Palm Beach County Condo Sales Fall Further

New 5 month low as buyers scramble for units

Palm Beach County condo sales have dropped for the second straight month to the lowest levels we have seen since our February report. Is demand waning or is supply the problem? Really a little of both with a twist of seasonal factors mixed in for flavor. Overall, the supply of condos in the Jupiter area has dropped about 10% since the beginning of the year but we are virtually unchanged from inventory levels of a year ago.

Condo Sales

We recently closed on a Singer Island unit and when our clients were down looking about 7 weeks ago there were 5 units in the development to choose from. Today there are none. Many sellers have the best units “priced ahead of the market” as we have seen prices on Palm Beach County condos rising each month since February. While we will not publish our mid-July price changes until at least tomorrow we can tell you they are up again to another new six year high. People know what next season is going to mean for prices. Look around at your favorite restaurants and beaches this summer. Are you seeing larger than normal “summer crowds”? We certainly are in North County. Mid week waits in July at places like Food Shack were rare occurrences in past years and now they are the rule. Over the weekend we waited the better part of an hour for a table at The Riverhouse. The area, it is a changin’.

But we cannot ignore the facts and that is Palm Beach County condo sales in the Jupiter area have dropped again. Down to a new 5 month low. Down 16% over the past 30 days. Down 10.5% from year ago numbers. Worth watching; certainly. Worth worrying about; absolutely not. The market is healthy and buyers are scrambling when the best new deals come around. Just look at GL Homes newest community where a lottery was held 9 days ago. A lottery? Yes, with over 3,000 names on a waiting list for a community with a total of 454 homes and investors were not allowed to participate. The first release was gone in a blink of an eye with a large majority who didn’t get in on “the deal” still out there looking for the right home. The first release homes will not be available until the fourth quarter of 2015.

So there is really nothing to worry about with condo sales dropping. The real fact is there just aren’t enough well priced condos out there to satisfy demand. Always interesting, always fun.

Fins up…….

Tom Priester
Principal Broker

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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