We have been telling you it was coming. Even though we still have five days left in the month of January we couldn’t hold back any longer with this kind of news. Median single family home prices in, and around, Jupiter have made a huge move to start the year.

As of today, that median price for a single family home in the Northern Palm Beaches has moved higher rather dramatically to $438,000. If you own a “median” home in the area, on paper it is worth $30,000 more than it was on January 1st. This is the highest price we have seen since 2006 and less than 10% behind the all time record prices set way back in 2005. This is our 3rd straight monthly jump and over that 90 day period prices have soared by almost 11%.

The question is, where do we go from here? Checking in on median condo prices they are not doing as well. In fact, they look sick. As of January 15th they were down to the lowest levels we have seen since March of 2015. Over the same 90 day period that median single family prices soared almost 11% the median condo price has fallen by over 5%. 

Sure, we are in the middle of what looks like a very strong season. But so far the stock market of 2016 isn’t making anyone feel real great. Look at interest rates that are down again today to the lowest levels we have seen since May of 2013. Almost 3 years. Interest rates do not fall like this if everything is looking good. The political division in America is getting wider with hotly contested contests in both parties. Interesting times indeed.

Next Monday, Paradise Sharks will publish our February 1st market update and it is going to be interesting. If prices are going to keep rising, we need buyers to start buying. We saw a glimpse of good news in our last report with pending home sales up 6% over the first two week of 2016. We need this strength to continue if prices are to hold these gains and move higher.

If Paradise Sharks can help you make wise real estate decisions please feel free to contact us at 561.308.0175 or info@paradisesharks.com




Fins up.....






#jupiterhomeprices

At Paradise Sharks we love numbers. We track real estate data every day to keep our finger on the pulse of the market. The same numbers that caused us in 2005 to tell anyone who would listen we were heading for a fall. Numbers tell a story so if you care about real estate values like we do, you pay attention. 

Sales of homes above the million dollar threshold is a critical metric and we keep a keen eye on it. Since the turn of the century only twice has this figure been wrong in predicting where prices were going. Put a pen to that and it means over 86% of the time this single metric has been correct in telling us where prices are heading the following year. You go to Vegas and someone gives you over 86% chance of winning by playing red you are going to play red.

During 2015 in the Northern Palm Beaches sales of properties above the $1,000,000 price threshold soared over 8%. Sales increased in this price range about 10% more than the overall market which is a very strong performance. They were up for the 6th straight year. Up to the highest annual level we have ever seen except for 2005. If history repeats itself the odds of real estate prices moving higher in Jupiter and the surrounding communities during 2016 are above 86%. 

However, do not ignore this metric until another year has passed as we continue to watch for signals. If you don’t, you might miss another signal. For now it looks like higher home prices ahead and our next big sign with this metric will be coming your way in about 20 weeks. If Paradise Sharks can help you make wise real estate decisions please feel free to contact us anytime at 561.308.0175 or info@paradisesharks.com



Fins up.....










#jupiterhomeprices

Interplay of supply and demand is looking most interesting

There is no doubt we are entering what historically are the most active weeks of the home buying season. The weeks when home buyers are putting ink on paper and agreeing to buy homes. Last year pending home sales during the month of January in the Northern Palm Beaches soared by almost 15%. In February the shot up another 32%. They jumped again over 6% in March. It kicked off what ended up a year when we sold more homes in the Jupiter area than ever before. Ever, like in history. Way back before the lighthouse was built. Never has there been a year like 2015 where more homes sold in single year. If you wonder why Realtors were smiling in 2015 this was it.

Right out of the blocks, 2016 is starting better than last year. Last year pending home sales were up by less that 3 tenths of 1 percent between January 1st and 15th. This year we are up over 6%. Last year, we had 699 pending home sales in the Northern Palm Beaches. This year we are just about the same with 695 pending sales.

