Neighborhood Market Update of the Week: Jupiter Inlet Colony
This week let’s check in and see what is happening with the real estate market in one of the Northern Palm Beaches most sought-after neighborhoods. There aren’t too many single-family home communities in South Florida that carry the cache of Jupiter Inlet Colony. Many people do not realize it, but the Colony is its own incorporated town with a population of about 450 residents. Over the years, many well-known faces have called this community home. Perry Como, Olivia Newton John, Kid Rock, Tammy Wynette and Jason Newsted all have had homes in this special little oceanfront town on the southern tip of Jupiter Island overlooking the Jupiter Inlet and our historic Jupiter Lighthouse.
As of today, there are only 3 active listings in Jupiter Inlet Colony; two are waterfront lots and one is on an interior lot. List price on the interior lot is $4,500,000 with the two waterfront properties listed at $14,995,000 and $25,000,000. When we last updated you on the community there were also 3 active listings but all were interior lots priced between $2,800,000 and $4,750,000. The list price per square foot of today’s interior lot listings is $1,797 and it has been on the market for 34 days with no changes to the list price. The waterfront homes are listed at $3,448 and $4,962 per square foot. Until now, the all-time record price for a home sale per livable square foot in the Inlet Colony has been $2,212 so no doubt sellers are looking for some very lofty prices. Both of the waterfront homes have been on the market for over 2 months but they will each take a very special buyer.?
Consider that prior to 2021, no home on an interior lot in Jupiter Inlet Colony had ever sold for more than $957 per square foot, and that sale was in November of 2020. Before that sale, the previous interior lot record through the real estate community was $884 in April of 2020.
Last year were a total of nine sales through the real estate community in the neighborhood. One was a direct waterfront home that sold for $1,688 per square foot and eight homes were situated on interior lots and closed a sales price that fell between $492/SF and $1,575/SF. The median sales price on an interior lot in 2021 was $1,222.
This year, throughout the Northern Palm Beaches luxury real estate prices have continued to set record after record. Sales so far in 2022 in Jupiter Inlet Colony echo the overall market. There have been 6 successful closings as of today, so sales are well ahead of last year’s pace. Two waterfront homes have closed at an average sales price of $2,114 with is a 25% jump from 2021 numbers. The four interior lot residences have closed between $1,457 and $1,867 per square foot. The median sales price of those interior homes so far this year sits at $1,685 which is a 38% jump from 2021 numbers. If you think prices of residential real estate in the Northern Palm Beaches have gotten crazy, you would be absolutely correct.
It was 6 months ago the last time we brought you an update in Jupiter Inlet Colony. At the time they highest sales price ever in the community sat at $11,500,000 and the second highest sales price was “only” $6,600,000. Today the all-time record price has been broken, but frankly not by much as that sale closed at $12,820,000. Remember that the two active waterfront listings are both priced well above those records so time will tell where prices go from here.
Six months ago, the highest priced interior home lot sale through the real estate community in Jupiter Inlet Colony closed at $3,900,000 or $1,147 per square foot. That once record sale has been beat twice this year with closings of interior lot homes at $4,699,000 and $5,100,000. One of those sales closed at $1,771/SF which beat the old record by over 54%. Last year 78% of all sales in Jupiter Inlet Colony closed no higher than $3,900. So far this year 67% of all sales have been at $4,699,000 or higher.
Median days on the market for Jupiter Inlet Colony homes that have closed this year sit at 47.5. However, the two most expensive sales sold in 9 days or less. The wealthy are seeing what they like, are happy to pay whatever they have to, and certainly don’t mind moving fast. Last year, the median days on the market for homes that sold, sat at just 11 days, so keep an eye on this metric as it's moved far higher this year.
Median sales prices in a community like Jupiter Inlet Colony are not the great storytelling tool as in other more traditional neighborhoods. Still, last year the median sales price per square foot in the community sat at $1,297/SF. So far this year, that median sales price has soared to $1,818/SF, or up a dramatic 40%. In the overall Jupiter single family home market, this year's increase, over last year, stands at 27%. Single family home prices were also up between 2020 and 2021 by over 23%. Only once in history, have median single family home prices in the Northern Palm Beaches climbed more than 18% in two consecutive years. Those years were 2004 and 2005, and if you are old enough, you remember all too well what happened then.
Of course, times and conditions were far different back then but today’s meteoric rise in prices need to be looked at carefully and a solid look at what’s to come. Affordability these days is a huge concern, especially for the middle and working classes. With prices at record highs, interest rates at the highest we have seen since 2008 and still climbing, there are a lot of questions swirling around. With summer approaching and inventory levels in Jupiter up over 71% this year it's going to be very interesting to see what the rest of the year brings our way. Pending home sales as of today in the Northern Palm Beaches are down 33% from year ago numbers. Inventory numbers just moved ahead of year ago figures and that's the first time we have seen that since 2019.
There are a large variety of homes in Jupiter Inlet Beach Colony, from quaint beach bungalows with less than 1,400 square feet on an interior lot built in 1960, to newly constructed architectural masterpieces on direct ocean front lots with thousands of square feet and so many bathrooms you need both hands to count them. One thing is for sure, whatever you find these days, will cost you a lot of money.
Go back 11 years, to 2011, and you will find a quiet little spot where people wanted to blend in and not let their secret out. It was kind of like Jupiter and nobody really wanted our secret out. Except the developers. That year, a total of 7 homes sold in Jupiter Inlet Colony and the median sales price was $306 per square foot. Up through 2019, never did more than 18 homes sell in a single year through the real estate community in the town.
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In 2020, that all changed, with 23 closed sales that smashed the old sales volume record in the neighborhood by a more than significant 35%. Median prices also climbed by over 28% and there is no doubt this once sleepy little beach front town is now very well-known and highly sought after.
Last year's sales volume was only 9 homes, so down dramatically from the previous year, but it appears this year we should exceed 2021 numbers.
If you are considering selling in Jupiter Inlet Colony, you need to ask questions, and interview brokers, as exceptional customer service and commissions below 5% or 6% are available usually in very straight forward interviews. Especially, when the average sales price in the neighborhood this year sits about $4,900,000. All commissions are 100% negotiable and knowing what you are paying, and what you are getting, can have a significant impact on the check you walk away from the closing table with. Sellers remain in control at this point and if they want to maximize their sales price, and minimize their expenses, it is easy to do by interviewing brokers and asking questions.
So far, the fastest sale this year in Jupiter Inlet Colony went under contract in 3 days, it sold $12,820, and the seller, through their broker only paid a 2% co-broke commission. Don't be afraid of the 2% co-broke. but ask questions, seek knowledge, and use it to your advantage when it makes sense to do so.
Paradise Sharks Real Estate LOVES setting price records in Jupiter Inlet Colony and our “Let’s Set a Record Price” marketing packages are available on almost any home in the community for a total maximum commission of 3.5% and that includes a 2.5% co-broke for the buyer’s broker. If we happen to handle both sides of a transaction, your total commission is typically lowered to a maximum of 2%.
Complimentary consultations are easy to schedule either at 561.308.0175 or [email protected]?so if we can be of help in any way, even if it's just to answer a question, just let us know.
Fins up…….