Jupiter Pending Home Sales Remain Weak

Gains in Jupiter pending home sales were short lived

Blame it on the inventory. Blame it on demand. Blame it on Rio. You can put the blame anywhere you want but the facts are the facts: Jupiter pending homes sales, and those in the entire Northern Palm Beach region, have fallen again. Down 27% from where we stood on May 1st. Down 15% from the moving 12 month average. Down 13% from where we were one year ago. Down 7% from where we were 30 days ago. Down, down, down, down.

Pending Home Sales

Last month we had a little hope after Jupiter pending home sales rose for the first time since May. Inventory levels increased for the first time in over 7 months both on October 15th and November 1st. Things seemed to be turning around. But that turn around in Jupiter pending home sales lasted exactly one month. As of November 1st, they are now down for the 5th time in 6 months to the lowest levels we have seen in years. Let me say that again: Jupiter pending home sales are at the lowest levels we have seen in years.

It is easy to point to inventory as the problem as out in the trenches we still see a lot of activity when a home owner puts a realistic price on a well cared for property in a high demand area. But median sales prices have been falling and significantly. Single family home prices in the Jupiter area are down again as of November 1st for 4th straight month. Down 10% since July. There is just not enough of those well cared for, well priced homes hitting the market. Or demand is a bigger problem than we thought.

We have all along been the biggest cheerleaders for a huge 2014-2015 season here in paradise. The fact that Jupiter pending home sales fell last month is helping to quiet our cheering. Falling home prices is holding us back from shouting off teh roof tops. The lowest interest rates in well over a year tells us the economy continues to be an issue nationwide. We hope that it is not only inventory but inventory just of higher priced homes that is the problem. Otherwise, demand is sick and we can only hope the excitement of a new season and cold weather up north brings us a booster shot and things really are going to turn around. Always interesting, always fun.

Fins up…..
Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@tompriester.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?

4 thoughts on “Jupiter Pending Home Sales Remain Weak

  1. maybe reports need to be given every quarter for more accuracy. just thinking. it’s too up/down month to month

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  2. ra1007,

    Thank you for reading our latest market update but not sure I see how delaying today’s market information for what could be 3 months would make it more accurate. Our clients, who are buying or selling today, deserve real time information on which to base fully educated decisions that hopefully are made with the most up to date and accurate information available and we are proud to provide that information on a regular basis. We told anyone who would listen during the summer of 2005 to sell because we follow the trends and what the market is telling us. We in fact put our home on the market late in 2005 and sold it early in 2006. We rented for 6 1/2 years until the numbers told us in the spring of 2012 it was great time to buy. Both decisions were sound based on accurate up to date information. That’s just how we roll here at Paradise Sharks and our customers love it. If we can ever help you make sound, educated real estate decisions throughout Palm Beach and Martin County please feel free to reach us at 561.308.0175 or tom@paradisesharks.com.

    Fins up…..

  3. I think you should advise your clients to price their home well and sell quickly now. QE is over although they may panic and start again and the stock market is going down sooner or later and with it the real estate market. Only fools are buying at these prices. A correction is happening in both stocks and real estate in the next 3-6 months. It has already started in RE in other parts of the country.

  4. SpartaTodd,

    The sky is not falling…..yet. But no doubt the market is giving us a signal that things are not that strong. Interest rates are so manipulated and the debt situation in this country and the rest of the world is funny money indeed. Where that reckless spending ends and how it effects national and global markets is going to be very, very interesting. Our share of that debt is just about to hit 18 trillion and why I am going to be only be voting for Libertarian candidates at the poll today. Just like I have done every year since 2000.

    South Florida is a unique market when it comes to real estate. International money continues to flood into local real estate. Each property and each client is different and decisions must be made for the metrics surrounding that unique parcel. Like we told ra1007 in response to his comment above, those decisions need to be made on real time information. New listings of well priced homes in good condition still garner much attention and quick sales. Until that changes the sky is not falling. Many homes should be priced to move quickly while others deserve to still be priced a bit ahead of the market. Banks still are pricing most of their assets above market value.

    Like we say, always interesting and always fun. We here at Paradise Sharks take great pride in providing our clients the very highest level of service for value that our competitors can only dream about. No franchise fees, no brokerage splits, no desk charges and because of that our clients get BIG customer service and BIG marketing at BIG value. It’s how we roll….

    Fins up…….

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