year, sales under $1,000,000 accounted for 68% of all sales. Of today's active listings, the least expensive is priced at $667,500 and just six months ago that number was $1,195,00. Like the rest of the Northern Palm Beaches, it's getting less expensive to buy a house these days.

Sellers are no longer firmly in charge of the single-family home market in Abacoa. Buyers are looking more closely at what they are getting, especially in neighborhoods like Abacoa where entry level prices had skyrocketed. Any pullback is most welcomed, especially with interest rates on a strong run to the upside.

Looking back over 6-month sales, the time it took for homes to sell, what we call days on market, had a median value of 14 days back in March, today that median number is 8 days. So, buyers are being a bit quicker about jumping on homes in Abacoa than they were 6 months ago.

Keep in mind, there are many factors that determine price of an Abacoa home. Over the past year we have seen homes as small as 1,290 livable square feet sell. We have seen homes with over 5,000 square feet sell. Some homes were built over 24 years ago while others haven’t yet celebrated their 2nd birthday. Some in-fill custom homes are brand spanking new. We see a variety of lot sizes and orientation. The quality of finishes and features all play a major role in any homes’ value. Is there a pool? How old is the roof? How old are the air conditioning systems?

Abacoa remains one of the most sought-after communities in the Palm Beaches for its front porches, sidewalks and that family atmosphere with its own downtown, golf course, hotel, spring training, a college, world-renowned research facilities and even its own outdoor Amphitheater where are seeing more and more high caliber concerts. 

Paradise Sharks Real Estate LOVES setting price records in Abacoa and our “Let’s Set a Record Price” marketing packages are available on almost any home in any of the Abacoa neighborhoods for a total maximum commission of 3.5% and that includes a 2.5% co-broke for the buyer’s broker. If a buyer’s broker is not involved, your total commission is lowered to a maximum of 2%.

Complimentary consultations are easy to schedule either at 561.308.0175 or [email protected].

Fins up…….

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