Jupiter Farms market update August 21st
It’s been 6 months since we brought you an update on the real estate market out in Jupiter Farms, so let’s take a quick look at what has happened over the past 180 days.
Active listings currently sit at 46, compared with just 15 listed back in February. That is a huge increase of 306% that should have buyers smiling like a Cheshire Cat!
Over the past 12 months, there have been 203 sales in the Jupiter Farms community and that is down significantly from the 249 sales we had when we looked at the numbers six months ago. Inventory today, based on 12 months sales, sits at 2.72 months, that is up 376% from the 3.13 weeks we had back in February. That is a very large jump and inventory levels in Jupiter Farms have not been this high for a long time,
Inventory levels are climbing back to more normal levels in the neighborhood, and the significant climb over the past 6 months in Jupiter Farms shows just how frustrating it is for seller’s in today’s world. In the overall Jupiter market, single family home inventory based on 12 month sales sits this morning at 2.8 months and six months ago it sat at 3.8 weeks. In the overall Palm Beach County market, today’s inventory is 2.7 months, up significantly from 3.6 weeks back in February. Again, with city and county inventory levels up and now in line with Jupiter Farms inventory levels we are seeing a far more balance market than we have seen in a long time.
Back in February, the median list price in Jupiter Farms was $1,250,000 and today it is $982,500, or a fall of 21%. Today, the median list price per livable square foot is $394 and back in February it was $454 so a decline of 13% over the past 6 months. Median sales price so far in 2022 is $735,000. In 2021 we ended up at $591,000 so still a jump of 24%. While we still have a little over 4 months remaining n 2022 its very easy to see the current market turning more in favor of buyers.?
So far this year in Jupiter Farms, sales price per square foot has been $338 and that is also up 15% compared to the $293 we saw in 2021.
Only 7.3% of the homes that have sold in Jupiter Farms so far this year sold for $500,000 or less. Last year, sales under that threshold, accounted for 29% of all sales. Of today’s active listings, the least expensive is priced at $549,000 but there are 19 active listings priced under $925,000. Back in February, there were only three. Like the rest of the Northern Palm Beaches, we are seeing prices start to pull back and favor buyers more than we have seen for quite a while.
Sellers are no longer firmly in charge of the single family home market in Jupiter Farms with inventory up dramatically over the past 6 months. With options for buyers improving, they are still dealing with interest rates that have climbed another 32% since February.
The time it took for homes to sell, what we call days on market, had a median value of 10 days back in 2021. So far in 2022 that median number is 11 days.
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Keep in mind, there are many factors that determine the ultimate price of a Jupiter Farms home. Over the past year we have seen homes as small as 1,104 square feet and as large as 5,402 livable square feet sell in Jupiter Farms, We see a variety of lot sizes and orientation with locations "way out west" to "pretty close to town". Frame construction is not that rare and no doubt far less desirable. 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? Are the septic and water systems in good shape?
Jupiter Farms remains one of the most sought after communities in the Palm Beaches for their large lots, the large majority of homes are not encumbered by an association and homeowners feel a sense of freedom and space they don’t find closer to the beach.?
Paradise Sharks LOVES setting price records in Jupiter Farms and our “Let’s Set a Record Price” marketing packages are available on almost any home in the Jupiter Farms neighborhood 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, then your total commission is almost always lowered to a maximum of 2%.
Complimentary consultations are easy to schedule either at 561.308.0175 or?[email protected].
Fins up…….