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Condo Sales Pick Up Steam in the Northern Palm Beaches

Condo sales jump 26% as we head into the 2014-2015 season

Here we are poolside this warm November morning where at 9:00 it is already a balmy 81 degrees. And why not, as everything seems to be hot right about now. Condominium sales over the past 30 days certainly have been after jumping 26% since last month. While certainly not a record setting sales pace, it is the highest monthly total we have seen since May. The most monthly condo sales we have seen in the Jupiter area for 6 months. Almost 6% higher than the 12 month moving average. Almost 16% higher than year ago numbers. A very solid month for Jupiter area condo sales.

This Sunday before Thanksgiving we have plenty to be thankful for but we are going to let condo sales take their place in the sun. While pending home sales did pull back slightly as of November 15th we also have seen inventory levels up for two straight months and buyers are positively reacting with higher sales. Good news for a market that had stalled over the summer months. Our inventory is still priced highly in many neighborhoods but when good deals hit the market they fly off the shelf in most neighborhoods.

Yesterday, we reviewed offers on a well priced home Paradise Sharks marketed for a client here in Palm Beach Gardens. In two days, we had a bunch of solid offers with 5 of them over list price and our clients were thrilled. Properly positioning your home when putting it on the market depends on the clients' specific needs but when you get it right it is so much fun. Compare that to a seller of a Jupiter home who has lowered their list time an amazing 38 times over the past two years. Now priced on a square foot basis lower than all 20 home that have sold in it's neighborhood over the past year (except for one REO that an astute buyer snagged at a very good price). It's actually a bargain now. Someone should pick it up soon and will get end up with a great deal as the listing becomes stale and in the end it becomes a fire sale. These are the type of opportunities, that along with well priced new listings, buyers should focus on. As we keep telling you, know the numbers surrounding each individual property and be prepared to react quickly to the best deals as they are still out there.

If you are considering selling a home you need to interview at least three brokers and do your homework. There are a multitude of strategies and you have to pick one that helps meet you meet your goals. Sometimes they work immediately and then its fun. Lots of fun. 

Fins up.....

Tom Priester
Principal Broker

Paradise Sharks Real Estate