Pending Home Sales in Jupiter Continue to Decline

Jupiter Pending Sales Down 11%


The local real estate market continues to show amazing strength. If one reads the paper or turns on the TV news one would think that the sky is falling. From the front lines of the south Florida real estate market and I am active throughout Palm Beach and Martin Counties I can tell you somebody forgot to tell home buyers in our area. Inventories continue to shrink and finding properties continues to be a challenge. The hottest segments continue to be single family homes under $400,000 and well priced waterfront properties.

Pending sales are the most accurate predictor of what transactions we can reasonably expect to close escrow in the coming 30 to 60 days. Each month we track 5 different municipalities and bring those numbers to you to keep you in touch with where the market is heading as this affects everyone who is, or contemplating, either selling or buying property.

Last month pending sales were split through out the region with Juno Beach, Hobe Sound and Palm Beach Gardens all showing gains with Jupiter and Tequesta numbers decreasing. The lack of inventory is making a huge impact on these numbers as there are buyers wanting to take advantage of prices that are still a bargain and interest rates that are ridiculously low are lined up waiting for the right opportunities. Prices are starting to see significant upward pressure for the first time in 6 years and I can only describe the current market as robust. Now we take a look what has changed since our last report and here are the November Pending Sales “Power Rankings”;

#1 Tequesta
#2 Palm Beach Gardens –
#3 Juno Beach – 
#4 Jupiter – down 11%
#5 Hobe Sound – down 19%

The good news is three of our market areas again were unchanged or showed an increase for the second straight month; two were double digit increases which is an amazing feat with lower inventories. Like I said watch for upward pressure on pricing finally coming. This month our 4th place finisher is Jupiter with an 11% decrease in pending listings that stand at 87 down from last months level of 98 and the 2nd of two municipalities showing a decrease this month. With this months decrease we remain about 37% below the average we have seen for the previous 12 month period which sits at 120 per month. We did stay ahead of where we were at this time last year when we only had 75 pending sales. The next couple months are going to tell us a lot about where this market heads and if we see more foreclosures put on the market which is the only thing stopping a significant price run-up.

As always, my goal when working with each of my clients, is to fully understand their unique, individual needs and design a program that will successfully ensure their goals are met. “Results Driven Real Estate” is a promise of the highest level of service in the industry and if you would like a complimentary consultation to discuss your particular situation in more detail please feel free to contact Tom at 561 308-1075 or via e-mail at tom@tompriester.com. We would be honored to be of assistance in any way that we can.
 

Always at Your Service,

 
Tom Priester   e-PRO
“Results Driven Real Estate”
 
Keller Williams Realty
561 308-0175
tom@tompriester.com

Jupiter Pending Home Sales up for the 6th Straight Month

Thirty days ago I reported here how every one of my main market areas in north Palm Beach County with the lone exception of Palm Beach Gardens reported increases in pending home sales for the third month in a row, most of which set new year long highs. These statistics showed a local real estate market that continues to recover quite nicely. Once again I was excited to get back to the data this month and see what has transpired since then but based on the activity I am seeing things continue to get better and better on the real estate front lines. It really is very difficult to find good properties in many locations in certain price ranges. Pending and contingent home sales data are very important metrics when determining how strong real estate sales will be in the months ahead. I like to carefully review this information for each of the communities where I am most active on at least a monthly basis as it gives me a heads up on what the future might bring for my clients. 

When a bilateral contract is entered into there are typically contingencies, historically mainly for home inspections and financing, but in today’s world many times they are short sales waiting for third party, or bank approval. Once these contingencies are lifted the change should be properly recorded into the MLS system as “pending”. History  shows us that the large majority of pending listings will ultimately close, usually within the next two months. The volume of both contingent and pending listings is a good leading indicator of what we can expect in closed sales of Jupiter homes in the weeks ahead.

Over the past 30 days in Jupiter we saw another increase in pending home sales with 161 on May 15th compared to the 154 we had on April 15th. This marks the sixth straight monthly increase and yet another new high. Still, now that the season is officially over we need to see how strong the market remains without our northern friends in the mix. We did have a couple market areas see a slight decrease in pending sales last month but everyone remains at, or near, year long highs which is very good news indeed.

