Jupiter condo sales slow to 20 month lows
Here in the Northern Palm Beaches, we do not expect real estate to be booming this time of the year. But, we don’t dig seeing condo sales fall to the lowest monthly totals we have seen in 20 months. Compared to last year, over the same period, condo sales in the Jupiter fell 28%, which is a very steep drop. Sales volume sucks, and with more Realtors out there than ever before and downward pressure on commissions, you won’t see a big smile on a large majority of their faces. Paradise Sharks are smiling because we know what real estate without the middleman means to our clients and we just like smiling.
Blame it on inventory, which remains at the worst levels we have seen in well over a decade. Buyers have few choices. If you don’t blame it on inventory, the only other direction you can point is general demand, as interest rates remain near multi-year lows and median condo prices are literally unchanged over they past 4 months.
Median condo prices as of September 15th sit at $250,000, near the highest levels we have seen in 13 years, but unchanged over the past 120 days. With 4 months of slow sales staring us straight in the eye, we may see further pullbacks in prices before our seasonal condo buying kicks into high gear toward the middle of January.
It’s truly hard to see where a whole bunch of new listings are going to come from, but we should see choices for buyers steadily improve as we approach the 2020 season here in paradise. If the economic news remains positive, prices are going to move higher after the new year arrives, so buyers need to be aggressive now if they want the best prices.
Remember, if you are selling, or buying real estate, you are in control as far as the cost of real estate services. If a real estate broker is asking you for 6%, and in many cases even 5%, to list a home, a well educated seller can usually do much better, depending on their property. The top end of the market remains red hot with sales of $1,000,000+ properties in September already ahead of last year’s all time record for the month, and we still have a week to go.
If you are buying, especially in the luxury market, ask your Realtor for a credit at closing. If they waffle, there are plenty of qualified agents out there, who will not only give you world class service, but also a nice credit at the closing table.
Paradise Sharks gives all of our buyers, significant credits as closing, and our clients don’t even have to ask, we just do it. With no middlemen, franchise fees, or a broker taking a cut of our revenue, we are happy to pass these savings right along to our clients. If you want to experience real estate, done right, please feel free to contact us anytime at firstname.lastname@example.org or 561.308.0175 as we would LOVE the opportunity to interview for your business.