It's been 6 months since we brought you an update on the single-family real estate market in the Tequesta Country Club area, so let's take a quick look at what has happened since then.

Active listings currently sit at 6 which is exactly the same we saw back in July so inventory is unchanged. Buyer's still have very few options in this inventory starved market. Back in July, there were 4 active listings listed under $1.9 million, and that is also unchanged with four of today's listings priced between $615,000 and $1,200,000. After that, the asking prices quickly jump to between $2,300,0000 and $8,250,000. Very few lower priced listings hit the market in Tequesta Country Club these days, and when they do, they tend to get snapped up quickly, especially if priced and marketed properly.

Back in July, there were five homes under contract and three of those had been listed below $1.5 million. Today, there are also 5 homes under contract and all of them were listed below $1.5 million. The longest it took for any of these homes to sell was 10 days so sellers are still firmly in control of this market.

Over the past year, 33 homes have closed through the real estate community in the Tequesta Country Club area which is down substantially from 45 in July. Median sales price has been $1,487,500 which is up a rather dramatic 65% from the median sales price of $900,000 in July. Considering that back in July median sales prices were up 42% from the $632,000 we saw in January of 2021 and it's very easy to see how insane prices have gotten over the past year. 

Median sales price per livable square foot over the past year sits at $560, up from $381 six months ago. That represents a 47% gain. The price increases in the neighborhood are among the strongest anywhere in South Florida.

The time it took for homes to sell, what we call days on market, had a median value of 5 days back in July, today that median number is 6, so homes are still selling lightning fast in the Tequesta Country Club neighborhood.

Keep in mind there are many factors that determine price, and in the Tequesta Country Club area, there is a very diverse selection of homes. Sales over the past year range in size from 1,556 livable square feet all the way up to 7,334. Year of construction ranged between 1959 and 2012. Size and location of lot, waterfront vs interior vs golf course frontage, quality of finishes and features all play a major role in any homes' value.

Current inventory, based on 12-month sales, sits at 2.18 months which is still historically very low, but up from the 1.6 months we saw six months ago. Going back another 6 months we saw a historic low .84 month inventory level back in January of 2021. Overall single-family home inventory today in Tequesta sits at .96 months which is down from 1.56 months in July. In Palm Beach County current inventory of single-family homes is at .87 months which is down from the 1.23 months back in July.

It's hard to fathom that price increases we have seen in the Tequesta Country Club area can continue.

Look at the house at 354 Country Club Drive that Paradise Sharks Real Estate sold in June of 2017 for $490,00. We sold it again in August of 2019 for $572,400. That buyer contacted us and even though we knew a friend of his would be listing the home they ask our opinion. He pointed out that they needed to stop being emotional about the neighborhood and move on. Specifically, he pointed out how a junior executive membership at either Tequesta Country Club or Turtle Creek were available for under $15,000 when they moved in. Now it's $100,000, no junior membership and a wait list. 

He figured it was time to move on and asked if I thought he could get $975,000. I told him I thought under a million was not out of the question. They listed it for $998,000, had a little bidding war, and sold it for $1,052,000 in just 2 days. Yes indeed, prices in Tequesta Country Club have been driven into the stratosphere by this pandemic driven craze.

The Village of Tequesta remains one of the most sought after communities in the Palm Beaches for its location, size, school zoning, access to the Loxahatchee River and a very high quality of life rating.

Paradise Sharks LOVES setting price records in the Tequesta Country Club area. Our "Let's Set a Record Price" marketing packages are available for just about any home in the Tequesta Country Club neighborhood for a total commission of 3.5% and that includes a 2.5% co-broke for the buyer's broker. If a buyer's broker is not involved your maximum total commission is lowered to no more than 2%.

We are seeing more brokers offering a 2% co-broke commission and while Paradise Sharks is not sure the market is quite ready for that, we know it is coming, and are happy to discuss this in more detail with our clients. If they want to offer a reduced co-broke the maximum total commission charged by Paradise Sharks would be 3% or less.

Don't forget, if you are looking to buy a home in Tequesta Country Club, on most transactions, Paradise Sharks gives our buyer clients a credit at closing of any co-broke commission payable on that transaction over 2%. It's our little way of saying thank you for trusting us with your business.

Complimentary consultations are easy to schedule either at 561.308.0175 or tom@paradisesharks.com.

In these updates we consider the Tequesta Country Club neighborhood to be any single-family home west of the bridge and located in Palm Beach County.

Fins up…….

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