CONDO WATCH: South Palm Beach County

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Courtesy Condo.com  Special to The Pineapple The Palm Beach condo market worked its way out of its fall slump this December improving in every data point. This month Palm Beach saw 171 units sold for a total of $36.8 Million; a 26% and 29% increase respectively. The average condo sold for $215,699, which averaged out to $138.20 a square foot. Another promising note for the condo market in Palm Beach is with all these increases, on average a unit was on the market for a week less compared to last month. Also, December’s $36.8 Million is the highest sales volume since August. Boca Raton returned to its number one spot in total sales volume surpassing last month’s leader, Jupiter. Boca sold 47 units for a total of $8.6 Million. Jupiter trailed in second with 25 sales with a total of $8.1 Million. Delray fell one spot down to 5th and Boynton climbed up two spots to 6th. The two cities combined for 36 condo sales for a total of $4.7 Million. The top condo sale this month came from the One Royal Palm Way building. The Palm Beach residence sold for $1.725 Million and at 2,200 square feet, the condo averages out to $784.09 a square foot. The 4 bedroom luxury unit was sold by Carolyn Whittey after being on the market for a little more than 3 months. December’s strong showing is a good sign for the Palm Beach condo market because it continues November’s performance that got the market out of an October and fall slump. December’s sales also give hope for a strong showing in the beginning of 2016. What is an impressive feat to December’s numbers is that the month had almost a week off to due to the holidays. December had more days off than November and still had a better performance. Another hopeful sign for the beginning of 2016 is that January will have no days off allowing more opportunities to make more sales. This month’s average price per unit also went up, which shows another positive sign that more Palm Beach condo buyers are still willing to pay more and therefore a higher demand for the upcoming months. Another sign of growing demand is the number of sales that are taking place for condos that haven’t been built yet, like the multiple sales being made for the highly anticipated Bristol building. With 2015 ending and 2016 fast approaching, 2015 proved to be a strong year for the Palm Beach condo market, and 2016 is expected to be even stronger. With more and more demand moving up from the Miami- Dade county condo market to Palm Beach in addition to increasing plans to build more condos and real estate developments for 2016, 2016 is due to be one of the strongest condo showing yet for Palm Beach.