Summer vacation finally arrives for Jupiter real estate

Almost always, summer in, and around, Jupiter means the real estate market goes on vacation. It’s just the way it is, or at least the way it has always been. Home sales slow when the temperatures start climbing. Then this year comes at us with more single family home sales in Jupiter during June than any other month in history. But buyers were not finished as they pushed the pending home sale index in the Northern Palm Beaches higher during July. That never happens and had us wondering when the real estate summer vacation was coming, or, if it as coming at all.

Lifeguard Stand

August brought us the answer and finally the market has settled into what one would consider more traditional summer trends. With only about a month of summer left it’s nice to see a return to normal conditions. As of today, pending homes sales dropped about 5% after that surprise increase during the month of July. The number of homes under contract today is about 7% below where that number was last year. Perhaps more telling is that fact we are 18% below the numbers for 2015.

Inventory levels continue to fall and are now down for 6 consecutive months. The number of homes buyers have to select from has fallen about 22% since March 15th and are at the worst levels we have seen since November of 2015. Buyers, frankly do not have much to choose from.

Median prices have been moving strongly higher this summer and that trend is still in place so far in August. The single family home market is showing the most strength, with prices 10% higher over the past year and closing in on the all time record highs that were set way back in 2005. Median condo prices are up 5% compared to year ago figures.

Buyers are out there, interest rates have been trending lower despite the Feds attempts to raise them, but quality homes are getting harder to find. Affordability remains a huge problem and according to Fannie Mae only 23% of Americans feel that it is a good time to buy a home.

The Northern Palm Beaches real estate market continues to get more and more interesting. If you are dipping your toes in these waters make sure you are getting informed and making fully educated decisions. If Paradise Sharks can be of help in any way please feel free to contact us at tom@paradisesharks.com or 561.308.0175.

 

Fins up……

 

 

#jupiterhomeinventory

Fewer Jupiter homes on the market

Interest rates remain at fantastic levels, but finding a Jupiter home to buy is becoming more and more difficult. The same can be said for the other communities that make up the Northern Palm Beaches. As of today, the number of available properties has dropped for the 5th straight month. Over the past month, inventory levels in the Jupiter area have fallen another 5%. Compared to year ago levels, buyers have 6% fewer homes to select from.

Blog photo

But buyers are buying, and during July pending home sales increased for the first time in four months. The amazing thing is this is the middle of summer. Pending home sales just do not go up in July. Last year they were down over 9% in July. In 2015 they were down 3%. In 2014 down 10%, 2013 down 11%. You get the picture, sales in July just do not improve. Not in July. Not with inventory dropping. But up they did go, this year. That has never happened as long as Paradise Sharks has kept records. Not a big jump mind you, but as of today, there are almost 2.5% more homes under contract in the Northern Palm Beaches than last month at this time.

Strong buying has helped push prices higher. A median single family home in the Jupiter area was up again the first three weeks of July, but settled down a bit over the past week. Median condo prices dropped, as of July 15th, for the first time since February. Gains over the past 6 months have been tremendous but watch for that trend to change.

Maybe the economy continues to improve. Maybe it doesn’t. Over the past few weeks, we have spent time on Michigan Avenue in Chicago and Newbury Street in Boston and from a street level perspective retail does not look strong. The best restaurants are packed but you can shoot a cannon through any major department store I have been in lately. The stock market is at record levels, and interest rates remain stubbornly low, almost laughing at the Fed’s three attempts to raise them since December. Last week, the Fed promised again that they are going to start unloading the amazing 4.5 trillion in US debt they are holding. They have been buying for years as nobody else seems to want to. When was the last time you bought a US Treasury Bond? Now, the buyers are becoming sellers and things in the interest rate arena are about to get interesting. Very interesting.

Sales right now of Jupiter homes remain strong. Historically strong for July. Interest rates remain favorable but potential change is in the air. The economy looks solid, but is it? The mood in Washington is less than one of cooperation and the drive to improve our country seems adrift. The value of one’s home is a critical component when it comes to consumer sentiment. Whenever doing anything real estate, please do yourself a favor, and interview at least three brokers. Get educated. Not only will you make a more informed decision, you will save money, whether you are buying or selling. If you are anywhere in the Northern Palm Beaches, Paradise Sharks would love the opportunity to interview to be your broker. If you don’t know the questions to ask, we will help you. Contact us anytime at tom@paradisesharks.com or 561.308.0175.

