The Jupiter Island condo market has had it’s share of ups and downs in the last year. The good news for sellers is the median sale price of a condo on Jupiter Island increased 18% over the one year period ending October 31, 2016 versus the prior year. Two year ago the median sale price was $676,500. Last year that figure jumped 18% to a median sale price of $800,000. The bad news is that sales volume dropped form 57 units two years ago, to just 29 units in the past year or a 49% decrease in total sales Y-O-Y.
The number of sales over $1,000,000 actually increased from 9 units two years ago, to 10 last year – a generous 11% increase. However, sales at prices higher than $750,000 dropped 32% Y-O-Y from 25 units two years ago to just 17 units last year. Worse yet, sales above $500,000 fell 47% from 40 units sold in that price range two years ago, to only 21 units last year.
The Road Ahead For Jupiter Island Sellers
The big takeaway from these statistics is that patience is a virtue. Although it may take longer than usual for your property to sell, the actual value of your property is likely worth more than you anticipate. The peak season in the Jupiter Island real estate market is just around the corner, which means that sales could very well pick up in the coming weeks.
If you’d like to learn more about selling your Jupiter Island condo, get in touch with the man who has sold some of the most exclusive condos on the island. With experience, expertise, and success on your side, Vince can help you get the highest return possible on your property. Send him a message or give him a call today at 561.847.5700 today!