A close examination of the MLS data for Jupiter Island condos sales shows that the median sales price increased 16% year-over-year. Two years ago, for the period from July 1, 2014 to June 30, 2015, the median sales price of a condo on Jupiter Island was $670,750. That figure jumped to $777,500 over the same period last year which is equal to a 16% increase. Total sales volume dropped from 54 units two years ago, to 36 units last year. A significant shrinking in supply has led to these numbers, and also speaks to why sales prices have increased.
High end sales volume has also increased year-over-year. For example, two years ago, 7 units or 13% of the total condo market sold on Jupiter Island at prices above $1,000,000. Last year, 10 units or 28% of the condo market on Jupiter Island sold at prices above $1M. The highest priced condo sale in the area two years ago was $2,250,000. The highest priced condo sales within the last year was $3,500,000. We are certain about these numbers because Marotta Realty Group represented the seller with respect to both of these trades.
Actually, Marotta Realty Group sold all four of the last four units on Jupiter Island that sold for more than $2,000,000. They also sold the highest priced condo unit in the area each of the last two years, and the two highest priced condo units in the history of Jupiter Island.
In comparison to median priced Singer Island condos, median priced Jupiter Island condos sell for much higher prices. The median sales price on Singer Island last year was $420,000 vs. the $777,500 median sales price on Jupiter Island over the same period - that's a 85% jump in price. In fact, only 6 units or 17% of the market last year on Jupiter Island sold below the median price on Singer Island.
The luxury experts at Marotta Realty Group are happy to assist you and provide the pros and cons of each area and building along the coast in the Northern Palm Beaches. Call us today at 561-847-5700 and let us provide you with a free, no obligation analysis of the market.