I have to admit a bit of surprise as I put together the numbers for this week’s Paradise Sharksmarket update. A month ago, the table looked set for median condo prices in the Northern Palm Beaches to move higher, but that did not happen. Interest rates were low, inventory levels had improved for 5 straight months, and were the highest we had seen in almost a year. Pending home sales were just starting to move higher and prices, one would think, would follow them to new highs.

But, prices have stalled. Closings over the past 30 days declined about 15%, but stayed slightly ahead of year ago numbers. Interest rates are lower than a month ago and seem happy staying at the lowest levels we have seen in over 3 years. Inventory still not good and possibly the reason we did not see price movement to the upside. 

Last year, over the same period, median condo prices in the Jupiter area moved higher. It was the 1st of six straight monthly increases and over that span we saw median prices jump almost 11%, to the highest levels we had seen in 14 years.

So, yes, I am surprised that prices did not move higher this month, but still see pricing pressure to the upside. A macro economic event could derail this market, but assuming the economy stays on strong footing, we expect brighter days ahead for condo prices. Surprised we don’t see them today, not as bullish over the next month, but still see a new 14 year high before the snowbirds fly away for the summer.

Paradise Sharks passion is to ensure everyone has world class real estate service available to them at prices that keep more of our clients money in their own pockets. If you are thinking about selling, our full service commissions typically start at 4% but can go lower if your home sells within 7 days, is in exceptional condition, or has value above the million dollar threshold. Our buyers typically get significant rebates at closing and don’t even need to ask. We just do it as our way of saying thank you for trusting us with your business. 
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Complimentary consultations are easy to schedule at 561.308.0175 or at tom@paradisesharks.com. We look forward to the opportunity to be of service.


Fins up……


#jupitercondoprices

Last year, the real estate market in the Village of Tequesta led the way for all the municipalities in the Northern Palm Beaches. In 2019, median single family home prices in the Village jumped 16% to $550,000. Compare that to Jupiter, where last year median single family home prices were only up 2% to $520,000. It seemed like everyone wanted to live in Tequesta and that demand drove prices to the highest levels in the region.

It’s still early in the year, but easy to see that so far the demand for the perfect home in Tequesta is growing faster than the Coronavirus. Pending home sales in the Village are up 46% compared to last year at this time. On it’s own, that is a pretty fantastic number but when you look at the number of homes buyers have to choose from you realize just how extraordinary demand for Tequesta real estate truly is. Inventory levels in Tequesta are down 27% from year ago numbers. 

Stunning to look at a market where sales are up 46% with supply down 27%. It’s the small seaside village, away from the hustle and bustle of South Florida that has families scrambling to find a home. It’s the great Jupiter school system where young families want their children to learn. It’s the miles of waterfront property that attracts those running from northern states that were taxing them to death. It’s a community that can’t grow and opportunities to find the perfect home are few. 

Sellers are in control and anyone looking to sell a home should not only be expecting to get top dollar but also to find exceptional value from the real estate industry. Paradise Sharks charges a maximum 4% total commission for our neighbors in Tequesta. Remember those days when Realtors demanded 6%. Well, those days are over. Shop around, ask lots of questions and get informed. It will save you a lot of money and help ensure you also get world class service.

Realtors are contacting homeowners in Tequesta out of the blue to see if they would consider selling. Paradise Sharks has a stunning pocket listing that we will be putting on the market in April, If you want to beat the crowd, and are looking in the $800,000 to $900,000 range, need 4 bedrooms, three baths and a pool you might give us a ring. There just is not much out there and it’s not bound to get better anytime soon.

Interest rates dipped again this week to the lowest levels we have seen in over 170 weeks. Yesterday a fixed 30 year conforming mortgage was priced 18% lower than one year ago. If you are borrowing money you can afford more with such favorable rates and in Tequesta you are going to need that advantage. You also might consider calling Paradise Sharks if you are buying a home as most of our buyers get a substantial credit at closing as our way of saying thank you. Those credits can start as low at $700 for a one bedroom condo at Riverbend and climb all the way up to $80,000 for a custom waterfront residence in Coconut Cove. The crazy thing is you do not even have to ask for the credit, we just give it to you. 

In a town where the median single family home price is $550,000 it’s easy to give back and if you want more details contact Paradise Sharks anytime for a complimentary consultation. We are super easy to reach at tom@paradisesharks.com or 561.308.0175.



