Condo prices in Jupiter continue to stabilize

Condo prices in Jupiter and the surrounding areas are unchanged over the past month on sales volume that continues to lag previous years. Today’s median condo price is at $225,000, the same it was back in August. Over the past three months, condo sales in the Northern Palm Beaches are down about 14% from last year and down about 17% from 2015 numbers. Sales are weak and so far the lack of quality inventory is the biggest reason. After all prices have been rising.

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Over the past nine months, condo prices in Jupiter are up 9.8%. Certainly a solid price gain but we still are well behind the all time record highs of condo prices in Jupiter that was set back in 2005 and 2006. The big question is where we go from here with many concerns lingering. Are interest rates finally going to start moving higher? Will this years winter visitors be buying real estate? Will the economy keep growing? Is inflation really in check? Where is the new construction? Where will supply come from? If inventory does not increase significantly will prices continue to rise? What about affordability?

Real estate markets never have been more complicated than they are today. Consumers are bombarded by too much information designed to make them think they are informed. Many on-line real estate “information” sites are designed with one thing in mind. They want the consumers email address and phone so they can sell it to real estate brokers who are willing to pay thousands of dollars each year for zip codes. It’s another reason why Paradise Sharks always tell anyone doing anything real estate to interview at least 3 brokers, ask a lot of questions and make informed decisions. If you are buying or selling real estate you want someone who understands the market not someone who paid for your name.

One thing for sure is condo prices in Jupiter and the rest of the Northern Palm Beaches are complicated and mistakes are expensive. I just communicated with a man who purchased a condo in the area about nine years ago and paid well over $400,000. Today it’s worth maybe $225,000. Guess what? That is what I would call an expensive mistake. He didn’t ask questions when he should have. Paradise Sharks wants everyone to make informed decisions. But if you do not interview, if you do not ask questions, the chances are your decision isn’t going to be informed.

 

Fins up for making educated real estate decisions…….

 

 

 

#condopricesinjupiter

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Homes for sale in Jupiter becoming harder and harder to find

It was a huge sigh of relief we all felt during the late evening of Sunday, September 10th. Irma had finally passed through and the damage locally was insignificant compared to those souls on islands in the Caribbean that faced the Category 5 fury of one of the worst storms ever.

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Thankfully, at the offices of Paradise Sharks, we only lost power for about 2 1/2 days and after a little clean up we were back at the business of real estate early Wednesday morning. Our listings are getting showings and just yesterday we had three offers come into the office. It feels good to be back doing what we love.

Still much clean up to do, but the fact we did not have more significant damage to homes locally is very, very good news. Finding homes for sale in Jupiter, and the surrounding communities, is hard enough and we did not need any outside forces making it a more difficult task.

As of today, the number of homes for sale in Jupiter is down for the 7th straight month and the decline has been a most significant drop of almost 25%. Buyers have little to choose from and this lack of inventory is a significant factor that has helped push median home prices higher and higher. Ask anyone who has been shopping for a home and there is frankly a lot of poorly conditioned, over priced options and very little that screams “BUY ME”. When a good property hits the market in most price ranges and neighbirhoods it attracts a lot of attention and typically strong offers within days, if not hours.

It’s the time of the year we historically start to see inventory levels rise. This year we really, really, really need that to happen and Paradise Sharks wants to help in any way we can. In order to help people make the decision to sell we are offering special commissions for anyone who decides to list their Northern Palm Beaches home with our brokerage between now and October 31st. Our maximum commission between now and then has been reduced from 5% to 4.5%. We always encourage everyone to interview at least three real estate brokers before doing anything and that is still true. Just know we would love to be considered to team with you on the marketing of your home and for the next six weeks you can save some real money by getting your home on the market with us when homes for sale in Jupiter as so badly needed. But keep in mind this offer isn’t just for Jupiter homes, but also those in North Palm Beach, Palm Beach Gardens, Juno Beach, Jupiter Inlet Colony, Tequesta, Jupiter Island and Hobe Sound.

Not only has the number of homes for sale in Jupiter dropped significantly, but because of the lack of good opportunities sales have been suffering. Pending home sales as of September 15th are down for the 5th straight month. Some of this is seasonal but pending home sales last year at this time were up 18% from where we stand today. Go back to 2015 and they were 23% higher. We badly need new homes for sale in Jupiter and the surrounding communities and Paradise Sharks is looking to help with our commission special. You can contact us anytime for a complimentary consultation at tom@paradisesharks.com or 561.308.0175.

 

Fins up for better options for home buyers……….

 

 

#homesforsaleinjupiter

Will Irma wipe the smile off the faces of Jupiter home sellers

Down here in South Florida everyone’s mind is on Irma. Her size, her strength, her direction, her fury. Prayers for safety out to anyone and everyone in her path. As the enormity of what Harvey did to Houston just starting to come into focus, we pray that the force of Irma slows down as this morning she is still a strong Category 5 bearing down on Puerto Rico. Only three Category 5 storms have ever hit anywhere in the United States and it has been 25 years since the last one. We would love for this not to end up being number four.

