Jupiter condo prices continue to tread water

Talk about waiting for the annual visit of the snowbird. If you are rooting for condo prices in the Jupiter area to move skyward you are ready for them to get here. And start writing contracts.

Blog Pic SNOWBIRDS

As of December 15th, the median price of a condominium in the northern Palm Beaches sits at $218,000 down 2.2 % over the past 30 days. Prices hit their annual highs back in June and there has been downward pressure since then, which is welcoming news to buyers looking for a great price on a home in paradise. Since last year at this time, the median price of a Jupiter condo is still up a very respectable 6.3%.

While we still have a couple weeks before we put the final wrapping on 2017, median condo prices in the Jupiter area will be up again for the 6th straight year. Since 2011 that median price is up a rather significant 76% but we still find ourselves far behind the all time high of $280,000 set back in both 2005 and 2006.

Nothing goes straight up forever, but as we head into 2018 it sure looks like condo prices have some room to run. Quality inventory is hard to find, as is new construction where prices are high. Buyers interested in the lifestyle offered in the Jupiter area are going to have to reach a bit for anything that is in move in condition. Others will settle for units that are a bit long in the tooth and need some TLC.

One thing is certain, buyers need to be positioned to be immediately notified of the best new opportunities and then have to make solid offers very quickly. Yesterday, Paradise Sharks closed on a condo for a buyer in Jupiter and when they picked up the approval letter from the President of the Association he told them he wanted to purchase the condo but they acted too quickly. We were the first in the door, made a very appealing cash offer and our client won the prize. It’s how the game is played when new listings hit the market that are move in ready.

If Paradise Sharks can help you find the perfect home, throughout the Northern Palm Beaches, we would be honored. It is out there, you just need the right game plan, a little patience and the ability to strike quickly when the right opportunity presents itself. We would love to show you how the game is played, as for decades we have been doing nothing but real estate. Please feel free to contact us anytime at 561.308.0175 or tom@paradisesharks.com.

 

Fins up…..

 

 

#jupitercondoprices

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If you are thinking about selling your Jupiter home…..NOW is the time

The past year has certainly been full of challenges in the Northern Palm Beaches real estate market. As we limp into 2018, breaking rule after rule, there is pretty much one rule that never gets broken. The best time to sell your Jupiter home. The time is here. And if you are thinking about selling yours, you better start planning as the clock is ticking. And it is ticking very quickly with a window of opportunity that won’t be around much longer.

BLOG TIME TO SELL PHOTO

Almost always, seasonal home buying starts picking up right about the middle of January. Condo buyers act first, with single family buyers following close behind. April is typically the month we see the most Jupiter condos sell, with both March and May not too far behind. The time span between writing an offer and closing will usually run somewhere in the 30 to 45 day range. This means condo buyers are making the most offers between January 15th and May 1st. Without question, if you are selling a Jupiter area condo you want it to be on the market, professionally marketed, by January 15th.

The single family home market is a bit different and we see closings pick up significantly in March, strong in both April and May, but is almost always June when we see the most closings. July is also a great month for single family home sales. Using the sale 30 to 45 time period between writing a contract and closing the date you want your Jupiter single family home on the market is February 15th.

Paradise Sharks firmly believes that anybody contemplating the sale of a Jupiter home should interview at least three brokers and ask a lot of questions. Today’s buyer is well informed, educated and shopping on line. The name of your broker doesn’t mean anything. How your home looks on line means everything. Knowing how the Internet works and making sure your home is where it needs to be looking like a polished diamond is the key to getting your best price. Always Google the brokers you are interviewing. If they do not have a huge Internet presence the chances are your home won’t either.

It doesn’t have to cost an arm and a leg, so make sure your questions include what the broker is going to charge you. Ask to see how they marketed their last 6 listings and what was the outcome. Interviewing, asking questions, making decisions, getting your property show ready and scheduling professional photographers takes time. If you want to sell a condo you are running out of time and if you want to sell a single family home you better get started.

