As of May 1st, the number of homes under contract in the Northern Palm Beaches is up again for the 4th straight month. Pending home sales are currently at the highest levels we have seen since last May. While we still trail the number of homes under contract last year at this time we are getting closer to year ago numbers. Closer than we have been in a good, long time.
But, summer vacation is here and the number of homes under contract is going to start falling. And they are going to continue to fall for several months. The reality is not as many people will be out shopping for a home. Why? Because it’s summer vacation.
Also falling will be the number of homes on the market for those buyers who are out there to choose from. Even though, as of today, buyer’s have 6% more options than they did a year ago, inventory is falling and will also continue to decline over the next few months. You got it. It’s summer vacation.
The million dollar plus market continues to be very strong with thousands of people moving over that Florida state line to escape higher taxes created by living elsewhere. In 2018, on a daily basis, over 1,500 people moved from other states to Florida. Over 1,500 people a day, every day, seven days a week, 52 weeks a year. Think about that for a minute it’s a whole lotta people and Florida has more people moving here than any other state. It’s a big deal!
These “tax moves” are high net worth families that have made sure that there are plenty of million dollar sales in the Jupiter real estate market. Last year, well over 500 sales in the Northern Palm Beaches were for properties that sold for a million dollars or more. It was a record breaking year and that strength has so far, carried over into this year. Wait till they get their property tax bills and figure out those also are not going to be deductible. But, that’s another story.
Will the summer vacation cause prices to go up further, or to pull back? Median single family home prices have soared to record all time highs but affordability remains a big concern. Condo prices still lag all time record prices, by quite a bit, and have been considerably stronger than the single family Jupiter real estate market, mainly because of affordability.
So hang on, get to the beach and take a summer vacation. When your vacation is over and you are ready to buy, or sell, remember Paradise Sharks as you will not only get world class service, a broker with decades of experience but also prices at levels most brokers can only dream about. No middlemen, no franchise fees, no broker taking a part of our commissions at the closing table. Just a small business, common sense approach to minimize the cost of quality real estate services to our clients while keeping service as our main objective. Paradise Sharks would love to help you in making informed real estate decisions, so please contact us anytime at email@example.com or 561.308.0175 if we can be of assistance in any way.