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North Palm Beach | Real Estate Market Report

FLORIDA HOME SALES HIT ALL-TIME HIGH

March Overview

APRIL 26. 2021 | According to Florida Realtors Chief Economist Brad O’Connor Ph.D., “Starting in the single-family home category, we tallied 32,819 successful closings statewide. That’s the highest one-month total we’ve ever reported for this statistic, going back to January 2008 when our current data series begins.”  There were over 23 percent more single-family home closings in March of this year than in March of 2020.

Brad O’Connor continues with his overview by saying, “Let’s face it, it’s the rate of sales growth over in the condo and townhome category that continues to steal the show.” In March of this year, this category closed 16,518 properties, significantly outpacing the December 2020 one-month record of  12,752. The scarcity of single-family homes for sale contributed to the increase.

Low inventory levels and strong demand continue to drive up home sales.  In March, the median home price of single-family homes was $327,000, which is up nearly 19 percent from a year ago. According to O’Connor, “As we’ve seen in recent months, some of this rise in the median price is due to bona fide home price appreciation, but we also continue to see a heavier share of luxury properties in the sales mix compared to a year ago, which is also contributing to this rise.”

North Palm Beach Housing Market  

Inventory remains at historic lows. In March, the number of single-family homes for sale decreased 76.8 percent from the same time last year, leaving only a 1.3 month supply. The number of condos and townhomes faired a little better, declining 44.3 percent from the previous year, closing the month with a 2.8 month supply. Although the number of available properties in this category is scarce, buyers can find good opportunities in Singer Island, the oceanfront oasis slightly east of North Palm Beach.

A total of 52 properties closed in March, up 26.8 percent from the previous year. The sales volume of all properties totaled 31.5 million; 68.4 percent were cash buyers.

Pending homes sales totaled 71 in March, an increase of 222.7 percent from the previous year. The number of new listings, year-over-year, increased by 9.6 percent. During March, 52 properties closed in North Palm Beach, 13 were single-family homes, and 44 were condos and townhomes.

Sellers are in an excellent position to attract qualified buyers and get the best possible price. With summer and the potential for higher mortgage rates around the corner, now is a perfect time for sellers to weigh their options.

Opportunities for buyers seeking the Florida lifestyle exist. However, with the inventory at historic lows and fierce competition, you’ll need to be well-positioned to win the deal. First, have your financial plan established, and be sure to be pre-approved for a mortgage—also, partner with a  trusted Realtor who knows the area and the inventory. New properties become available every day, and they don’t last for long. Guarantee that you’re in the know; it’s as simple as requesting email listing alerts that deliver the latest and greatest based on your specific wants and needs. Learn More.

Source | Florida Realtors

Market reports for individual communities and condo buildings in North Palm Beach, Singer Island, Juno Beach,  Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Call or text Patti at 561-254-6310.

Palm Beach Gardens | Real Estate Market Report

FLORIDA HOME SALES HIT ALL-TIME HIGH

March 2021 Overview 

APRIL 26. 2021 | According to Florida Realtors Chief Economist Brad O’Connor Ph.D., “Starting in the single-family home category, we tallied 32,819 successful closings statewide. That’s the highest one-month total we’ve ever reported for this statistic, going back to January 2008 when our current data series begins.”  There were over 23 percent more single-family home closings in March of this year than in March of 2020.

Brad O’Connor continues with his overview by saying, “Let’s face it, it’s the rate of sales growth over in the condo and townhome category that continues to steal the show.” In March of this year, this category closed 16,518 properties, significantly outpacing the December 2020 one-month record of  12,752. The scarcity of single-family homes for sale contributed to the increase.

Low inventory levels and strong demand continue to drive up home sales.  In March, the median home price of single-family homes was $327,000, which is up nearly 19 percent from a year ago. According to O’Connor, “As we’ve seen in recent months, some of this rise in the median price is due to bona fide home price appreciation, but we also continue to see a heavier share of luxury properties in the sales mix compared to a year ago, which is also contributing to this rise.”

Palm Beach Gardens Housing Market  

The number of single-family homes for sale decreased 67.3 percent from the same time last year, leaving only a 1.6 month supply.  The median price, 50 percent higher and 50 percent lower, of single-family homes in Palm Beach Gardens increased 36.9 percent.

The number of condos and townhomes decreased 58.5 percent from the previous year, closing the month with a 1.7 month supply. A total of 75 properties closed in March, up 19.0 percent of the prior year. The sales volume of all properties totaled 28.0 million; 31.5 percent were cash buyers.

