Yes it is true. We have to go all the way back to February to find a month where fewer condo sales closed in the Northern Palm Beaches. As of October 15th, condo sales in the Jupiter area are down about 12% from the previous month. Looking at the some period last year we are down just about 4%.
On it’s own not much to worry about as seasonal trends show us in only 4 months do we historically see slower sales than the month of October and one of those months is September which is the worst month for condo sales in the Jupiter area. So it’s expected. Condo sales in Jupiter typically tank this time of year and we really do not see a significant pick up in closings until February. Each year our winter visitors come to town, get settled, start thinking this Jupiter lifestyle is crazy good and we really need to buy. So they do. Starting in January right through April, pending condo sales will spike significantly. These trends are important and there are reasons why Paradise Sharks spend so much time each day tracking what is happening in the local real estate market. Our clients deserve complete information so they can make fully educated decisions. We insist upon it and it what makes us different…..by design. These numbers and the knowledge that goes with them saves our clients money and lessens their chances of making mistakes.
Median sales prices on condos also have fallen over the past month. After treading water at 9 year highs since June we saw a fairly insignificant drop of about 1.5% from $215,000 to $212,000. Nothing more than a healthy pullback but keep your eyes on the road ahead. When evaluating the market the past is very important when planning for the future.
This year we have an election that has people a bit freaked and the sooner we put it behind us, one way of another, the better it will be for public sentiment. Paradise Sharks is calling for slower condo sales for the next 3 to 4 months with pricing pressure to the downside. Nothing drastic but watch carefully and understand if you are buying over the next few months the historical market trends favor you. However, sellers know the season is coming. January the snowbirds will be buying and they understand the pendulum will swing back in their favor. At least they do if they are Paradise Sharks clients.
Remember when it comes to doing anything real estate interview at least 3 brokers. Paradise Sharks is a boutique real estate firm dedicated to high quality, killer communication and true value. With no franchise fees, or brokerage splits we take the middleman out of the real estate transaction and never charge our clients over 5%. It is always super easy to reach us at 561.308.0175 or firstname.lastname@example.org.