We won’t sell you anything, but we promise to teach you everything you need to know.

 

 

Fins up…..

 

 

#jupiterhomes

Jupiter condo sales slow as prices drop

It has been a long time since we have been able to tell you that median home prices in the Jupiter area have done anything but go up. In fact, the last time we informed you of a pullback of any kind was way back on February 15th. Well, we can break that streak right now as median condo prices in the Jupiter area have pulled back since last month and it has been a fairly sizable correction. On July 15th, the median price for condo sales in the Northern Palm Beaches sat at $222,000 down from $228,750 just 30 days earlier.

Condo photo for blog

From my viewpoint, this market has been moving a bit too fast and this is a most welcomed pullback. Falling prices really is good news. We can only hope that prices on single family homes also pull back and give a bit of relief to what truly is an affordability crisis for many families in South Florida.

Seasonal factors come into play as, unlike single family homes, condo sales almost always pull back in June. If you have been keeping up with our articles, you already know more single family homes sold in Jupiter than any other month in history. Over the past 30 days, condo sales in the area have fallen by over 30%. It shows you just how different the real estate market truly is. Each property is different and plays by a different set of rules. Buyers and seller need to be informed and pay very close attention, if they are to make educated decisions.

A couple things we are watching closely are sales volume and rental prices. Condo sales for this period were the lowest we have seen for years. Not only did they fall 30% month over month but they are also down 25% from last years numbers. Median rental prices are so important to watch as the more a property rents for the higher it’s value to buyers, especially investors. Condo rents have been rising year, after year, after year. We have to step back all the way to 2007 to find a year that median rents on a condo in Jupiter actually fell. Since then it has been all straight up and another reason sale prices have been rising.

Through April of this year, rent prices were once again rising but they have pulled back a bit and as of today the median condo rent in Jupiter is down just about 3% from last year’s numbers. Not a big number but the first decline in 10 years and a bit of good news for those scrambling to pay rents that keep getting more expensive.

If you care about the value of your real estate holdings then pay attention. If Paradise Sharks can ever be of assistance please feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com.

 

Fins up…..

 

 

#jupitercondosales

Have you seen what’s going on with Tequesta home sales

What a summer it has been for real estate here in the Northern Palm Beaches. Historic, is probably the best word to describe what we have seen over the past 7 to 8 weeks. In Jupiter, more single family homes closed in June than any other month ever in history. That is very, very impressive.

Tequesta historic

Prices of the median single family home in the Northern Palm Beaches are up almost 10% since February. Median condo prices are up more than 10% over the same period. There are few choices for home buyers so they are reacting quickly to new listings and driving prices higher.

We used to say pending home sales fall every year during July. Not during the historic real estate summer of 2017. Not in Tequesta. Last year, in the Northern Palm Beaches, pending home sales were down almost 10%. In 2015, the strongest year ever for real estate sales, they were down about 3% in July. In 2014 they were down 10%, During July 2013 they fell about 11%. People just aren’t buying homes in the summer months. At least not in historic years.

Tequesta is a a special place and special places sometimes play by special rules. We have already shown you how pending home sales in the region are almost always down in July. At least they have been every year since Paradise Sharks has been keeping records. But this year something is different. Historic. As of this minute, in the Northern Palm Beaches, pending home sales are up for the month of July. Not a huge swing but there are about 3% more homes under contract in the Northern Palm Beaches than they were on July 1st.

So what has happened in Tequesta that makes them special? Well how about this for a historic month. Sales alway drop in July. That is they always do until this year. In Tequesta. Are you sitting down? Since July 1st pending home sales in Tequesta are up an amazing, no make that historic, 36%. Yes, you read that correctly, there are 36% more homes under contract in Tequesta today than there were 21 days ago. Historic indeed.