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If you know us, you understand real estate is never far from our minds. It’s what we live and breathe. Our passion is educating our clients so they are able to make fully informed decisions. The price of real estate is almost always a top consideration in any real estate transaction. Buyers would love to buy low and sellers would love to sell high. Right now, Jupiter home sellers are happy as median prices are up again for the 7th straight month.

Up for seven straight months and the increases have been substantial. Back on February 1st, Jupiter home sellers would have received $426,500 for a median priced single family home. Today they would get $478,725. That is an amazing increase of well over 12%. So far in September inventory levels have dropped and pending home sales have moved higher. If you are one of those Jupiter home sellers there is probably a big smile on your face right about now. In fact, it may be a great time to consider selling for a number of reasons.

One thing that has the potential to wipe that grin away is Irma. The effects on real estate, especially where she makes landfall can be dramatic. Too early to tell but already we are thinking about potential property damage, what will happen to the cost of insurance, the looming expiration of the National Flood Insurance Program, real estate closings that will be delayed or cancelled, people affected by storm unable to make mortgage payments, damaged homes further reduces inventory. The list goes on, and on and on. It’s too early to do anything but pray that come Sunday there is still a big smile on the faces of Jupiter home sellers.

Many will have decisions to make next week and if Paradise Sharks can be of help in any way just let us know. God willing we will be here and easy to reach at 561.308.0175 or tom@paradisesharks.com.

 

Stay safe……..

 

 

#jupiterhomesellers

August home sales slow as prices continue to surge

September 1st. Labor day weekend. The end of summer?

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It all depends on who you ask. The “official” end of summer will arrive here in Jupiter at 4:02 PM on September 22nd. It has certainly been an interesting summer for real estate in the Northern Palm Beaches no matter when you feel it ends. Any way you slice it, we still have about 5 months before typical seasonal buying kicks into high gear. Summer turns into fall that turns into winter before we usually see real estate sales pick up in the Jupiter area.

During July, pending home sales here in paradise went up for the first time that anyone can remember. It just doesn’t happen but this year it did. What would August bring? Well, we have the answer and the home buyers that were active in July went on vacation in August as the final home sales numbers are pretty ugly. As of this morning, pending homes sales in the Jupiter area are down almost 12% over the past 30 days. To put that in perspective, last year during August, pending home sales dropped a little over 3%.

Inventory remains a problem as there just is not much quality inventory in most neighborhoods. If you see a house that is well marketed and in good condition it typically sells very quickly. Paradise Sharks recently listed a home in Jupiter Farms at $599,000. One day later, we had multiple offers and a highest and best round landed a cash deal with a quick closing well above list price. This is in August when pending home sales dropped 12%. Good stuff goes fast. There just isn’t enough of the good stuff to go around. Demand does not seem to be the biggest struggle for this market. Inventory is the challenge.

The good news is the end of summer usually means we start seeing more homes hit the market. However, the trend is baby boomers are staying put and more reluctant than ever to want to trade up, or trade down. There are a variety of reasons, but in the Jupiter area, the biggest reason is what do they trade up, or down, into. They will have the same battle of poor inventory and new home prices are very high. The median price of resale homes also continues to climb. As of this morning in the Northern Palm Beaches, a median single family home is selling for $478,000. That is getting very, very close to all time highs and up almost 3% since August 1st. Prices for single family homes have been up for 7 straight months and have increased over 12% during that span.

This market requires both buyers and sellers to be fully educated so they can make informed decisions. If you are thinking about selling and have a home and a broker that can sell it for top dollar within days you should demand value. Always interview at least 3 brokers whenever doing anything real estate. Paradise Sharks would love to educate you and show you true value and are be happy to set up a complimentary meeting at your convenience. Contact us anytime at tom@paradisesharks.com or 561.308.0175 and we promise you value that many brokers only dream about.

 

Fins up……

 

 

#jupiterhomevalues

Jupiter condo prices looking healthy

So many things converge to help determine where real estate prices are and where they may be heading. Interest rates, inventory, the economy, location, condition, demand all play important roles and it is hard to imagine a time when there was so much on the line. Gridlock in Washington DC is apparently playing a role in a year where government spending appears to have slowed rather dramatically. Interest rates remain at historically low levels but questions linger on how long they can remain there. Finding properties for sale in the right location and great condition is a tough game to be playing right now here in the Jupiter area.

Condo Prices with Logo

Over the past month, the median Jupiter condo price has rebounded nicely after dropping last month for the first time since February. This morning, the median price of a condo in the area sits at $225,000. Up about 1.2% over the past 30 days and up about 4.7% from year ago numbers. Very comfortable increases when compared to single family home prices that have been moving steeply higher.

Seasonally, we have arrived at a point where we should start seeing inventory levels increase. However, more homeowners are not planning on going anywhere. A recent survey by Realtor.com shows the baby boomer generation is loving where they live and just aren’t planning on moving anytime soon. In Jupiter and the surrounding communities, the second home market is a much bigger market segment than most areas. New construction prices are still far above resale prices in the Northern Palm Beaches and that is one factor that has been driving prices higher.

Always make informed decisions when doing anything real estate and if Paradise Sharks can be of help in any way please feel free to reach out to us at 561.308.0175 or tom@paradisesharks.com.

 

Fins up……

 

 

#jupitercondoprices

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