This summer Paradise Sharks decided to run our “Summers Saving Splash” where we give each of our buyer client’s a cash rebate at closing equal to 15% of the commission we received on their transaction. It’s really just a sign of gratitude for doing business with us during the “slower” summer months. As we start seeing numbers, this summer hasn’t been that slow. For Paradise Sharks, or the overall market here in the Northern Palm Beaches.
As of this morning, pending home sales are down. But not by that much. Over the past 2 weeks a drop of about 1%. Over the past 30 days we are down about 3%. However, keep in mind we are coming off some of the highest pending home sales numbers we have seen in a couple years. As of August 1st, pending Jupiter home sales, and those of her neighbors, are 12.3% higher than they were last year at this time. Sales are solid, even for the “slower” summer months.
What makes these Jupiter home sales numbers even more impressive is inventory, or lack thereof. Look at the chart and it is hard to imagine a steeper drop than we have seen in the number of homes available for buyers to choose from. Over the past 6 months the chart looks more like a ski run called Rambo out in Crested Butte which is the steepest cut ski run in North America. There is really not much out there for buyers to choose from. Since February the number of homes buyers have to choose from is down 21%. A steep slide indeed. Just over the last month numbers are down about another 5%.
This battle between slower summer Jupiter home sales, that aren’t that slow, and fewer options for buyers will continue. So far, prices have been rising but we expect them to stabilize and even pull back here for a while. We think these next few months are good buying opportunities. Once seasonal demand comes into play watch out as prices might start moving significantly. It really is starting to feel a lot like 2004. Be careful, the waters deep.