There are things to keep your eyes on, if you are thinking about buying or selling, in any market but especially a historic market. The numbers tell a story for every house. They told us a story when we put our home on the market in 2005. They told us a story in 2012 after 6 1/2 years of renting when they told us to buy. Sure, it takes some good fortune but there are signs. You need to be able to understand them and that is why Paradise Sharks studies the signs. Every day we watch them closely as our clients deserve to make fully educated decisions. If we can ever help you with any of your real estate questions just get in touch and see why we truly are different…..by design. It’s easy contact us anytime at info@paradisesharks.com or 561.308.0175.

 

Fins up…..

 

 

#tequestahomesales

Record breaking Jupiter single family home sales

Anyone who watches real estate here in paradise knows that Jupiter single family home sales are almost always strongest in the month of June. Not condominiums mind you. Their best month is almost always April. This year is no different, but it is.

Blog photo

Let me explain. Once again this year, June brought us the highest number of Jupiter single family home sales. It would be a very strong market ahead if there was any chance of another month eclipsing June’s total sales. It’s just not going to happen. Since 2010 only once has another month edged out June for the strongest sales month and that was way back in 2011. It almost always happens.

It happened again this year, but this year is different. You see never, have we had a month of Jupiter single family home sales like June of this year. Ever, like in history. More Jupiter single family home sales closed in June 2017 than in any single month in history. That is an amazing statistic and just another reason prices have been on the rise.

Paradise Sharks has been telling you about the amazing run up in Jupiter area home prices over the past 6 months. The median price of a single family home in the area has shot straight up. Up almost 10% from $426,600 on February 1st to $467,500 today. Strong sales in June kept this streak going.

Just like condominium sales are not the same as single family home sales, your house is different from your friends down the street. The market for each single property is unique and if you are selling, or buying, you need to understand the specific numbers surrounding that property. It’s why Paradise Sharks is different. We do not want to sell you, we want to educate you. An investment in knowledge always pays the best return. If we can ever help educate you please feel free to contact us at 561.308.0175 or tom@paradisesharks.com.

 

Fins up…..

 

 

#jupitersinglefamilyhomesales

Jupiter pending home sales turn positive

Fewer buyers sign contracts during the summer months here in paradise. That is just the way it is. People are on vacation, enjoying these amazing summer days at the beach and real estate takes a back seat. Buyers are out there, but finding a home they like, or can afford, is difficult and adds to the slowdown.

Blog photo

Looking at pending home sales compared to last month at this time we see another decline. It’s our 3rd straight monthly decline and the number of homes under contract has tumbled over 22% during that time. BUT, and you might notice this is a big but, so far in July we are seeing some strength in sales that is highly unusual for this time of the year.

In fact, since July 1st, pending home sales in the Jupiter area have actually increased. OK, not by much, but they are higher today that they were 15 days ago. Last year during the same period pending home sales fell almost 5%. The first half of July brought a decline in pending home sales in 2016, 2015, 2014, 2013. In fact, they have fallen during this time period every year since Paradise Sharks has kept detailed records and that is a long time.

But not this year. For the first time in eons, the number of homes under contract is higher on July 15th than it was on July 1st and that’s a BIG deal. What makes it even bigger is the median price of single family homes in the Jupiter area keeps climbing higher and higher. As of July 1st, the median price of a single family home in the area was up for 5 straight months. Up from $426,500 to $460,000. That is a jump of almost 8% and that is BIG news. But the even BIGGER news is that during the month of July median home prices, just like pending home sales, tend to fall. But, just like pending home sales surprised us with a highly unusual turnaround, so do prices. As of this morning, median home prices in the Jupiter area are up again. Up another $5,000 to $465,000 and inching even closer to the all time record highs we set way back in 2005.

Inventory continues to decline so no surprises here. We expect even fewer options for buyers over the next month or so. As summer ends, watch for additional inventory which historically reverses trend by the end of August. Interest rates moved higher this week after dropping for 4 straight weeks but still remain historically low.

Sellers remain in control of this market but keep a close eye out for changes. Condo prices have pulled back a bit and we keep pointing to much discrepancy in just how strong the market is based on location, condition and prices. As always, buyers and sellers should interview at least 3 brokers when doing real estate of any kind. Paradise Sharks is always honored to be included in any interview and you can schedule yours today by reaching out to us at tom@paradisesharks.com or 561.308.0175.

 

Fins up……

 

 

#jupiterhomesales