The median price of a condo in the Northern Palm Beaches, as of March 15th, has risen to $240,000 from $234,500 the previous month. Compared to the year ago price of $230,000 prices are up 4.3% which historically is about an average annual return.


Even though pending homes sales in the Jupiter area are not what we consider strong, condo sales over the past 30 days are in line with the closing figures we had in previous years. Overall condo sales numbers are holding up stronger than single family home sales, presumably because of affordability.

History tells us that the next three months will bring us the highest number of condo closings we will see all year. It’s also a period where we see median prices make nice jumps. Last year between March 15th and June 15th condo prices were up 7.4%. In 2017 the jump was 7.8%, In 2016 the jump was 7.5% and in 2015 it was 12.9%. The reality is the median cost of a condo in the Jupiter area should be moving higher over the next 90 days. If they do not then the strength of the overall real estate market needs to be further questioned.

The strength of condo sales so far this year cannot be overlooked when being compared to single family home sales. As on March 15th we have had more condos sell in the Jupiter area than we did last year. For the same period single family homes sales are down almost 15%. Again, with median single family home prices near record highs affordability factors has many buyers forced to look at a condo as an alternative which has helped drive sales numbers.

Watch condo sales numbers and prices very closely over the next three months. If we do not see median prices up to well over $250,000 by June 15th ask questions and seek information if you are thinking about buying, or selling, real estate in the Northern Palm Beaches. If you are buying, please remember that Paradise Sharks offers our buyer clients credits on every purchase and offer our full service, world class, listing packages from total commissions as low as 4%. If we can ever be of help in any way please give us a call at 561.308.0175 or send us an email to tom@paradisesharks.com.


Fins up…..

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#jupitercondoprices

Pending homes sales in the Northern Palm Beaches are up once again, for the second month in a row. Back on January 15th, we had seen the number of homes under contract in the Jupiter area slide to they lowest levels we had seen in over 6 years. Add in traditional seasonal home buying trends, this increase was not only badly needed, but expected.

While it is nice to see a little strength in the market it would be hard to call seasonal buying robust. The number of homes under contract today is down 12% from year ago numbers. Compared to 2017, we are down by 15%. Compared to 2016, today’s numbers are 23% lower. Go back to 2015 and the number of Jupiter area homes under contract is down by 30%. We really have to again ask where have all the buyers gone? Is it really time to wave the red caution flag?

We continually hear that inventory is to blame for slower sales, but the number of choices a Jupiter home buyer has today is up for the 6th straight month to the highest levels we have seen in two years. It’s getting harder and harder to blame inventory. Others say rising interest rates are to blame but today are down again and a full 50 basis points lower than they were in November. We have to go back over a year to find higher numbers, so again hard to blame interest rates for the lack of sales.

The truth is, besides the very upper end of the market, real estate in Jupiter is on a bit of shaky ground. Homes that sold for in excess of $1,000,000 set new records in both January and February and remain ahead of last year’s record pace. There are a couple factors at work, with a large number of people escaping high income tax states and moving to Florida. Who can blame them with only $10,000 in taxes of any kind now deductible. Why not move to where there are no state taxes. The savings are huge for those with large incomes. On the other hand, Florida residents of multi-million dollar homes are selling to now avoid big property tax bills that are no longer deductible. It’s a double edged sword but both fuel the million dollar plus market with activity.

Does the million dollar market really have that much control over the entire market? The answer is yes, and it’s why Paradise Sharks pays very close to these numbers and once we see them start to fall, it’s definitely not going to be a good sign. 

Still a couple months of seasonal home buying ahead of us, but unless we see a shift with a significant increase in sales it’s not going to be what I would call a successful season. Watch the economy, watch interest rates and watch those million dollar home sales. Closely.
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If you are thinking about real estate, please consider giving Paradise Sharks a call at 561.308.0175. You can also email us at tom@paradisesharks.com. Not only do we have decades of experience, but we can provide higher quality at lower prices than many other real estate brokers. We do not send a significant percentage of our commissions off to a far away franchisor. We don’t have a broker taking a cut of our earnings at the closing table. The fact is we can do things for less and are very proud of it. Boutique real estate rocks! Plus, if we do not do exactly what we say we insist you fire us. It’s really as simple as that.


