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. 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 single-family homes was substantial, with November up 225-percent from the previous year. Historically low inventory levels changed that course, and sales decreased since the fourth quarter of 2020. Year-over-year home sales remained about the same. Condo and townhomes followed a similar pattern.
The need for inventory is evident. 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.
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.
Source | Florida Realtors
Patti Kreusler Ceravolo, Broker Associate, at Illustrated Properties
2725 PGA Blvd., Palm Beach Gardens, Florida 33410