[New post] Neighborhood Market Update of the Week; Bluffs Jupiter
Tom Priester posted: " It's been 6 months since we brought you an update on the real estate market for single family homes in the Bluffs so let's take a quick look at what has happened since then. Active listings currently sit at 3, unchanged from the 3 listed back " Jupiter Real Estate
It's been 6 months since we brought you an update on the real estate market for single family homes in the Bluffs so let's take a quick look at what has happened since then.
Active listings currently sit at 3, unchanged from the 3 listed back in February. Buyers in the Bluffs Jupiter, unlike the overall market where inventory has been rising dramatically, still have very little to choose from. Today's buyer's still have so few options and not much hope for better selection anytime soon. Location, location, location. Back in February, there were no Bluffs single family active listings priced under $839,000 and todays three listings start at $905,000.
Before Covid came to town, there had never been a non-waterfront home in The Bluffs sell for above $677,500 and today prices are starting 34% higher than that old record. Back in February, there was a waterfront home in the Bluffs listed at $5 million that raised more than a few eyebrows? Yes, in the Bluffs. $5 million? Sure, it had an addition and was nicely updated. It was also priced $3 million dollars higher than anything had ever sold for in the community. But you know what? It sold for $4,325,000 which beat the old record in the community by a mind blowing $2,325,000. No doubt about it, the real estate market in Jupiter is certainly not for the faint of heart.
Very few lower priced listings hit the market in the Bluffs these days, and when they do, they tend to get snapped up quickly, especially if priced and marketed properly.
Of the 41 single family homes that have sold in the Bluffs over the past year, the least expensive sale closed at $610,500. It was in marginal condition, backed directly to US-1 and that sale was way back in January. Over the past three months the lowest priced sale in the community came in at $825,000. So much for lower priced homes in the Bluffs Jupiter.
Back in February, there were 6 homes under contract with list prices that started at $695,000. Today, there are only 4 homes under contract and the lowest list price sits at $1,095,000. Home prices in the Bluffs Jupiter continue to climb even as we are seeing some pullback in the overall market.
The median priced sale so far this year closed at $925,000. That is up about 28% from the median sales price in the neighborhood last year which was $722,500. Back in 2020 the median sales price was $580,000 Back in 2019 the median sales price was $530,000.
Sellers are still firmly in charge of the single-family home market in the Bluffs Jupiter and listings are badly needed to meet current demand.
Even though sellers are still firmly in control of this market, buyers are looking closely at what they are getting, especially in neighborhoods like the Bluffs where entry level prices have skyrocketed. Interest rates are up dramatically, but thankfully over the past 7 weeks they have pulled back about 6.6%. The average overnight rate on a conforming 30-year loan sits at 5.52% which is still far above the 3.77% they sat back in February. Almost all signs point to rates moving higher as inflation has been running at 40-year highs and needs to be controlled. With real estate sales dropping, mortgage demand hit 22 year lows and that has put downward pressure on mortgage rates. How long they can buck the trend of the macro-economic interest rate is going to be very interesting to watch.
Over the past year, 41 homes have closed through the real estate community in the Bluffs single family market which is down from 48 on February 4th. Sales have fallen about 14.6% when compared to 6 months ago. Inventory is low, prices are climbing and demand staring to wane a but. Still times are very, very good if you own a single-family homes in The Bluffs.
The time it took for homes to sell, what we call days on market, had a median value of 8 days back in February. Today that median number is 4 days, so homes are selling a lot faster in the Bluffs than they were just 6 months ago.
Keep in mind there are many factors that determine price in the Bluffs Jupiter single family market. Sure, all the homes are essentially the same 3 bedroom – 2 bathroom layout but there are still significant differences. The biggest are the waterfront lots with docks that command far higher prices but don't hit the market often. The last sale went under contract on April 22nd of this year and closed at $4,325,000. Waterfront demand in the Jupiter area has continued to explode.. Size and location of lot, waterfront vs interior, quality of finishes and features all play a major role in any homes' value. Many homes in the Bluffs have the added loft which brings additional value.
Current inventory, based on 12-month sales, sits at 3.8 weeks that can only be described as crazy low. Still, it is higher than the 3.2 weeks we sat at just 6 months ago. Again, new listings in the Bluffs are badly needed to meet current demand and owners should expect record prices and fast sales so should be able to negotiate both remarkable service and very favorable commissions.
Overall, single-family home inventory today in Jupiter sits at 2.78 months which is dramatically higher than the 1 month it sat at six months ago. In Palm Beach County current inventory of single-family homes is at 2.59 months, which is also up significantly from the 3.9 weeks back in February.
The Bluffs remains one of the most sought-after communities in the Palm Beaches for its beachside location. Paradise Sharks LOVES setting price records in the Bluffs and our "Let's Set a Record Price" marketing packages are available on most homes in either Bluffs neighborhood for a total maximum commission of 3.5% and that includes a 2.5% co-broke for the buyer's broker. If a buyer's broker is not involved your maximum total commission is typically lowered to a maximum of 2%.
Complimentary consultations are easy to schedule either at 561.308.0175 or tom@paradisesharks.com. We would certainly love the opportunity to meet with you, earn your trust and your business. We also would love to save you a tremendous amount of money on commissions.
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