Jupiter area real estate market poised for big season

Interplay of supply and demand is looking most interesting

There is no doubt we are entering what historically are the most active weeks of the home buying season. The weeks when home buyers are putting ink on paper and agreeing to buy homes. Last year pending home sales during the month of January in the Northern Palm Beaches soared by almost 15%. In February the shot up another 32%. They jumped again over 6% in March. It kicked off what ended up a year when we sold more homes in the Jupiter area than ever before. Ever, like in history. Way back before the lighthouse was built. Never has there been a year like 2015 where more homes sold in single year. If you wonder why Realtors were smiling in 2015 this was it.

PENDING HOME SALES

Right out of the blocks, 2016 is starting better than last year. Last year pending home sales were up by less that 3 tenths of 1 percent between January 1st and 15th. This year we are up over 6%. Last year, we had 699 pending home sales in the Northern Palm Beaches. This year we are just about the same with 695 pending sales.

Inventory is different this year and really a wild card that could spoil an otherwise great poker game. As of today, there are 12.5% fewer homes on the market than a year ago. More sellers are asking more money and good listings, well priced are flying off the shelf. While inventory levels are down significantly from a year ago there are up today for the 4th straight month to 9 month highs. Inventory has jumped over 6% since January 1st. This is good news.

INVENTORY.png

Median prices on single family homes in, and around, Jupiter have been rising, significantly. Up from $395,000 on November 1st to $410,000 on January 1st. We are so confident of a big month of big numbers in January we have already put it out there that we feel as of February 1st the median single family home price in the area will leap frog over $430,000 to a new 10 year high. That’s a big jump and we need 2 more weeks of really good sales to get there. But I still say we will be there. The frog is warmed up.

If pending home sales this year get anywhere close to last years numbers over the next 10 weeks it will be a really big year. Seeing jitters about the economy, the election and other factors that may also be wild cards and make the season a big flop. Keep watching as it’s getting fun out there on the front lines.

 

 

Fins up…….

 

 

 

 

#jupiterhomeprices

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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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