Pending Home Sales All Over the Map


North County Pending Home Sales Drop for 2nd Straight Month

As of July 1st the number of pending home sales in the northern Palm Beach County dropped almost 6% over the past 30 days. They now sit at a 4 month low and trail year ago numbers by almost 11%. Is the market changing? Should we be concerned? Yes and no.

Pending

As we keep telling you, each individual property marches to it’s own set of statistics. What is true for your home may not be the same for your best friend’s home a couple miles down the road. This months numbers are a great example as pending home sales in Hobe Sound are actually up 39% over the past 2 weeks. In Jupiter they have dropped a little over 4% during the same time period. If you are interested in making knowledgeable decisions then you have to know the market forces that are affecting your homes’ value.

Each year after our seasonal visitors head north the real estate world chills out a bit. It is a welcomed relief as we have more elbow room at our favorite watering holes and restaurants. We get our town back. It used to be for 6 months but that keeps shrinking and the summer months keep getting busier. The vibe of what is going on in the North County region is cool. Things are happening. So yes the market is changing; it does every year around this time. Last year at this time we reported an 11% month over month decline in pending home sales. This year it is only 6%. Are we here at Paradise Sharks concerned? Not even a little bit.

On the front lines the buyers appear to be ready, willing and able with not enough inventory to satisfy their demands. We still think things will level off a bit over the summer months. But while sales have been slowing prices remain heading only one way and that is up, up, up. We reported in this column back on June 21st that condo prices in the area jumped again to the highest levels we have seen in over 6 years. While we won’t have final numbers on monthly singly family home prices until next week we expect to see them up again for the 8th straight month. And watch for a very important milestone as we are expecting that number to hit $400,000 for the first time since 2007. We have only had three years in this area where that number exceeded $400,000. We are getting ready to add 2014 to that list.

So the summer sales slow down is in full force but much appears to be inventory related and not demand related. Prices continue to move higher and we see no reason to think this market is changing for awhile. If you have any questions about real estate please feel free to call The Shark. After all real estate is our passion.

Fins up………

Tom Priester
Paradise Sharks Real Estate

561.308.0175
tom@paradisesharks.com

http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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