It's an interesting market right now. As we are coming into the middle of 2017 it's been a surprisingly neutral market. 2016 was pretty good. It was considered a hot market which leans towards the seller's market side of things. This means that there are not enough homes and buyer demand is up. This is great news for sellers, not so great news for buyers, and they may have figured that out and chosen to wait because now, were in a relatively cool buyers market.
If you're planning on buying or selling within the next couple of months it's important to understand what the market is doing so that you can make a wise decision on how to price your home and if you should be buying at this time.
The general home value index for Jupiter Florida is about $332,000, a 6.5% increase over last year. The median sales price is at $336,500. That comes out to about $215 per square foot, an important factor in pricing your home. The median list price, however, is quite a bit higher at $532,900. We have approximately 700 properties on the market as of the end of May 2017. The median days on the market are between 70 and 80 days on average. Some homes that are priced very competitively are selling within the first two weeks and other homes that might need some work or are higher-priced take anywhere from one month to three months to sell on average.
- Median Home Price: 332,000
- Median List Price: $532,000
- Median Sales Price: $336,000
- DOM: 76
Our absorption rate is about to 3 to 6 months. This means that if no more homes hit the market as of today it would only take 3 to 6 months to completely eliminate all listings on the market. That's about an average amount. When the absorption rate is less than a month, it's an extremely hot market for sellers and when the absorption rate is over the six-month mark, it's a hot market for buyers, which means that prices are low and there is plenty of inventory.
So what is all of this mean?
If you don't need to sell right now, you might consider waiting to the fall. Florida has an opposite real estate season to the rest of the country because of our weather. We have more people that buy from November to March because it's cooler and fewer people buying in the heat of summer. This means that over the next couple of months there may not be that many buyers on the market. It also depends on when you need to sell. If you're looking to relocate, have a job issue or familial status that needs to change your current housing, you may have no choice but to sell. In that case, we want to make sure that we priced competitively and do all we can to make the home as attractive as possible for the buyers that are out there. Trust me, there are still buyers because people still need to buy property for the same reason that you need to sell.
READ MORE: ALL CURRENT MARKET STATS FOR JUPITER
If you're considering buying, it's a pretty neutral market. You should get a good deal on a house and have a decent amount of inventory to choose from.
It really depends on your timing, how much you need out of the home, and how much you're willing to spend. Nobody wants to spend more than they need to and all homeowners want to get as much as they can out of the sale of the property. To do both of these things well, you need a real estate agent that knows the market extremely well. Feel free to give me a call at any time whether you are buying or selling throughout the Jupiter area. I'd be happy to offer tips, secrets to selling and buying, especially simultaneously, and how we can go about getting you exactly what you need at the right time.