Jupiter Real Estate: The market may be turning again
October 28, 2015 | Richard Sites
The Jupiter real estate market may be beginning to swing from a sellers market back more toward a “normal” market. The MLS statistics seem to be pointing that way.
I posted recently that the number of homes for sale in Jupiter/Tequesta had declined to near 700 from a more average range of about 950. And the number of new listings was pretty much in line with the number of closings.
This morning, the numbers may be telling a different story.
The number of homes for sale in Jupiter and Tequesta has risen to 748. In the last 30 days, 255 homes have been listed for sale but only 152 have sold. This pushes our available inventory up to a 5 month supply from 3.5 just a couple of months ago. This absorption rate is considered a “normal” market.
However, it is interesting to note that the average and median per square foot price for listings are both hovering around $200/ft. but the selling price per square foot is just under $190.
But what does it mean to you?
If you are selling, the competition is getting more intense. You might have to wait a little longer to get an offer or have to change your relative market position to make a buyer write up an offer.
If you are buying, you may have a few more homes to choose from. This does not mean that you should not have your financing in order when starting your home search or that you should not be using a real estate attorney to protect your interests. And with the new CFPB rules in place, an attorney is even more critical.
If you are looking for a home in this area, let me show you the best locations and opportunities. Unlike most agents I have lived here 25 years and know the market inside and out.