Sales of condos in the Northern Palm Beaches over the past 30 days dropped to the lowest levels we have seen in 12 months. Median prices, however, did push forward for the second straight month. As of February 15th, the median condo price in the Jupiter area sat at $234,000 and was up 1.2% over the past 30 days. Compared to year ago numbers, prices today are up 4.2%, which in reality is a fairly normal annual appreciation.

The quality of inventory still is a problem with most buyers taking a very close look at condition and prices before making a purchasing decision. Buyers are willing to pay for quality product when it hits the market, but there just isn’t much of it. Units in need of a facelift are going unsold with the length of time it takes to find a buyer getting longer and longer. Buyer are seeing through poor quality flips that used to be an easy sale. However, units that are fairly priced, with quality finishes, are seeing little resistance. Buyers are out there for the right properties, but there just aren’t enough to satisfy demand.
Some say interest rates are to blame, but as of this morning, interest rates are down another 6 basis points from just one week ago. The average overnight rate on a conforming 30 year fixed mortgage sits at 4.32% and you’d have to go way back to April of last year to find a better rate.   In all reality, after the Fed started raising rates, there has been some up and down movements, but right now rates are just 1 point higher than the all time record lows we enjoyed back in October of 2016. Rates today still offer amazing historical value and probably not a huge driving factor in the sales slowdown we have been seeing.
Seasonal condo buying started off very strong the second half of January but we were hoping for more strength in February than we have seen so far. Hard to call it quite yet as we still have another 6 days before we call February a wrap.
A month ago, I really thought we would see prices for Jupiter condos pressing a bit higher than we have seen. The next few weeks will bring the picture into sharper focus but right now I am a bit less bullish on significant price increases than I was back in January.
If you are playing the real estate game you need to be making informed decisions. Ask a lot of questions, interview brokers. Do not get sold, get educated and if you would liker to learn more about how Paradise Sharks has kicked the middleman right out of the transaction gave us a call at 561.308.0175. If you prefer email you can always reach us at tom@paradisesharks.com. Decades of experience, no broker taking a slice and no franchise fees means we can provide higher quality and more value. It’s just what we do.


Fins up……




#jupitercondoprices

I cannot tell you how fantastic the past 4 weeks has been for the real estate business here in the Jupiter area. Last month, at this time, pending home sales were at the worst levels we had seen in over 6 years and since then buyers have started to write offers, and get them accepted. 

We are still a few days away from our mid month market update, but watch for more strength in seasonal buying. Home prices have been under pressure to the downside here in Jupiter since June 1st of last year. Back then, the median single family home price in the Northern Palm Beaches sat at $500,000. Today it sits at $476,250, up $1,250 from one month ago. Year over year gains are still fairly strong at 5.2% but we need prices to climb at least $20,000 over the next 3 months to keep us from falling behind year ago numbers and it’s been a long, long while since that has happened.

Pending home sales have been weak and the number of single family home closing during January were the lowest we have seen in years here in the Jupiter area. And I’m talking the lowest we have seen in any month, not just January, for a long time. We have to go all the way back to 2012 to find a January where we had fewer sales. That’s 7 full years!

Inventory levels are on the rise, Interest rates have been falling and are down slightly again this week. Pending home sales have been rising and we expect prices to follow. Paradise Sharks loves to ensure our clients win and ultimately to find our client’s homes they will love living in. We can work with you to create that winning game plan, and with buyer rebates available on any purchase, we can save you money. Lots of money!

It’s as simple at that, and if you want to win the game contact us today at tom@paradisesharks.com or 561.308.0175. Just let us know you want a buyer rebate and we can talk about your goals and have you under contract with your dream home in no time.
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Fins up for saving our clients money, whether they are buying or selling…….


#jupiterwaterfrontproperties

Sometimes, it doesn’t take long for the real estate market to change course. After all, when we last checked in with pending home sales on January 15th, here in the Jupiter area, they sat at the worst levels we had seen in over six years. We knew seasonal home buying would start kicking into gear and boy did it. Over the second half of January pending homes sales in the Northern Palm Beaches zoomed upwards by 33%. WOW!

Understand that we always see buying activity, especially on condominiums, start kicking into gear on January 15th. But 33%. WOW! Last year over the same period, pending home sales were up 19%. In 2017 it was up 17%. This year’s buying has been the strongest we have ever seen for the second half of January and hopefully a good sign of a strong real estate season ahead.

Buyers have plenty to be optimistic about, with interest rates this morning at the lowest we have seen since way back in June of last year. Inventory levels, as of January 15th, were up for the 5th straight month and the number of choices buyers have is up 24% over that span. In fact, if you are looking for a home in the Jupiter area, you have more options today than you have had since April 2017.

Choices, cheaper money and seasonal factors have brightened the real estate skies here in paradise. Median condo prices in the Jupiter area have been trending lower for 7 months and as of January 15th sat at the lowest levels we had seen since March of last year. Year over year gains sit at a paltry 2% gain. Furthermore, they sit 18% below the all time highs set way back in 2005 and 2006. Right now, signs sure look like condo prices will be moving higher and if buying remains as strong as we just saw over the past couple weeks, the moves may be substantial. 

The key right now is to keep your eyes on pending home sales in the days ahead. Condo buyers tend to start the middle of January and no doubt they have shown up in force and should be driving prices higher. We are still about a month away from when single family home buyers typically start writing contracts. If they show up in force like the condo buyers just did you should see a lot of smiles on your favorite Realtor’s face over the next few months.
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If you are going to be doing anything real estate, please consider contacting Paradise Sharks for a complimentary consultation. Our boutique brokerage kicks the middleman out of real estate so you get our decades of experience at prices most brokers can only dream about. If we don’t do what we say, fire us. We won’t be mad. In fact, we would want to sit down and buy you a margarita to learn what we could have done better. Contact us anytime at 561.308.0175 or tom@paradisesharks.com.


Fins up………



#jupiterhomesales

As of January 15th, the median price for a condominium in the Northern Palm Beaches sits at $230,000, unchanged from where prices stood one month ago. Compared to year ago numbers, Jupiter condo prices are up only about 2% and it has been quite the roller coaster ride.

Signs point, for a number of reasons, to higher condo prices ahead. While pending home sales in the area had been down to 6 year lows, we are already starting to see seasonal home buying starting to pick up dramatically. In fact, over the past two weeks, pending homes sales in the Jupiter area are up 22% after having been down sharply over the previous 8 months. Buyers are starting to turn this market around after only 14 days.
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Buyers also have more selection than they have in a long time and that should help spur some more sales activity through the season. The number of homes on the market in the Jupiter area is up about 11% so far this month. You have to go way back to April of 2017 to find a time when buyers had more choices. Still a lack of properties in up-to-date move in condition in many neighborhoods and price points which also will help push prices higher.

With median prices that are still 18% below the all time highs we last saw in 2005 it would seem today’s prices have a ways to run. Higher demand, less quality inventory and interest rates that have come down from recent highs should all help push Jupiter median condo prices higher in the weeks ahead. 

After two weeks it is hard to call the 2019 real estate condo buying season robust but it is certainly starting off on the right foot. If you are looking to find the perfect opportunity put Paradise Sharks decades of experience to work for you. Not only will you have a partner who knows how the game is played, but by kicking the middleman out of the real estate equation means we can offer buyer rebates on any purchase. If you are thinking about selling, you need to sit down with us and learn how our full service, world class marketing starts at total commission levels as low as 4%.

To experience real estate done right, contact us anytime at tom@paradisesharks.com or 561.308.0175.


Fins up………..




#jupitercondoprices