Fins up………

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#tequesta

All signs have been flashing the green light for home prices to start moving higher in the Northern Palm Beaches. Inventory is poor in many price ranges, demand is perking up as it always does this time of the year, the economy keeps gathering strength, interest rates are at the lowest levels we have seen in well over three years and the stock market keeps hitting record highs.

Even though the number of single family home closings in the Jupiter area fell by 23% in January, median prices jumped from $496,000 to $510,000 and just like that, we are up to the highest prices we have seen since way back in June when we hit a new record price of $515,000. In all honesty, there is nothing that should stop us from reporting a brand new record high when we write this column one month from today. With all the green lights flashing we actually should blow that old record right out of the water.

We kick off the new year with the top end of the market red hot. We are talking about homes that sell for over a million dollars. Last year, resales of these luxury properties broke the old record by well over 10% and things keep getting better at the top. January sales of million dollar properties eclipsed the old record by 27%. These are huge numbers and the main reason median home prices are off to the races.

Homes priced under the $600,000 range remain in very high demand with buyers watching prices and condition very carefully. Anything that is priced well, under that threshold, and in move in condition tends to fly off the shelf. The next 5 months are the best we see all year for single family home sales and right now it looks like median prices should be heading significantly higher. Those green lights are flashing like crazy!

Just because prices are climbing, does not mean you will be priced out of your dream home. Interest rates have been falling and lower your cost of ownership. You also can save a ton of money if you shop around for the best value from the real estate community. It does not matter if you are buying, or selling, interviewing brokers and asking the questions that matter, in the end will keep more of your money in your pocket.
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Paradise Sharks has been doing nothing but real estate for decades and our boutique brokerage is in our 7th year. We are proud to bring value to the market that most of our competition can only dream about. Almost all of our buyer clients get significant credits at closing as our way of thanking them for their trust. They don’t even have to ask as we just do it. Our seller’s end up saving tons of money with our “let’s set a record price” marketing that starts at just 4%. We would love the opportunity to earn your trust, and your business, and if we can ever have the opportunity to interview we would be honored. You can reach Paradise Sharks at tom@paradisesharks.com or 561.308.0175 to schedule your complimentary consultation.


Fins up…..




#jupitersinglefamilyhomeprices

The 2020 real estate season has kicked off, and over the last month pending home sales are up 22% in Palm Beach Gardens. Not a bad start, but their numbers are actually lagging the remainder of the Northern Palm Beaches, where we saw a 31% increase over the past 30 days. These numbers are in line with, but slightly behind, year ago figures when pending home sales jumped 35% over the same period.

Considering that buyers have very limited inventory in many neighborhoods, it was good to see that sales strength was solid. While inventory levels increased 5.3% in January, they actually fell slightly over the past 2 weeks. The key factor is, compared to last year, the number of homes on the market for sale is down a very significant 15%. It has been many, many years since we have seen so few choices for home buyers in the Palm Beach Gardens area. It’s not bound to get better anytime soon.

Interest rates were down again this week, and now sit at the lowest levels we have seen since way back in November of 2016. There has never been a better time to borrow money. Demand for homes is high, with people pouring into the state of Florida. Interest rates are low so they can borrow more, but there just isn’t much for them to buy. The economy remains strong, but the divide in this country is as deep as it has been in 50 years, and maybe even longer.

Limited supply mixed with a healthy demand is, in a perfect world, a recipe for price increases and that is where this market appears to be heading. Home prices had been stagnate in the Palm Beach Gardens area for about 8 months, but with seasonal home buying kicking into gear prices should be climbing. Watch for brand new 14 year highs in median condo prices and a new all time record high in single family home prices in the weeks ahead.
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Living in paradise is a real treat, but an expensive one. It’s one reason Paradise Sharks continues to do everything we can to keep our customer service high, our marketing world class and our value at levels most of the competition can only dream about. Our “let’s set a record price” marketing starts at commissions as low as 4% and our buyer clients almost always get a substantial credit at closing. They don’t even have to ask, we just do it, as our little way of saying thanks. Paradise Sharks loves to be creative and we love to save our clients money. Complimentary consultations are easy to set up by contacting us at 561.308.0175 or tom@paradisesharks.com. Take a bite out of high real estate costs by swimming these waters with the shark.


Fins up…..




#palmbeachgardensrealestate