Jupiter Sales Slow Due to Limited Inventory
Spring is in the air, our streets here in paradise are less crowded and a seat at The Food Shack on Friday night is easier to find. All is well and the real estate market continues to thrive in south Florida. Finding well priced properties, especially single family homes in good shape, remains a struggle and seeing multiple Realtors with their clients in tow within hours of a new listing hitting the market is a typical sight.
While inventory levels remain lower than those we have been spoiled by over the past few years we are seeing some renewed listing activity over the past week or so. While we are still about a week away from our detailed look at inventory levels I expect them to have remained relatively unchanged. With interest rates setting new all time lows and plenty of buyers looking for the right opportunity this years spring buying season remains very interesting to watch. So without further adieu let’s evaluate how sales looked in the local markets during the month of March.
#1 Juno Beach
#3 Hobe Sound
#4 North Palm Beach
#4 Palm Beach Gardens
#6 Jupiter – down 12%
While we start off on kind of a down note with Jupiter showing a decline in sales of 12% over the previous month I can assure you that is a function of a huge jump in February and a lack of quality inventory. Overall, the best word to use when describing March real estate sales in the north county area is stupendous. Maybe super duper stupendous. The median increase over February sales was 31.5% and the average an even more incredible 42.8%.
Weighing in last month in 6th place was Jupiter with a 12% decrease over February sales numbers. Again, February sales had jumped 43% so even with a 6th place finish this is not a market that is showing fatigue. However, we still do remain below the 12 month average which stands at 72.33 and further behind the 94 homes that sold in March of last year.
While sales dropped they were represented in all price categories with good showings across the board. Homes that sold under $500,000 captured a very high 80% of all sales but with 5 sales above the ultra-luxury $1,000,000 threshold it shows that money is flowing into real estate at all levels. The chart below shows the percentage of sales by price category for the month of March.
With good sales numbers across the board we would expect another solid showing in median sales prices and that is what we see when evaluating those numbers. In March the median sales price in Jupiter increased about 3.4% to $297,500 from the $287,500 we saw in February. With this showing we remained very close the 12-month average of $299,467 but a bit below the median price from March 2011 which stood at $256,500. Signs still point to 2012 being the first year with a median price increase since the big bubble burst over 6 years ago. The chart below shows median prices on a monthly basis over the previous 12 month period.
Interesting times continue so keep turned in for the latest news from paradise.