In the last 30 days for Jupiter and Tequesta, 336 properties (condominiums and single family homes) either sold or went under contract. Of these, 142 were sales and the others were under contract.
The median home was a 3/2 of 1,889 square feet which sold for $ 258,000 or $ 143 per square foot of living space. The average percentage of listing price received was 92% after 137 days on the market.
The biggest house sold was a 6/5 of 7,607 square feet and it was on the market for 940 days. The fastest sale was a small condominium that was only on the market for 3 days.
Even more revealing is the fact that only 24 of these homes sold over $ 500,000. And yet 65 of the homes sold between $ 200,000 & $500,000 helped no doubt by the First Time Home Buyer program.
Drilling down even more we find that those houses that sold the fastest received the highest % of the asking price. They also didn't have the continual carrying costs associated with keeping a home on the market. "To get the biggesst check, price your house correctly from the start".
There was a spread of nearly 7 % of asking price between the fastest to sell and the slowest to sell.
Of course, a multi-million dollar home typically takes more time to sell. So what would we learn if we looked specifically at the over a million sales for this year?
Well, there were 42 sales over $ 1,000,000 with the highest being $ 5.2 million. The median time on the market was 219 days although the most expensive house took 1,175 days to sell and the median % of asking price received was just over 86%.
I believe the numbers are telling us that the higher end homes have more room to correct on price than the lower priced ones. And if the hidden costs of carrying a $ 1,000,000 plus house are added in it makes even more sense to get the property priced right immediately rather than trying to come down on the price later.
Your thoughts, comments and feedback on the posts are always welcome.
In a hot but breezy Jupiter just made for a day at the beach,
Realty Associates-FL Properties