Fins up…..






#jupiterhomesales

The median single family home price in the Northern Palm Beaches was up in February for the 5th straight monthly increase. The median home price on March 1st was $485,000, up from $481,000 the month before. Year over year prices, show an annual gain of 5.4% but we still lag behind the all time record high price of $500,000 set back on June 1st of last year.

Affordability remains a key problem for the market but interest rates have been trending lower which is helpful.

The number of homes that closed during the month of February was up by 14.8% over January numbers but lagged 2018 numbers by 18.5%. We are still seeing the ultra luxury home market carry this market on its shoulders with sales of $1,000,000+ homes setting record highs in both January and March.

The local real estate market remans very interesting with demand for updated properties in some neighborhood selling for record prices while a multitude of resale homes in poor condition are having difficulties finding buyers.
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Seasonal home buying will remain strong for at least 2 more months but right now that strength is not looking to be quite as strong as we would like to see. If the value of your home is of interest, and Paradise Sharks can be help in nay way, please give us a call at 561.308.0175. We can also be reached via e-mail at tom@paradisesharks.com Our boutique brokerage is small enough to care and large enough to perform at prices many brokerages can only dream about.


Fins up…..




#jupiterhomeprices

Seasonal home buying in the Northern Palm Beaches started off strong in the middle of January and that strength carried through February with a 17.7% increase in pending home sales. Nothing to get all excited about, as we expect stronger home sales this time of year. This year’s performance was fairly close to the 18.5% increase we saw last year, but as low as we had seen the number of homes under contract go, quite frankly I was hoping for better numbers. 

If you remember, is was just 45 days ago that pending home sales in the Jupiter area sat at the lowest levels we had seen in over 6 years. While last month’s increase brought the number of homes currently under contract up to the best levels we have seen since June, we are still 10% below year ago numbers.

Inventory levels also improved, with buyer’s having 3.9% more options today than they had a month ago. That was a bit stronger than the 2.7% increase we saw last year. Even more telling is the fact the number of homes on the market has risen for 5 of the last 6 months and are at the highest levels we have seen since March of 2017. The number of sellers trying to sell their home is 9.5% higher than last year at this time.

Much blame had been put on rising interest rates for the slowness we had seen in the real estate market, not only here in Jupiter, but throughout the country. Today, the average overnight rate on a 30 year conforming fixed note sits at 4.43% and something caused a 10 basis point jump over the past couple days. More manipulation, but I truly would be surprised to see rates heading higher anytime soon as the Fed is left scratching its head about how to get rid of the 5 trillion in US debt on their balance sheet.

Median prices of both condos and single family homes in the Jupiter region have been inching higher but both still trail the highest prices we saw back in June. Watch for median prices to be heading higher in the weeks ahead. I am betting single family prices will reach a new all time high before too long.

Million dollar home sales in, and around, Jupiter have continued their very strong performance. After disappointing December numbers, both January and February closings have been higher than last years record pace at the top end of the market.

If you are even thinking about selling your home, my suggestion would be to act quickly. The best time to sell a condo in the Jupiter area is passing you by quickly and the single family home market is just kicking into high gear. Once June ends, so does the hottest real estate season in paradise. With real estate it’s all about timing. 
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If Paradise Sharks can ever be of help with any of your real estate problems just give us a call at 561.308.0175 or, if you prefer, send an email to tom@paradisesharks.com. Because we are not tied to high franchise fees or a broker with their hands in our pockets we simply can do more for less. We do what we say, world class customer service and marketing at prices most brokers can only dream about. Give us a call today, we won’t bite!


Fins up…..




#jupiterhomesales