Summer vacation finally arrives for Jupiter real estate

Almost always, summer in, and around, Jupiter means the real estate market goes on vacation. It’s just the way it is, or at least the way it has always been. Home sales slow when the temperatures start climbing. Then this year comes at us with more single family home sales in Jupiter during June than any other month in history. But buyers were not finished as they pushed the pending home sale index in the Northern Palm Beaches higher during July. That never happens and had us wondering when the real estate summer vacation was coming, or, if it as coming at all.

Lifeguard Stand

August brought us the answer and finally the market has settled into what one would consider more traditional summer trends. With only about a month of summer left it’s nice to see a return to normal conditions. As of today, pending homes sales dropped about 5% after that surprise increase during the month of July. The number of homes under contract today is about 7% below where that number was last year. Perhaps more telling is that fact we are 18% below the numbers for 2015.

Inventory levels continue to fall and are now down for 6 consecutive months. The number of homes buyers have to select from has fallen about 22% since March 15th and are at the worst levels we have seen since November of 2015. Buyers, frankly do not have much to choose from.

Median prices have been moving strongly higher this summer and that trend is still in place so far in August. The single family home market is showing the most strength, with prices 10% higher over the past year and closing in on the all time record highs that were set way back in 2005. Median condo prices are up 5% compared to year ago figures.

Buyers are out there, interest rates have been trending lower despite the Feds attempts to raise them, but quality homes are getting harder to find. Affordability remains a huge problem and according to Fannie Mae only 23% of Americans feel that it is a good time to buy a home.

The Northern Palm Beaches real estate market continues to get more and more interesting. If you are dipping your toes in these waters make sure you are getting informed and making fully educated decisions. If Paradise Sharks can be of help in any way please feel free to contact us at tom@paradisesharks.com or 561.308.0175.

 

Fins up……

 

 

#jupiterhomeinventory

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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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