Jupiter Area Housing Market Still On Track for a Fintastic 2015

Jupiter area pending home sales drop for the 3rd straight month

We have been telling you demand would soften over the summer and that is no surprise. As of July 15th, pending home sales dropped for the 3rd straight month. Down about 2% over the past 15 days, down about 8% over the past 30 days and down about 18.5% since April 15th. While pending home sales in the area may be down they certainly are not out. In fact, we are still 3.7% above the moving 12 month average and a more substantial 5.7% above year ago numbers. Sales are good considering there are few options out there for buyers.

Prices have been moving higher both in the single family and condominium market but we are seeing some stabilization. We are still about a week away from bringing you the latest median condo price numbers in the Northern Palm Beaches but look for them to stay flat over the past 30 days at $210,000. Limited inventory appears to be the driving force behind prices not falling too much this summer even with demand being sharply trimmed back.

Inventory
Inventory remains the wild card in this market and it truly is critical. Down again today to another record low. Unlike the pending home sales numbers there is no good news to be had as everything when it comes to inventory is down and we mean across the board. Down 2% over the past 2 weeks, down 5% over the past 30 days, down 6.2% over the moving 12 month average and down 19.7% from year ago numbers. We do have new communities coming on-line later this year but they will be priced well above the resale market. Home prices should be moving higher in the Northern Palm Beaches as there simply is not enough available product to go around.

This summer presents the best buying opportunity for most as once the season hits demand should pick up and inventory will still be down. It is a recipe that whether you shake it, or stir it, means prices should be heading higher and higher. Always interesting, always fun.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks
561.308.0175

info@paradisesharks.com
#jupiterhomes

#jupiterhomes

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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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