Sick Real Estate Market needs a Booster Shot

Pending Home Sales Down Again

When we look at the numbers there is not too much to argue about. The Northern Palm Beaches “sick real estate” market needs help. During September and October we saw a little life with pending home sales increasing for the first time since March. But as of December 15th pending home sales are once again down in Jupiter and the surrounding communities.

Pending

The drop was not large, not much more than 1%. However, we are within a whisker of the lowest numbers we have seen in years. The sick real estate market of 2014. The sick real estate market heading into 2015. As of today, pending home sales are 37% lower than the 12 month high we hit 8 months ago, 13% lower than the 12 month moving average, 6% below year ago numbers. Sick numbers.

Around here the glass is always half full and I want to see the silver lining in every cloud. Condominium sales have performed better that single family sales. The top end of the market has been much stronger than the middle. Good deals still get activity when marketed properly so we keep hoping a lack of quality inventory is the main issue.

Then we look at high end condos that sit there looking for a buyer at a list price 14% lower than a sale of a very similar unit a little over a month ago. We look at a nice home in Jupiter. that by my count, has lowered their list price an amazing 38 times and still sits there unsold when an owner is basically trying to give it away. These are signs that this is indeed a sick real estate market.

The snowbirds are here. Inventory levels have increased. Interest rates are low. We are watching for signs to show us this is the bottom and things are going to get better. Watch for our seasonal visitors to help boost the latest condominium sales numbers coming your way next week. Maybe there is a sign coming? Always Interesting, always fun.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@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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