Pending Home Sales in Jupiter Rise for 1st Time in Five Months

Positive sign as we head into the 2014-2015 season

Pending home sales in Jupiter and throughout the Northern Palm Beaches have been in a funk. That funk had the local index down over 25% since the 1st of May to the lowest levels we have seen in years. No doubt the investors who were responsible for bringing the market back over the past 2 years have been pulling back. We keep a pulse on that by tracking the percentage of local closings that were settled with cash. While it isn’t just investors paying with cash it is a fantastic metric to keep abreast of their activity.

Pending

As of October 1st, our cash buying index was below 50% for the 5th straight month. Investors are pulling back, there is no question about that, and it is time for other market segments to keep the rebound on track. Pending home sales in Jupiter had been down for 4 straight months so it is great news that as of yesterday the index rose for the first time since May. Not a big jump but we are 4.6% higher than we were a month ago. The index is slightly lower than it was a couple weeks ago but holding steady.

Not time to jump up and click our heels as we are still about 9% below the 12 month moving average when looking at the level of pending home sales in Jupiter and the neighboring communities. Inventory remains our biggest concern as our northern seasonal visitors start pulling into town this month. Demand appears strong with slower sales seemingly caused by a lack of quality choices for buyers. Most of the current inventory locally remains priced higher than recent sales or has condition/location issues. The best new opportunities in most areas are still snapped up by well prepared buyers very quickly. We have a new construction sales even coming up in a couple weeks that will help show us where curent demand is so stay tuned. We still see prices pulling back over the next couple months but that should be short lived as traditional seasonal sales coupled with record low inventory levels should move them forward again after the first of the year.

One thing we know is that buyers and sellers throughout Palm Beach and Martin County need accurate market information surrounding any particular property to make fully informed and educated decisions. It is critical and why any broker needs to have the ability to dig through the piles of misinformation found in the press and uncover the real numbers affecting each parcel. Here at Paradise Sharks we take great pride in having that information available and if you need any help please feel free to contact us for a complimentary consultation.
Fins up…..
Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com

http://www.paradisesharks.com

Advertisements

Published by

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?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s