Your home needs to look like the prettiest girl at the ball, and someone to tell the world about it, for you to get your best price. Paradise Sharks loves making properties look amazing and we set record prices all the time. Even better, we never charge a total commission higher than 5% and usually can do better. If you are interviewing we would like to apply for the opportunity to set a record price for you. You can reach us any time at 561.308.0175 or tom@paradisesharks.com.

 

Fins up……

 

 

#jupiterhome

Jupiter homebuyers snapping up deals

The real estate market in the Jupiter area continues to break rules. So far in December, pending home sales have increased. We used to say that never happens but this year it did. Consider that last year, over the first half of December, pending home sales in the Northern Palm Beaches were down 5.6%. In 2015 they were down 8.9%. 2014 brought a drop of 7.7% and in 2013 they were down 7.1%.

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But this year, they jumped. Not by much, but they are 2.3% higher than they were on December 1st. And that never happens. Or at least that was the rule. Forget rules, as they are made to be broken. Location, and other factors, drive prices and a home in North Palm Beach plays by a different set of rules of a home that may be across the street in Palm Beach Gardens. Always remember, the only numbers that truly matter are those affecting your home. To prove that point, so far in December, pending home sales in the Northern Palm Beaches are up 2.3% but we have cities where they have jumped 25% and cities where they have fallen 7%. Location, inventory, marketing, demand and a bit of good timing can be the difference between success and failure.

So, the good news is more people than expected wrote contracts in December but we still have 6.4% fewer homes under contract than we did last year at this time. Prices have been falling, inventory levels have been rising and interest rates are still under 4%. It’s a good time for buyers who are spotting the right opportunities and jumping on them.

We keep a close eye on the top end of the market as, in the Jupiter area, sales of properties with a price tag over a million dollars tend to be a leading indicator. Closings of these high end properties tumbled in October but rebounded in November. For the year, we will break the all time record of sales above this threshold. The stock market continues to hit new high, after new high, and as long as that continues and consumer sentiment remains strong, real estate in the Jupiter area will do just fine.

The Fed raised interest rates this week for the 3rd time this year. To date, the mortgage market has ignored these increases. The first increase was on March 15th and the average overnight rate on a conforming 30 year loan sat at 4.16%. Here we are 9 months and three Fed increases later and they sit at 3.85%. So, for the year, the Fed has increased interest rates by 75 basis points and during that time mortgage rates have dropped 31 basis points. Again, rules do not matter like they once did, so it is critical that anyone doing real estate be informed and make educated decisions.

As we head in to 2018, there are many things to keep your eyes on. Interest rates, the quality of home inventory, prices in both the resale and new home markets, affordability and the overall economy all looking very interesting as we wind down 2017.

Always seek knowledge when buying, or selling. Interview brokers and ask questions. If Paradise Sharks can ever be of service we would be honored to hear from you so contact us anytime at tom@paradisesharks.com or 561.308.0175.

 

Fins up…..

 

 

#jupiterrealestate

Jupiter home prices grounded for 3rd straight month

Seasonal forces and slow sales remain in place as the median price of a single family home in the Jupiter area has fallen again, for the 3rd straight month. It has been a fairly steep drop of about 9% which is a significant move to the downside. It’s actually a good sign that the market pulls back here after significant moves to the upside earlier in the year. When you add it all together, the median single family home price in the Northern Palm Beaches is basically unchanged from where it was one year ago. Flat prices help alleviate pressure especially for the entry level market.

Plane

As of December 1st, the median sales price of a single family home in the Northern Palm Beaches sits at $436,160, down about 5.2% from the $460,000 we sat at 30 days ago. The median price on December 1st of last year was $436,000 so virtually no change over the past 12 months.

Sales volume for single family homes has been particularly weak over the past 90 days and history tells us there is another 30 days of slower pending home sales ahead of us. It won’t be until March when we start seeing a significant increase in closings.

Average overnight interest rates, so far, have not risen over 4% on a conforming 30 year fixed loan, but are inching closer. Inventory levels have been rising but still a death of homes in good condition priced under the $500,000 benchmark hitting the market. When they do, and they are well priced and marketed, they tend to sell with exceptional speed.

