What a summer it has been for real estate here in the Northern Palm Beaches. Historic, is probably the best word to describe what we have seen over the past 7 to 8 weeks. In Jupiter, more single family homes closed in June than any other month ever in history. That is very, very impressive.
Prices of the median single family home in the Northern Palm Beaches are up almost 10% since February. Median condo prices are up more than 10% over the same period. There are few choices for home buyers so they are reacting quickly to new listings and driving prices higher.
We used to say pending home sales fall every year during July. Not during the historic real estate summer of 2017. Not in Tequesta. Last year, in the Northern Palm Beaches, pending home sales were down almost 10%. In 2015, the strongest year ever for real estate sales, they were down about 3% in July. In 2014 they were down 10%, During July 2013 they fell about 11%. People just aren’t buying homes in the summer months. At least not in historic years.
Tequesta is a a special place and special places sometimes play by special rules. We have already shown you how pending home sales in the region are almost always down in July. At least they have been every year since Paradise Sharks has been keeping records. But this year something is different. Historic. As of this minute, in the Northern Palm Beaches, pending home sales are up for the month of July. Not a huge swing but there are about 3% more homes under contract in the Northern Palm Beaches than they were on July 1st.
So what has happened in Tequesta that makes them special? Well how about this for a historic month. Sales alway drop in July. That is they always do until this year. In Tequesta. Are you sitting down? Since July 1st pending home sales in Tequesta are up an amazing, no make that historic, 36%. Yes, you read that correctly, there are 36% more homes under contract in Tequesta today than there were 21 days ago. Historic indeed.
There are things to keep your eyes on, if you are thinking about buying or selling, in any market but especially a historic market. The numbers tell a story for every house. They told us a story when we put our home on the market in 2005. They told us a story in 2012 after 6 1/2 years of renting when they told us to buy. Sure, it takes some good fortune but there are signs. You need to be able to understand them and that is why Paradise Sharks studies the signs. Every day we watch them closely as our clients deserve to make fully educated decisions. If we can ever help you with any of your real estate questions just get in touch and see why we truly are different…..by design. It’s easy contact us anytime at firstname.lastname@example.org or 561.308.0175.