As of November 15th, the median condo price in the Northern Palm Beaches fell slightly over the past month. The decline was not large, to $235,000 from $239,650. Compared to year ago numbers, condo prices in the Jupiter area are up about 5.5%. Not only are prices up from 2017 numbers, so were the number of condo sales that closed during the month. In fact the number of sales for this time period are the highest we have seen since back in 2014.

Seeing an increase in the number of sales was a good sign but with the number of homes under contract in the area near 6 year lows, watch for the number of condo sales to decline. History tells us to expect declines in the number of condo sales for the next three months.

Median Jupiter condo prices, while making monthly moves in one direction, or the other, are unchanged from where the stood back in April. The median condo prices in both months sat at $235,000, so while year over year numbers show a nice gain, there has be no change over the past seven months.

There is no doubt that last week’s plunge in the Dow Jones Industrials, of more than 3%, rattled some cages and we can hope for a healthy rebound this week. With the local real estate market buoyed by luxury end sales we need to watch closely how consumer confidence will effect those willing, and able, to push that index higher. Sales of properties that close above the $1M threshold continue to set record, after record, and 2018 will be a banner year in this market segment. For that to continue we will need to see a bit more stability on Wall Street and continued upbeat economic news.

Interest rates have remained relatively flat over the past 6 weeks and all eyes will be on the Fed’s meeting in December. So far, they have led us to believe that another rate increase is coming. There has been push back on that from the White House as well as Wall Street. Certainly another hike in interest rates will not be bullish for Jupiter real estate.

The next month should be a very good time for those looking for the right Jupiter condo opportunity. Seasonal condo buying typically ramps up about January 15th and with limited quality inventory and little new construction to satisfy demand it is going to be a very interesting real estate season ahead.

​Stay informed, ask questions and make educated decisions. Paradise Sharks will be rolling out some creative new strategies that will save our clients more money in 2019. Buyers, especially, will want to pay attention as we are going to start saving them money as well. Paradise Sharks would love the opportunity to show you how we will provide you the best quality service for the lowest possible price. Contact us anytime at 561 308.0175 or tom@paradisesharks.com for a complimentary evaluation of your unique needs.


Fins up…..




#jupitercondoprices

We live in interesting times with so much instant information available to anyone who has a cell phone in their hand. We are told the economy is booming yet the Dow Jones is down about 2,000 points from the 12 month highs. We are told our votes are important yet 9 days have passed since the election and they still don’t have them counted. It’s a topsy, turvy world and it’s not going to change so get used to it.

With a home purchase being the largest financial transaction most Americans will ever face, it would seem that today’s age of instant information would make things simple. It doesn’t, and as we watch organizations like Zillow forge ahead with new strategies to buy homes directly from the owner and resell at a profit, it is critical that anyone doing real estate is getting honest advice. You truly need a broker, who not only knows about construction and real estate, but also is focused on your unique goals and not theirs. With the largest financial commitment one will ever make, your goal is to be educated and not sold. It’s impossible to sell a home to someone who intends to sell it immediately for a profit if you are seeking the full story. 

As we are halfway through the 11th month of the year, it has been an up and down roller coaster for the real estate market here in the Northern Palm Beaches. Pending homes sales are at the lowest levels we have seen in over 6 years. Interest rates are at the highest levels we have seen in 7 years and yes there is a strong correlation between the two metrics. 

As of today, pending home sales in the Jupiter area are down about 7% from month ago numbers but have shown some unexpected strength over the past two weeks. The strongest sales, so far in November, have come in Hobe Sound and Tequesta as many buyers try to get away from all the growth by buying into a little slower pace. Historically, we are looking for further declines in pending home sales through the end of January so the strength we have seen so far in November is a good sign.

Perhaps the perceived threat of higher interest rates, and prices that have pulled back from recent highs has lit a fire under buyers who have been sitting on the fence. Perhaps the high number of sellers who have reduced their list prices have made a purchase more appealing. Perhaps inventory levels that have reversed course and started to rise are giving buyers the choices they needed. The number of homes for sale in the Jupiter area is up almost 6% over the past month and buyers have more choices than they have had since May.

Single family home prices appear to be heading higher for the 2nd straight month and seasonal buying is just around the corner. So the Jupiter real estate market has been struggling, but over the past couple weeks the struggle has disappeared a bit. It is indeed a topsy, turvy world and it’s not going to change.
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Paradise Sharks loves to add value to every transaction that we touch and because of our three decades of experience and unique boutique culture we can provide more service for less money than anyone we know. Always interview when doing anything real estate and Paradise Sharks would be honored to be on your interview list. Set yours up today at either 561.308.0175 or tom@paradisesharks.com. 


Fins up…..


#jupiterrealestate

After 4 straight months of declines, the median single family home price in the Northern Palm Beaches moved higher over the past 30 days. Following the lead of condo prices in the Jupiter area, median prices seem to have found a bottom and hopefully will pick up some steam over the season while our streets are crowded with winter visitors.

