North Palm Beach, Florida
March 22, 2021| 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 very strong month for home sales. But as any Realtor can tell you-or, anyone looking to buy a home right now, really-this is a seller’s market if there ever was one.”
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%.
North Palm Beach shares a similar story. Inventory is at historic lows. In February, the number of single-family homes decreased 75% from the same time last year, leaving only a 1.2 month supply. The number of condos and townhomes faired a little better, declining 27% from the previous year, closing the month with a 4.6 month supply — slightly lower than the previous month.
The lack of supply and strong demand for properties in North Palm Beach has created a very competitive sellers market. The median sales price of all property types increased 16.8% from a year ago. Year-over-year, the median price for single-family homes increased 36.7%, with condos and townhomes dipping slightly. A total of 40 properties closed during December 2020.
In February, North Palm Beach pending sales grew 36.2% from last year. Eighty-three percent of the increase is a result of condo and townhomes under contract. The number of single-family homes under contract decreased by nearly half because of low inventory, ending the month with nine-homes anticipated to close.
Realtors are actively listing condos and townhomes in North Palm Beach. 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.
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.
Source | Florida Realtors