Pending homes sales totaled 106 in March, an increase of 120.8 percent from the previous year. The number of new listings, year-over-year, decreased by 1.1 percent. During March, 90 single-family homes and 75 condos and townhomes closed in Palm Beach Gardens.

Sellers are in an excellent position to attract qualified buyers and get the best possible price. With summer and the potential for higher mortgage rates around the corner, now is a perfect time for sellers to weigh their options.

Opportunities for buyers seeking the Florida lifestyle exist. However, with the inventory at historic lows and fierce competition, you’ll need to be well-positioned to win the deal. First, have your financial plan established, and be sure to be pre-approved for a mortgage—also, partner with a  trusted Realtor who knows the area and the inventory. New properties become available every day, and they don’t last for long. Guarantee that you’re in the know; it’s as simple as requesting email listing alerts that deliver the latest and greatest based on your specific wants and needs. Learn More.

Source | Florida Realtors

Market reports for individual communities and condo buildings in North Palm Beach, Singer Island, Juno Beach,  Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Call or text Patti at 561-254-6310.

Palm Beach Gardens, Florida

Is Now the Time to Sell?

 

Real Estate Market Trends

March 22, 2021, Statewide, demand and qualified buyers are plentiful. According to Florida Realtors Chief Economist Brad O’Connor Ph.D. “The latest data from Florida Realtors shows that February was yet another solid month for home sales. But, as any Realtor or Buyer will tell you, “this is a seller’s market if there ever was one.” Single-family homes, especially, are going quickly, often with multiple offers.

According to South Florida Agent, Florida is among the top eight states for inbound migration. 57% of moves to Florida were inbound, and 43% were outbound. As a result, prices are up, and inventory is in demand throughout the State.

The real estate industry considers six-months a standard or average supply of available homes. However, the surge in demand and home sales has seriously depleted the supply, leaving Florida with a mere 1.9 months supply of single-family, condos, and townhomes for sale, down 51.3% from the previous year. Year-over-year closed sales increased 19.5%, and the median price increased by 15.2%.  

Palm Beach Gardens Housing Market  

Inventory is at historic lows. In February, the number of single-family homes decreased 63.3% from the same time last year, leaving only a 1.8 month supply. The number of condos and townhomes faired a little better, declining 33.2% from the previous year, closing the month with a 2.3 month supply — slightly lower than the previous month.         

The lack of supply and strong demand for properties in Palm Beach Gardens has created a very competitive seller’s market. The median sales price of all property types increased 12% from a year ago. Year-over-year, the median price for single-family homes increased 42.6%, condos and townhomes increased 16.3%.

In February, pending sales in Palm Beach Gardens grew 13.9% from last year. Thirty-six percent of the increase is a result of single-family homes under contract. The number of condos and townhomes under contract decreased by 11.5%.

Realtors are actively listing condos and townhomes in Palm Beach Gardens. Sellers are in an excellent position to attract qualified buyers and get the best possible price. With summer and the potential for higher mortgage rates around the corner, now is a perfect time to weigh your options. 

Source | Florida Realtors

Market reports for individual communities and condo buildings in North Palm Beach, Singer Island, Juno Beach,  Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Call or text Patti at 561-254-6310.  

Inventory Crunch Sparks Sellers Market

January 2021 Real Estate Market Report | North Palm Beach, Fl.

February 22, 2021, the lack of supply and strong demand for properties in North Palm Beach, Florida, has qualified buyers competing for available homes and paying considerably more. Based on all property types, the median sales price, i.e., 50-percent of the sales were above, and 50-percent were below, increased 39-percent from a year ago.

The number of new single-family home listings was lower than the previous year. However,  the number of new listings has been trending up. During the fourth quarter of 2020, the number of closed single-family homes was substantial, with November up 225-percent from the previous year.

The number of closed sales changed course after November 2020, the primary cause, inventory. The industry considers six-months a standard or average supply. But as people flock to Florida, the inventory of single-family homes in North Palm Beach has dipped below a 2-month supply, a year-over-year decrease of 51.1-percent. Condos and townhomes paint a slightly better picture with a 3.9-month supply, a decline of 15-percent from the previous year.

Florida Realtors Chief Economist Dr. Brad O’Connor noted that Florida’s housing market kicked off 2021 on a strong note. “Eighteen percent year-over-year growth in single-family sales and 25% growth in condo and townhouse sales are way, way above our historical average – and we will likely remain well above our historical average for most, if not all, of 2021.”

If you’re considering selling, now is a great time to make a move. Market reports for individual communities and condo buildings in North Palm Beach, Juno Beach,  Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Feel free to call/text Patti directly at 561-254-6310 too, or email at pkcnpb@gmail.com  

Source | Florida Realtors