CONDO WATCH: South Palm Beach County

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www.SouthFloridaPropertyMatch.comCourtesy Condo.com  Special to The Pineapple Palm Beach is opening eyes three weeks into August with 788 condo units sold and a grand total of just under $165 Million. That already puts Palm Beach past July’s numbers which were 725 and $162 Million. The county’s average condo is selling for $209,231 and average time spent on the market is just 122 days (just over four months). Standing alone Palm Beach’s condo sales are incredibly impressive, but what makes it even more so is that the total units sold surpasses Miami by almost 200. Boca, Delray and Boynton were in the top five cities in the county with $35 Million, $19 Million and $12 Million respectfully. Boca improved as well selling $10 Million more in total sales volume compared to July. The Palm Beach condo powerhouse saw 160 units sold each selling for an average of $222,582, and on the market for just four months. The three big cities didn’t produce quiet as much in total sales volume for the county as last month but Boynton did jump two spots in the top ten to number five. Boca and Delray maintained their dominant performance by continuing to be the top two in the county. The three cities have really proven their significant value to the Palm Beach county condo market. One of the priciest condos sold this month was one in Palm Beach that sold for a notable $3.8 Million putting the unit at $1,146 a square foot. The 4 bedroom, 3,292 square foot condo was closed by Christian J. Angle, who closed in only three months. Continued Success  Now that Palm Beach is increasing condo inventory once again – there soon will be nothing holding back Palm Beach’s market from growing. With more and more condos being approved for construction the market will have a large inventory to match buyer’s demand. Which is a good sign being that demand continues to increase because of price increases in Miami-Dade and Broward. It’s no question that condo buyers are moving north to find their new future home with the southern counties becoming highly priced and highly populated. The low gasoline prices are helping the Palm Beach market as well as making it more appealing for commuters to purchase a lesser priced condo slightly further away from their work. One of the biggest drawbacks to moving north is the commute for some, and with the commute being cheaper it invites more people to move to the promising county. Palm Beach once again this month beat Miami-Dade in multiple condo numbers like sold units and days on market. But the figures that the county hasn’t been able to surpass of Dade are numbers like total sales volume, average price per condo and average price per square foot. This however may not be for long. Palm Beach has seen a consistent rise (since the comeback of the real estate market) in median price sold and average price sold. With more condos being built and beautiful beaches still intact there is no reason for Palm Beach not to see an impressive increase in numbers that it has normally lacked. August’s numbers has shown that Palm Beach is the condo market it once was and has a very bright future ahead of itself. With more ‘Condo Watch’s’ to come it’s only a matter of time before we start to see these increases. Palm Beach County: Home Sales Dropped to 38 Median Days on Market Year-over-year market statistics for July 2015 reported accelerated demand for single family homes in Palm Beach County. Closed sales rose 19.5 percent from 1,515 to 1,810 transactions, and median sale price rose 3.3 percent from $280,000 to $289,250. Meanwhile, median days on market dropped a significant 30.9 percent from 55 to 38 days. As for inventory levels, they continued to decline, down 6.7 percent from 7,246 to 6,761 active listings and down 21.6 percent from 5.7 to 4.5 months’ supply. The silver lining, however, was the 7.4 percent increase in new listings, meaning sellers have finally begun to seize their opportunities in this Seller’s market. “Home sales in Palm Beach County dropped to an impressive 38 median days on market with sellers obtaining an average of 94 percent of their original list price. If you are a looking to sell your home, the first step is to ask a local REALTOR® for a Comparative Market Analysis (CMA). Your REALTOR® will use this tool to help you determine the most effective original list price for your property,” said Matt Halperin, 2015 President of the Realtors® Association of the Palm Beaches (RAPB). Halperin is also the Direct Sales Manager and a REALTOR® of The Keyes Company in Wellington and can be reached at 561-967-4300 or mhalperin5@gmail.com for questions. For the townhouses/condos sector, we saw similar market indicators. Closed sales increased 24.8 percent from 1,054 to 1,315 transactions, and median sale price increased 12.8 percent from $128,500 to $145,000. Meanwhile, median days on market dropped 14.8 percent from 54 to 46 days. As for inventory levels, they continued to decline, down 7.3 percent from 5,919 to 5,484 active listings and down 9.5 percent from 5.2 to 4.7 months’ supply. We also saw a rise in new listings, albeit only a small 0.4 percent. For detailed information about market statistics for Palm Beach County, find your local REALTOR® match online by visiting www.SouthFloridaPropertyMatch.com. RAPB is the 6th largest local association in the country representing over 12,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Southeast Florida. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Consumers will find their perfect REALTOR® match from RAPB by visiting www.SouthFloridaPropertyMatch.com