Have you seen what’s going on with Tequesta home sales

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.

Tequesta historic

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 info@paradisesharks.com or 561.308.0175.

 

Fins up…..

 

 

#tequestahomesales

Record breaking Jupiter single family home sales

Anyone who watches real estate here in paradise knows that Jupiter single family home sales are almost always strongest in the month of June. Not condominiums mind you. Their best month is almost always April. This year is no different, but it is.

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Let me explain. Once again this year, June brought us the highest number of Jupiter single family home sales. It would be a very strong market ahead if there was any chance of another month eclipsing June’s total sales. It’s just not going to happen. Since 2010 only once has another month edged out June for the strongest sales month and that was way back in 2011. It almost always happens.

It happened again this year, but this year is different. You see never, have we had a month of Jupiter single family home sales like June of this year. Ever, like in history. More Jupiter single family home sales closed in June 2017 than in any single month in history. That is an amazing statistic and just another reason prices have been on the rise.

Paradise Sharks has been telling you about the amazing run up in Jupiter area home prices over the past 6 months. The median price of a single family home in the area has shot straight up. Up almost 10% from $426,600 on February 1st to $467,500 today. Strong sales in June kept this streak going.

Just like condominium sales are not the same as single family home sales, your house is different from your friends down the street. The market for each single property is unique and if you are selling, or buying, you need to understand the specific numbers surrounding that property. It’s why Paradise Sharks is different. We do not want to sell you, we want to educate you. An investment in knowledge always pays the best return. If we can ever help educate you please feel free to contact us at 561.308.0175 or tom@paradisesharks.com.

 

Fins up…..

 

 

#jupitersinglefamilyhomesales

Jupiter pending home sales turn positive

Fewer buyers sign contracts during the summer months here in paradise. That is just the way it is. People are on vacation, enjoying these amazing summer days at the beach and real estate takes a back seat. Buyers are out there, but finding a home they like, or can afford, is difficult and adds to the slowdown.

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Looking at pending home sales compared to last month at this time we see another decline. It’s our 3rd straight monthly decline and the number of homes under contract has tumbled over 22% during that time. BUT, and you might notice this is a big but, so far in July we are seeing some strength in sales that is highly unusual for this time of the year.

In fact, since July 1st, pending home sales in the Jupiter area have actually increased. OK, not by much, but they are higher today that they were 15 days ago. Last year during the same period pending home sales fell almost 5%. The first half of July brought a decline in pending home sales in 2016, 2015, 2014, 2013. In fact, they have fallen during this time period every year since Paradise Sharks has kept detailed records and that is a long time.

But not this year. For the first time in eons, the number of homes under contract is higher on July 15th than it was on July 1st and that’s a BIG deal. What makes it even bigger is the median price of single family homes in the Jupiter area keeps climbing higher and higher. As of July 1st, the median price of a single family home in the area was up for 5 straight months. Up from $426,500 to $460,000. That is a jump of almost 8% and that is BIG news. But the even BIGGER news is that during the month of July median home prices, just like pending home sales, tend to fall. But, just like pending home sales surprised us with a highly unusual turnaround, so do prices. As of this morning, median home prices in the Jupiter area are up again. Up another $5,000 to $465,000 and inching even closer to the all time record highs we set way back in 2005.

Inventory continues to decline so no surprises here. We expect even fewer options for buyers over the next month or so. As summer ends, watch for additional inventory which historically reverses trend by the end of August. Interest rates moved higher this week after dropping for 4 straight weeks but still remain historically low.

Sellers remain in control of this market but keep a close eye out for changes. Condo prices have pulled back a bit and we keep pointing to much discrepancy in just how strong the market is based on location, condition and prices. As always, buyers and sellers should interview at least 3 brokers when doing real estate of any kind. Paradise Sharks is always honored to be included in any interview and you can schedule yours today by reaching out to us at tom@paradisesharks.com or 561.308.0175.

 

Fins up……

 

 

#jupiterhomesales

Jupiter home prices close in on record highs

The median price of a single family home in the Northern Palm Beaches continues to climb. We have to go back to 2005, before the bubble burst, for the record high price of $488,250. We aren’t there yet but as of July 1st we are back to $460,000 and within 6% of that all time plateau. With prices rising almost 8%, in just the past 5 months, can a new record be headed our way?

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Sales will continue to slow in the coming weeks. Inventory is not anything to get excited about and frankly there is a lot of junk out there. Many sellers still happy to price a bit above the market as buyers have been pushing sales prices skyward. So far this year demand has been strong enough to keep prices moving higher. Sales will hardly be robust in the weeks ahead so the question is how much are buyers going to pay for what they have to choose from. Jupiter home prices seemed poised to cool a bit but time will tell.

Homeowners seem more content in their existing homes, many younger buyers are strapped with record levels of student debt, seasonal buying trends; there are a number of reasons this summer’s market isn’t sizzling hot. Interest rates, to date, have not yet been affected by the Federal Reserve increases but are up today for the 4th straight week and sit at the highest levels we have seen for a couple months. Janet Yellen and her team over at the Fed appear positioned to keep increasing with the “policymakers” expecting one more increase this year and three more bumps in 2018. Extremely hard for home prices to keep climbing if the cost of a 30 year mortgage is moving higher. Keep your eyes on inflation. Keep your eyes on rising taxes in other states like Illinois driving more people to the sunshine state. Keep a watch on the political divide in this country.

