Jupiter homes for sale: The active listings number keeps falling
July 18, 2015 | Richard Sites
Jupiter homes for sale offer buyers the chance to enjoy our fabulous lifestyle. I believe anyone who can live in Jupiter…does!
But if you are thinking of moving here or are actively looking for a home, the number of Jupiter homes for sale keeps falling. In fact, I recently posted on the low inventory of homes for sale in Admirals Cove.
Jupiter and Tequesta are really considered one location separated only by the Jupiter Inlet and the Loxahatchee River. Right now, the number of listings here has fallen to 753. And if you take Jupiter Farms out, since these homes are quite different from the in-town homes, the number falls to 645.
However, many of these remaining homes are luxury homes and condos priced over $1 million. So if we remove them to consider the average home, the number drops to just 520.
Now let’s look at the absorption rate. In the last 30 days, 158 homes have sold so this means at this rate we have just a 3.3 month supply of homes priced under $1 million. The “average” absorption rate is considered to be about 6 months.
How about the Days on Market? In Jupiter, about 120-150 days was the norm. It has now dropped to just 33 days.
So we are definitely back in a seller’s market.
What does this mean to you? If you are buying, you should have your financing in order, seriously in order, when you start your search. You may not get a second chance at a home. You should also be prepared to look at home and make a decision quickly. Using automated MLS searches is the best way to see changes in the market. Using Zillow or one of the aggregation sites is not.
It also means that you should narrow your choice of homes down to about 5 using the computer and draft the basic contract offer terms, minus the property details, before you begin to look at homes. You should be ready to submit an offer electronically the same day you view a home or maybe even from inside the home.
Although the technology exists to do this, nobody does so you will be way ahead of the rest of the buyers. If I am not your agent, be sure to check with whomever you have chosen to make sure they have the technical expertise to make this happen.
This is not the time to look at homes for days or weeks. Use your computer, or have your agent do this with you, and narrow down the possible choices before viewing the final selections. You simply do not have the luxury of riding from house to house checking them all out.
The are all sorts of techniques to winnow out the homes that would not work. Just looking at pictures is ineffectual at best. If you need help, you can reach me using the form below. Unlike most agents, I have lived here 25 years and know the market inside and out.