A professional real estate agent watches the market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com and would be happy to be of assistance. After just one call you will know why “Results Driven Real Estate” is your top choice for professional real estate services in Jupiter and the surrounding areas.
 

Always at Your Service,

 
Tom Priester   e-PRO
“Results Driven Real Estate”
 
Keller Williams Realty
561 308-0175
tom@tompriester.com

Jupiter Inventory Levels Take Another Sharp Drop

It is remarkable how happy everyone is around the office these days. Keller Williams Realty in Jupiter continues to thrive and grow and everyone seems busy, busy, busy. Inventory levels, as reported here every month at this time, continue to drop which shows how well the local real estate market has been recovering. Sales remain strong and there is truly a shortage of quality homes in the below $400,000 price categories. Working with numerous clients trying to find a home is difficult and we are often faced with multiple offer situations. Local inventories are full of homes that have quality issues and many of these are hard to sell and therefore skew the numbers. So what has happened to inventory levels over the past month?



This month in Jupiter inventory levels have again moved in a positive direction and again hit a new record low for the preceding 12 month reporting period. The net inventory of real estate currently for sale on our local Multiple Listing Service (MLS) in Jupiter now stands at 1,195 down 45 units from the April 1st level. Inventory levels are now lower by about 10% from where we stood three weeks ago. Net inventory is defined as all of the property actively being marketed that does not have a contract outstanding either as a contingent or pending listing.





As we see inventory levels decrease buyers have fewer choices and typically pricing pressure will be to the upside. Each home is different and has it’s own set of specific metrics that need to be explored when determining current market value. That being said, buyer’s have 45 fewer choices today than they did a month ago so it is a great time to take advantage of a great combination on inventory and interest rates which are still at remarkably low levels after hitting a new 21 week low this week.

We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals throughout Palm Beach and Martin Counties please feel free to contact me at your convenience for a complimentary consultation. 


Always at Your Service,

Tom Priester   e-PRO
“Results Driven Real Estate”
 
Keller Williams Realty
561 308-0175
tom@tompriester.com

Jupiter Pending Home Sales Up for 4th Month in a Row to Another New Record High

Last month at this time I was so pleased to report how every one of my main market areas in north Palm Beach County reported increases in pending home sales which shows a local real estate market that continues to recover quite nicely. I was excited to get back to the data this month and see what has transpired since then but based on the activity I am seeing things continue to get better and better. It really is very difficult to find good properties in many locations in certain price ranges. Pending and contingent home sales data are very important metrics when determining how strong real estate sales will be in the months ahead. I like to carefully review this information for each of the communities where I am most active on at least a monthly basis as it gives me a heads up on what the future might bring for my clients. 

When a bilateral contract is entered into there are typically contingencies, historically mainly for home inspections and financing, but in today’s world many times they are short sales waiting for third party, or bank approval. Once these contingencies are lifted the change should be properly recorded into the MLS system as “pending”. History  shows us that the large majority of pending listings will ultimately close, usually within the next two months. The volume of both contingent and pending listings is a good leading indicator of what we can expect in closed sales of Jupiter homes in the weeks ahead.

Over the past 30 days in Jupiter we have experienced another significant increase in pending home sales with 141 on March 15th up from the 129 we had on February 15th. Not only is this our fourth monthly increase in a row it is our second new annual record in 2 months; great news indeed. These numbers point to another significant increase in closed transactions over the next 30 to 60 days in Jupiter. With the season still upon us and incredible opportunities in every neighborhood we should be seeing continued increases in both pending listings and sales in the coming months .

A professional real estate agent watches the market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com and would be happy to be of assistance. After just one call you will know why “Results Driven Real Estate” is your top choice for professional real estate services in Jupiter and the surrounding areas.
 

Always at Your Service,

 
Tom Priester   e-PRO
“Results Driven Real Estate”
 
Keller Williams Realty
561 308-0175
tom@tompriester.com