Come on snowbirds it’s time to turn this real estate market around

Jupiter area pending home sales drop for the 7th straight month

The real estate market here in the Northern Palm Beaches needs a jolt of energy. Pending home sales continue to decline and the median sales prices of both single family homes and condominiums have been moving lower. We expected slower sales during the summer months but the declines we have seen are stronger than we were expecting. With all signs pointing to increased traffic from our winter visitors things should start to get interesting.

Inventory

As of November 1st, pending home sales dropped again in the Jupiter area. Over the past 2 weeks they have declined 5.75%. Compared to our October 1st numbers pending home sales have declined 4.7% and we are down a very significant 33% since this slide began back in April. If we are to see prices start heading higher again we need pending home sales to reverse direction.

No doubt poor inventory levels have been part of the reason sales have been poor. Buyers have had few options with many sellers listing at prices ahead of the market. In some segments, especially in the upper end, this strategy has been working to some extent. Here the news is starting to look better with inventory levels as of November 1st moving higher for the 2nd straight month. Inventory is up 2.9% over the past 30 days to the highest levels we have seen since July.

Median prices of single family homes have been down for 4 straight months in the Jupiter area but finally appear to be stabilizing. Median condominium prices have not moved higher since June. Interest rates have moved higher over the past week after falling to the lowest levels we have seen since way back in May of 2013. Summer has indeed been disappointing and now it’s the season of the snowbird. We really need them to start flapping their wings, writing contracts and get this market moving higher. Watch closely as it still looks like a strong season ahead with prices moving higher but we are not as bullish as we once were.

Fins up…..

Tom Priester

info@paradisesharks.com

#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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