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Palm Beach County Luxury Condominium Sales Increase in 1Q 2019

by | May 14, 2019
Palm Beach County luxury condominium sales and median prices for all properties increased in 1Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Palm Beach County Luxury Condominium Sales Increase in 1Q 2019

Palm Beach 1Q 2019 News Release

MIAMI
— Palm Beach County luxury condominium sales and median prices for all properties increased in 1Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

 

Palm Beach existing luxury $1-million-and-up condominium sales increased 2.7 percent year-over-year in 1Q 2019, from 112 to 115.

 

“Palm Beach County ranks among the best luxury markets in the United States,” Jupiter Tequesta Hobe Sound (JTHS-MIAMI) President Kim Price said. “Many of Palm Beach’s $1-million-and-up properties line some of the best beaches in the country. The region’s incredible lifestyle, top schools and an expanding economy are attracting more and more interest from domestic buyers from the Northeast.”

 

Total Palm Beach Home Sales Decrease in 1Q 2019

Total Palm Beach County home sales decreased 12.3 percent year-over-year in 1Q 2019, from 7,200 to 6,316. Broward single-family home sales decreased 13.1 percent, from 3,989 to 3,465. Condo sales decreased 11.2 percent, from 3,211 to 2,851.

 

Lack of supply in certain price ranges and neighborhoods impacted sales.

 

$2.79 Billion in Total Palm Beach Sales Volume in 1Q 2019
Total sales volume accounted for $2.79 billion in 1Q 2019, a decrease from the $3.27 billion sales volume a year ago.

 

Non-distressed sales comprised about 96 percent of all closed residential sales in 1Q 2019 vs. 96 percent in 1Q 2018. Only 3.8 percent of all closed residential sales in Palm Beach were distressed in 1Q 2019, including REO (bank-owned properties) and short sales, compared to 3.7 percent in 1Q 2018.

 

Short sales and REOs accounted for 0.6 and 2.8 percent, respectively, of total Palm Beach sales in 1Q 2019. Short sale transactions decreased 37.3 percent year-over-year while REOs fell 4.8 percent.

 

Palm Beach Median Prices Rise in 1Q 2019
The median price for single-family homes in Palm Beach County increased to $345,000 in 1Q 2019, a 1.5 percent jump from $339,999 in the same period last year. The median price for existing condominiums increased 1.3 percent year-over-year from $172,700 to $175,000.

 

Statewide, median sales price for single-family existing homes in 1Q 2019 was $253,000, up 2% from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $185,575, up 3.1% over the year-ago figure.

 

The national median existing single-family home price in the first quarter was $254,800, up 3.9% from the first quarter of 2018 ($245,300), according to the National Association of Realtors (NAR).

 

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months’ supply of inventory is a strong indicator of real estate activity. Top Palm Beach neighborhoods with the lowest months of supply of inventory in 1Q 2019:

 

Single-Family Homes
1. Cabana Colony, a northeastern Palm Beach community, had 1.1 months supply

2. Lake Belvedere Estates, a small south Palm Beach community west of West Palm Beach, had 1.7 months supply

3. Westgate, an east Central Palm Beach community, had 1.9 months supply

4. Belle Glade, a western Palm Beach County city south of Pahokee, had 2.4 months supply

5. Tequesta, a northeastern Palm Beach city on the Palm Beach-Martin line, had 2.5 months supply

 

Condominiums
1. Palm Springs, an east central Palm Beach community, had 2.8 months supply

2. Greenacres, an east central Palm Beach community, had 3.0 months supply

3. Royal Palm Beach, a northeastern Palm Beach community, had 3.2 months supply

4. Tequesta, a northeastern Palm Beach city on the Palm Beach-Martin line,, had 3.8 months supply

5. Lake Worth, a northeastern Palm Beach community, had 5.1 months supply

 

National, State Home Sales in 1Q 2019
Nationwide existing–home sales, including single family and condos, increased 1.2% to a seasonally adjusted annual rate of 5.207 million in the first quarter, up from 5.143 million in the fourth quarter of 2018, according to NAR. That is 5.4% lower than the 5.507 million-pace in the first quarter of 2018.

 

Closed sales of single-family homes statewide totaled 59,505 in 1Q 2019, down 1.2% from the 1Q 2018 level, according to Florida Realtors. Looking at Florida’s condo-townhouse market, statewide closed sales totaled 25,060 during 1Q 2019, down 7.3% compared to 1Q 2018.

 

Balanced Market for Single-Family Homes, Buyer’s Market for Condos
At the current sales pace, the number of active listings represents 5.7 months of inventory for single-family homes and 6.0 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

 

Palm Beach real estate had 14,715 active listings in 1Q 2019, a 4.6 percent increase from the 14,073 listings at the same time last year. The inventory for single-family homes increased 8.5 percent, from 7,335 to 7,959. Palm Beach existing condo inventory grew 0.3 percent, from 6,738 to 6,756.

 

Palm Beach Homes Selling Close to List Price
The median percent of original list price received was 94.3 percent for single-family homes and 93.5 percent for condos in 1Q 2019.

 

The median time to contract for single-family home listings was 60 days, a 15.4 percent increase from 52 days in 1Q 2018. The median time to contract for existing condos was 58 days, a 13.7 percent increase from 51 days in 1Q 2018.

 

The median time to sale for single-family homes increased 5.3 percent, from 95 days to 100. The median time to sale for existing condos increased 4.3 percent, from 92 to 96.

 

Palm Beach Cash Sales More than Double National Figure
Cash sales represented 47 percent of Palm Beach closed sales in 1Q 2019, compared to 49 percent in 1Q 2018. About 21 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

 

Cash sales accounted for 60.3 percent of all Miami existing condo sales and 36.1 percent of single-family transactions.

 

1Q 2019 Palm Beach County Statistical Reports — visit SFMarketIntel.com

 

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

 

About the MIAMI Association of Realtors

The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 47,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 212 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

 

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Palm Beach 1Q 2019 News Release