Inventory is different this year and really a wild card that could spoil an otherwise great poker game. As of today, there are 12.5% fewer homes on the market than a year ago. More sellers are asking more money and good listings, well priced are flying off the shelf. While inventory levels are down significantly from a year ago there are up today for the 4th straight month to 9 month highs. Inventory has jumped over 6% since January 1st. This is good news.

Median prices on single family homes in, and around, Jupiter have been rising, significantly. Up from $395,000 on November 1st to $410,000 on January 1st. We are so confident of a big month of big numbers in January we have already put it out there that we feel as of February 1st the median single family home price in the area will leap frog over $430,000 to a new 10 year high. That’s a big jump and we need 2 more weeks of really good sales to get there. But I still say we will be there. The frog is warmed up.

If pending home sales this year get anywhere close to last years numbers over the next 10 weeks it will be a really big year. Seeing jitters about the economy, the election and other factors that may also be wild cards and make the season a big flop. Keep watching as it’s getting fun out there on the front lines.




Fins up.......



​#jupiterhomeprices

7 months since last increase

Median condo prices in the Jupiter area continue to underperform their single family home cousins. Over the last 30 days condo prices remain unchanged and over 200 days have passed since we have seen an increase of any kind. When comparing today’s prices to year ago numbers we are still higher, but only by 5.4%.

Compare that to single family homes in the Jupiter area where median prices have been on the rise for almost 3 months and as of January 1st were 9.3% above year ago numbers. Watch for prices aboard to rise over the next few months as seasonal demand should held shore up what has been sagging sales numbers. We have to go back 22 months to find weaker condo sales and we still are counting on our winter visitors to help steer this ship on a better course.


Fins up.....


Tom Priester
Principal Broker

Paradise Sharks
561.308.0175
info@paradisesharks.com


​#jupitercondoprices

9 months since last increase​

Welcome to 2016 and Paradise Sharks very first market update of the new year. We keep sitting, wishing and waiting on the buyers to return to the local real estate market. We are in the midst of the largest seasonal crowd to hit our shores in history but so far they have not been signing contracts to purchase real estate.

As of today, pending home sales numbers in the Jupiter/Palm Beach Gardens region have dropped again. We have to go all the way back to April 1st of last year to find a time when we told you about an increase in these numbers. For 9 long months it has been nothing but down, down, down, down. Over the past 30 days they have fallen another 12.5%. Over the past year they are down 6%. Since the great fall began back in April they are down 42%. Yes 42%.

The good news is we are heading into what historically is our strongest buying season. We should be seeing buying start in earnest now that the holidays are over. We should be bringing you higher numbers in the 5 or 6 months ahead. We should be, but so far we aren’t seeing it. But we should be. We saw a slight uptick in pending home sales for a two week period at the beginning of December but it didn’t last. We remain here sitting, wishing and waiting.

Interestingly, median sales prices of single family homes in the area are soaring. Up two months in a row and we see them soaring even higher this month. We have even gone on record that we will take out the 10 year high of $431,000 set back on July 1st of last year. That is going to be a huge jump when we publish numbers at the end of January but it is coming. Condominium prices are not behaving as well and have not risen since June of last year and while they may inch up when we next report in a couple weeks they are not inching up very high. Looking at this metric it is an awesome time to be shopping for a condo.

Inventory is a part of the buying problem as there just isn’t much good stuff out there. We reported earlier this week about a million dollar listing that we felt would sell very quickly and it did. In two days. In all price ranges, good properties in the best locations, that have been well cared for and properly priced and marketed are selling quickly. 

Inventory levels have been moving higher since September 1st but over the past 30 days they have pulled back; only by 2%. Even with these increased numbers, inventory levels are 12.5% below last year numbers and many sellers are priced ahead of the market. A market where buyers aren’t buying but are paying more. At least for single family homes.

We called this market dysfunctional a month ago in this column and it still is. We remain sitting, wishing and waiting and still see good things ahead for real estate in the coming months.





Fins up.....




Tom Priester
Principal Broker


Paradise Sharks 
561.308.0175
info@paradisesharks.com






#palmbeachgardenshomes