Pending Sales increased 13.2 percent for Single Family homes and 15.8 percent for Townhouse/ Condo homes. Affordability of Living in Palm Beach Gardens, FL. The average sale price per square foot in Palm Beach County is $188, up 9.3% since last year. Stay up-to-date! Affordability of Living in West Palm Beach, FL. On Monday, November 30, 2020, according to Florida Bank Rate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed finance rate is 2.93% for West Palm Beach. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®. Email: Pearl@PalmBeachRealEstateInc.com Request YOUR City or Zip Code Market Report NOW. The pandemic has also led to a wave of younger families moving to Florida — at first to escape New York but now to stay and put their kids in local schools. "You just can't find homes to buy there now.". And then in March, it got the wind knocked out of it by, of all things, a global pandemic. Explore all real estate & homes in West Palm Beach, FL There are 35 neighborhoods in West Palm Beach. "The demand for luxury, the perceived security, safety and pristine environment is very attractive to high net worth clients," Parker said. Phone: 561-833-0238. "And Florida will still have no income tax. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year. West Palm Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer. Real estate season preview: Palm Beach house-hunters face tight market after sizzling summer of sales With two sales hitting $70 million each, Palm Beach house-hunters blew through the … Brokers say that while some of the demand is tied to the coronavirus pandemic, as families fled big cities for more tropical homes with yards close to the beach, the growth is also tied to longer term, structural changes. The Palm Beach real estate market entered the season last fall with a strong wind at its back. During the last 12 months the real estate prices in Palm Beach, Palm Beach Gardens City increased, looking at the past 12 months. Homes are typically worth $202/sqft. You can Request a Local Market Update for Any City in Palm Beach County. See Homes in Neighborhoods Near Palm Beach … Zillow has 726 homes for sale in Palm Beach Gardens FL. The strength in Palm Beach reflects broader demand for homes — especially at the high end — throughout southern Florida, as wealthy residents leave behind the urban density, high taxes and colder weather of the Northeast and Midwest. See Homes in Neighborhoods Near West Palm Beach… "Whoever wins in November, you're going to have to fix the budget issues on a national and state level," Parker said. The numbers of properties available in the Palm Beach Board of Realtors Multiple Listing Service tells much of the story, although off-market sales are not infrequent on on the island. With 8,802 people, 4,796 houses or apartments, and a median cost of homes of $1,149,867, Palm Beach house prices are not only among the most expensive in Florida, Palm Beach real estate … A Division of NBCUniversal. In Miami, luxury home prices surged 42% in the quarter, with the average sale price hitting $2.8 million. Just call our team, the Martin Group at 561-339-1779, for your free consultation. Palm Beach resident Richard Kurtz updated a 1990s house at 680 S. Ocean Blvd. Homes are typically worth $281/sqft. October continued to be busier than the calendar normally suggests. Strong Price Appreciation in Palm Beach Strong demand coupled with limited supply continue to drive price appreciation in Palm Beach. Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes. This is same detailed report that Realtors® receive each month. Sign up for free newsletters and get more CNBC delivered to your inbox. Request Current Local Market … You can Request a Local Market Update for Any City in Palm Beach County. So that's always a big plus. Inventory decreased 38.8 percent for Single Family homes and 8.3 percent for Townhouse/ Condo homes. Some of the hottest neighborhoods near Palm Beach, FL are Casa del Lago , Northwood … If you have any questions about the home buying or selling process, be sure to contact your local Realtor® experts, the Martin Group at 561-339-1779, to book a FREE consultation. You can request a Detailed Market Report or Summary Report for a specific County, City, Subdivision, or Zip Code. In 2008, as the rest of the property market imploded, Donald Trump sold a Palm Beach estate to Russian billionaire Dmitry Rybovlev for $95 million, a record for the island. The inventory of homes for sale on the island fell by 79% in the third quarter compared with a year ago, according to the report. Below is a quick summary of the local real estate market in Palm Beach Gardens. Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes. Mortgage rates dropped to new record lows again in November, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. What are the most popular housing types in Palm Beach, FL? Get this delivered to your inbox, and more info about our products and services. The median sold price for condos in Palm Beach Gardens, FL was $282,850 which was up 7.8%% from the same month in 2019. We want to hear from you. New Listings decreased 5.8 percent for Single Family homes and 3.5 percent for Townhouse/Condo homes. Median Time to Contract decreased 52.4 percent for Single Family homes and 34.2 percent for Townhouse/Condo homes. There is now less than a five-month supply. There are 506 active homes for sale in Palm Beach, FL, which spend an average of 201 days on the market. The wealthy in the Northeast are growing older and looking to retire. The average home price in Palm Beach, Florida, was more than $7 million during the third quarter, according to a report from Douglas Elliman and Miller Samuel. Billionaire Jude Reyes sold his oceanfront mansion for $19 million and pulmonologist Norman Traverse sold his seven-bedroom waterfront estate for $51 million. Home sales in Palm Beach, the exclusive island retreat of the president and countless billionaires, tripled in the third quarter as the wealthy fled the cities and higher-tax states of the Northeast, according to a new report. Inventory remained tight. New York, New Jersey, Connecticut and other states are facing large budget holes from the pandemic, and some expect taxes will rise for high earners. West Palm Beach, FL Real Estate Trends. Data is a real-time snapshot *Data is delayed at least 15 minutes. Towards the … Great for discovering comps, sales history, photos, and more. Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. "At a certain point, their friends are all in Florida, they're hearing about how much they like the experience, so they want to move too," Parker said. Visit this page to learn about the business and what locals in Palm Beach have to say. Newly released market reports from Florida Realtors® detail recent real estate activity in the Palm Beaches. Among the big recent sales in Palm Beach was the $28 million sale of a "teardown" mansion owned by telecom tycoon Donald Burns. Copyright 2020 • Martin Group • Premier Brokers International • Privacy Policy • Accessibility, Market Snapshot Palm Beach County Closed Sales 2020, Quick Summary Graph of Median Sold Prices 2020, Sales Stay Up in October as Inventory Stays Tight, Single Family Homes - Palm Beach County 2020, Condos Townhouses - Palm Beach County 2020, Get the Latest Real Estate Stats for Your City, Request a Detailed Real Estate Market Report for Your Area, Request CMA Comparative Market Analysis of My Home, Just in! This Housing Report includes the Number of Sold Homes, Median Sold Price, Average Sold Price, Days on Market, Buyers or Sellers Market Now, plus more. The 2020 trend of low interest rates and low inventory is raising the value of Palm Beach County homes. Palm Beach Housing Market Information. Palm Beach County real estate had 9,489 active listings in 3Q 2020, a 17.5% decrease from the 11,501 listings at the same time last year. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall. The reports compare year-over-year data for October 2020 and have the latest statistics for, Request Current Local Market Report for a City or Zip Code, Go to Palm Beach County Single Family Homes FULL Monthly Report 2020, Go To Palm Beach County Condos Townhouses FULL Monthly Report 2020, Get Your Home's FREE Current Market Value >, Request Complete Report - NORTH Palm Beach County - Monthly Indicators 2020, Request Complete Report - SOUTH Palm Beach County - Monthly Indicators 2020. Whatever effect the president has had on Palm Beach real estate over the past four years, other factors continue to play major roles in spurring sales on the island. The average home price in Palm Beach, Florida, was more than $7 million during the third quarter, according to a report from Douglas Elliman and Miller Samuel. in the Estate Section with fine materials and a nod at modern living. Fall may be coming to an end in December, but the Palm Beach County housing market is even hotter! Learn about the West Palm Beach, FL housing market through trends and averages. Request Detailed Market Report for My City, Neighborhood or Zip Code, request a Detailed Market Report or Summary Report. All Rights Reserved. The average sale price of a home in Palm Beach County was $320K last month, up 10.3% since last year. With the CMA, we compare your home to similar homes that have recently sold or are currently listed in your area. This Month’s Median Sold Price is Even Higher Than Last Month. According to Walletinvestor’s Palm Beach Gardens real estate market … Members Realtors® Brokers Affiliates Benefits Join Today Transfer Now Community Real Estate News Realtor® Party Commercial Realtors® Global Realtors® Young Professionals Foundations BeachesMLS About Beaches Market … With a new season upon us, Palm Beach’s revved-up real estate market has continued its year-long shift into higher gear, driven in no small part by affluent home buyers whose wealth has … Average home prices in Ft. Lauderdale increased 16%, and they were up 11% in Boca Raton. Median Sold Price continues to rise for single family homes – up 17% to $420,000 – while Closed Sales increased 32.8% to 1,818, year-over-year. The median sold price for condos in Palm Beach Gardens, FL was $275,000 which was up 10.8%% from the same month in 2019. Prices in Miami, Ft. Lauderdale, Boca Raton and even parts of Tampa increased by a double-digit pace in the quarter. 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