Certainly not a market for the faint of heart. Certainly is a market any buyer or seller should understand the home price data for their particular neighborhood as each one is different. Some are strong, some are looking sick. Know the signs and use them to your advantage. If Paradise Sharks can ever be of assistance please feel free to contact us at tom@paradisesharks.com of 561.308.0175 for a complimentary consultation.

 

Fins up…..

 

 

#jupiterhomeprices

Jupiter home sales sputter

We have been telling you about the summertime blues in the real estate market for weeks. They are somewhat inevitable, but this year they feel a bit different. It’s not as much about demand with much of the blame to be put on the supply side of the equation. There are not enough well positioned homes for buyers to choose from.

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So, Jupiter home sales sputter as they do in all of the municipalities that make up the Northern Palm Beaches. Since April 1st, pending home sales have been down for three straight months. Over the past 30 days they have fallen almost 13% but that isn’t the big story. The big story is where we stand compared to past years. The number of homes under contract in the Jupiter area are down 16% from where they were a year ago. Go back to 2015 and we are down by about 22%. Compared to 2014 we are down by 19%. You get the picture. Sales of Jupiter homes this summer are slower than one would hope.

Let’s face it, the political divide in this country has many on edge. But all one has to do is look at home prices to see it’s not demand that appears to be sick. As of today, the median priced single family home in the Jupiter area is selling for $460,000. It has been rising for 5 straight months. Up almost 8% from the $426,500 from where we stood back on February 1st. The run up of median condominium prices has been even more impressive, up over 10% between February 15th and June 15th.

The lack of demand isn’t slowing sales it’s the lack of homes willing buyers have to select from. The inventory of homes on the market is down again for the 4th straight month. History tells us it is going to get worse and we badly need listings. Good listings. Expect fewer homes to hit the market over the next two months. Paradise Sharks is running a promotion through the end of July in hopes potential sellers who might be on the fence decide to sell. Our maximum commission rates drops from 5% to 4.5% on any listing agreement signed prior to July 31st with Paradise Sharks as the broker. Contact us anytime at tom@paradisesharks.com or 561.308.0175 and we would be happy to discuss options with you.

 

Fins up….

 

 

#jupiterhomesales

Why now might be the very best time to sell your Jupiter area home

Timing the sale of any asset is not an easy task. Especially a home where the costs of a sale are high and you still need to figure out where you are going once that home sells. However, if you are even thinking about the sale of a home in the Northern Palm Beaches, there may not be a better time.

Sell for blog

First, prices have been rising. Rapidly. As of this morning, median prices on single family homes in the Jupiter area are up for 5 straight months. And the increase in value has been significant. The median priced home back on February 1st was $426,500. Today it is $459,450. Selling high is the goal if you are trying to sell a home and over the past 11 years prices have never been higher.

Inventory sucks. Buyers of single family homes in the $500,000+/- range and under have little to choose from. Condition is often an issue and many homes are over priced. Sales are starting to slow. June is the month where we almost always see the highest number of sales of single family homes in the Jupiter area. We still have another week or so before final numbers are available but right now it looks like sales totals this year will lag behind what we had close in 2014, 2015 and 2016. Pending home sales have been down for 3 straight months and the odds are they will continue dropping over the next 2 months. Buyers need quality inventory and frankly right now it’s not out there. The market needs your home.

Interest rates are starting to move higher. As of this morning, the interest rate on a conforming fixed 30 year loan is up again for the 3rd straight week. The Fed has raised their rates three times since December and the mortgage market has not heard the message as home loan rates have declined since then. They may be catching up and with so many questions hovering about the overall economy anything can happen. If rates go up much, home prices will be hurt.

Back in 2005, we told anybody who would listen that it was a great time to sell a home. We certainly do not see the run away enthusiasm we had leading up to that warning but affordability is a key issue and prices just cannot keep rising. Could we see another strong year or two of prices. Maybe. But there are signs out there and we are watching. Closely.

Prices are up, supply is down and affecting demand. Buyers are out there but finding the right home to meet their needs is tough in many cases. With few choices and rising prices sales are starting to sputter. The market needs your home.

Paradise Sharks badly needs quality listings and through the end of July we are doing everything we can to find good homes for a market that badly needs them. We want to make it easier for sellers to sell and are offering total commissions that top out at 4.5% to anyone who lists a home with our brokerage through July 31, 2017. Same world class marketing with a professional high resolution photo shoot, unequalled internet presence, detailed market updates. Our service is never discounted and our goal in this market is to set a new price record in your neighborhood. If your home is anywhere in Martin or Palm Beach County and you want to look at what your home is worth and the possibility of selling there may not be a better time. To schedule a complimentary consultation with Paradise Sharks feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com.

 

Fins up……

 

 

#jupiterhomes