It’s going to be a very interesting season ahead for Jupiter real estate. If you are planning to do anything real estate, please interview at least 3 brokers and seek knowledge to help you make informed decisions. If Paradise Sharks can be of help in any way please feel free to contact me personally at tom@paradisesharks.com or 561.308.0175.

 

Fins up……

 

 

#jupiterhomeprices

Jupiter home sales fall to 11 month lows

Boy, do we need the snowbirds flocking back and writing contracts for real estate here in the Northern Palm Beaches. After rebounding slightly during October, buyers once again rested during November, as pending home sales in the Jupiter area fell another 5.5% over the past 30 days.

BLOG PHOTO SALES

Sure, we expect a little bit of slower activity this time of the year, but let’s look at pending home sales on December 1, 2017 compared to last year. They are down 15%. Compared to December 1, 2015, we are behind by 21%. From 2014 numbers, 22%. From 2013 it’s 27%. Pending home sales in the Jupiter area are at the lowest levels we have seen on December 1st in any year since Paradise Sharks has been keeping records and that is a long, long time ago.

And going back all those years, we have never seen homes sales turn positive in December. The good news is, buying will almost certainly pick up towards the middle of January, which is just 6 weeks away. We cannot wait for them to get here because this market needs a boost.

Prices that had been moving higher across the board, from February through September, have changed direction. Median single family home prices in the Jupiter area are down about 8% over the past 90 days. Median condo prices have shown more stability, but are still down about 2% from highs reached earlier in the year.

Interest rates remain favorable, but have been moving higher over the past 3 weeks. The average overnight rate on a 30 year conforming fixed loan is up 11 basis points during that time to 3.84%. Still very low from historical standards. But the potential for larger upward swings is a significant concern.

Inventory levels have also been moving higher, which should be a stimulus for higher sales ahead. We keep shouting about the quality of that inventory and finding “clean” homes priced in line with current market trends is not easy. Just ask anyone who has been shopping. Prices are high and quality is low. Not a recipe for a buying frenzy and new home prices are steep with both land and construction costs on the rise.

Some sellers are reacting to slower sales by lowering their list prices. Over the past week over 7% of single family home listings in Jupiter have had price reductions. The stock market keeps hitting record highs, as does our national debt. Chaos remains the best word to describe what is going on in Washington.

Never has the need been greater for anyone doing real estate, of any kind, to be educated. Please, if you are buying, or selling, seek knowledge. Interview at least 3 brokers and ask a lot of questions. If you don’t know what questions to ask then ask them to tell you. If Paradise Sharks can ever help educate you please feel free to contact me directly at 561.308.0175 or tom@paradisesharks.com.

 

Fins up……

 

 

#jupiterhomesales

Jupiter condo prices hold steady

Watching Jupiter condo prices over the past few months has been a bit like watching paint dry. Not too exciting. Back on May 15th the median sales price of a condo in the Jupiter area was $223,000, today it is $222,750. Over the past 30 days, the median price has dropped a total of $250.

BLOG PHOTO

The good news is, season is coming, and once we get into January real estate sales pick up. Condo sales usually lead the charge and the absolute best time to sell a condo in Jupiter, and the rest of the Northern Palm Beaches, is the period between February and May. That four month period is as good as it gets for condo sellers. If you are looking to snap up a good value on a Jupiter condo then you should be shopping right now.

Median Jupiter area condo prices are up 6% from year ago levels but still lag the all time highs set back in 2005 and 2006 by over 20%. There is room for prices to go higher and if demand is strong this season the lack of quality inventory can be a recipe for higher prices ahead. Watch the stock market, as if it remains strong, the odds are so will Jupiter condo prices. Watch interest rates, as with our national debt spiraling out of control, they are the key to the future. For now, the average overnight rate on a 30 year conforming mortgage remains firmly below 4%. If we spike much from those levels, which is possible, the odds are it will have a detrimental effect on Jupiter condo prices.

Each property is different and one must understand the metrics that drives its value. Whenever doing anything real estate, interview at least three brokers and get informed. Mistakes in real estate can be expensive and usually they can be avoided. If I can ever be of help just let me know.

 

Fins up….

 

 

#jupitercondoprices