As of November 1st, the median single family home price sold in the Jupiter area closed at $475,000, up $5,000 from one month ago. Still, median prices are down from the all time high of $500,000 that we hit back on June 1st. Year over year comparisons show median single family home prices in the Jupiter area up 3.2% so overall 2018 is shaping up to be another positive year for the local real estate market.

There is no doubt that 2018 will be the seventh straight year that median prices have increased throughout the Northern Palm Beaches. This run started back in 2011 when the median single family home price in the Jupiter area was $305,000. Right now, the number for 2018 sits at $485,000 so over that 7 year period prices are up rather dramatically.

Keep in mind, that during this seven year run, interest rates on a 30 year fixed, conforming mortgage started at 5.06% then retreated significantly all the way down to 3.35%. That all time low was back in October of 2016 and this morning rates sit at 4.82% which is another new 7 year high.

Higher prices, higher interest rates and a 7 year run one would think prices may be poised for a significant pullback, but so far nothing that points in that direction. Affordability remains a big concern, as does the availability of quality homes for buyers to select from. For the near term watch for prices to hover near current levels with minor pressure to the upside. The volume of October single family home sales was robust when comparing to 2017 numbers but pending home sales have dropped to multi-year lows so closings over the next couple months will be among the lowest we have seen in a long time. Keep a close eye on prices during this time if you are buying, or selling.
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As always, Paradise Sharks, advises anyone doing real estate of any kind to seek knowledge. Interview brokers, ask a lot of questions and make sure you are dealing with someone who knows construction, who understands trends and a proven ability to help you meet your unique needs. If Paradise Sharks can be of help in any way please feel free to contact us at 561.308.0175 or tom@paradisesharks.com.


Fins up…..




#jupiterhomeprices

Are the good times really over for Jupiter home sales? There are both good things, and bad things, about what we see unfolding with the real estate market here in the Northern Palm Beaches, so let’s dig a little deeper.

No doubt that a significant decline in pending home sales is not a good thing. As of November 1st, the number of homes under contract in the Northern Palm Beaches is down a rather dramatic 16% over the past 30 days. But, not as dramatic as the 42% decline we have seen since May 1st. These are big drops to very low levels. Certainly, some of what we are seeing is seasonal in nature. Real estate sales in the Northern Palm Beaches always slow over the summer and fall months, but this year is different. The number of homes under contract in, and around, Jupiter just hit the very lowest numbers we have seen in over 6 years.

Compared to last year, the number of homes under contract in the Jupiter area is down by 17%. Down 16% from 2016 numbers. Comparing to the 2015 numbers, we are down a massive 31%. The drop from 2014 is 29%. And if you go back to Jupiter homes under contract on November 1st of 2013, we are down by a full 38%.

You get the picture, or you should. Jupiter home sales are looking a little bit sick at these levels. The number of homes currently under contract is not something to get very excited about and it probably isn’t over. Especially, if you are a real estate broker. To compound the fact that pending home sales are poor, the odds are very strong they are going to be heading even lower over the next couple months.

Interest rates remain significantly higher than we have come to expect, and have been hanging fairly close to 7 year highs, with little movement in about three weeks. The Fed says to expect more increases but hard to believe that mortgage rates can continue to rise for a whole host of reasons. If they do, watch out, but right now we are looking at maybe another 1/4 of a point to the upside. Anything much higher and it’s going to be really bad news for the Jupiter real estate market.

There is some good news and one metric we follow closely here at Paradise Sharks is the number of properties in the Northern Palm Beaches that sell in excess of $1M. This top end of the market is a good snapshot of what might happen in the future to the overall market. Until last year, the most homes to sell in this price range in one year was way back in 2005. In 2006, the number of million dollar plus sales fell by 24% and we all know what happened then. The shift can be swift but one you really have to pay attention to if you care about your homes’ value.

So, the good news is $1M+ sales have never been stronger. Through the end of October we have seen an increase of 16% over last years’ record pace. Very impressive for a record that stood for 12 years. Over the last 30 days, sales are up over 260% from last year’s total. October sales were 150% higher than any other October on record, ever. Sales of these ultra high end homes are fantastic and do not include all the multi-million dollar new construction you see on waterfront lot after waterfront lot throughout the community. Times are very, very good at the top end of the market.

Another bit of good news is inventory levels are now up for the 2nd straight month. In October, the number of homes for buyers to select from was up 9% and now sits at the highest levels we have seen since May. There is still a lot of poor quality inventory, and homes that are priced too high, but many sellers are starting to get the realities of the market shifting. Buyers need to be very educated on condition as nothing is more critical when determining a home’s true value. Make sure you are working with a broker who understands construction quality and the expense of upgrades as prices for remodels are going up and up.
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Jupiter home sales change by the minute and it is critical if you are buying, or selling, that you are making educated decisions. That is one reason why it is imperative to interview at least 3 brokers before doing anything. Make sure you have picked one who is going to do their best to educate you. If you find one trying to sell you, you might think about running the other way.
Paradise Sharks loves to interview and earn your trust and the right to work with you on a successful real estate transaction. We can easily be reached at tom@paradisesharks,.com or 561.308.0175 and happy to help in any way we can.


Fins up……..




#jupiterhomesales