Palm Beach Gardens Home Sales

Palm Beach Gardens Home Sales

Trending in the Right Direction

June 2020 Market Statistics | Source: Florida REALTORS®

Above snapshot represents Palm Beach County – All property types

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In June, year-over-year single-family closed home sales decreased 36.6 percent, and the median sale price (50% higher and 50% below) decreased 11.1 percent. Throughout the 12 months sales cycle, the median sales price fluctuated significantly, peaking in January at $570,000, followed by a sharp decline and minor variations during the second and third quarters of 2020.

The good news is, although inventory was tight, hoovering around a 5-month supply, these market conditions were excellent for buyers. The combination of historic low-interest rates, together with lower home valuations, triggered a buyer’s frenzy—the result, a 68.5 percent increase in closed sales compared to the prior month. Pent up demand and market conditions fueled this recovery, and that trend is not losing any speed. The number of pending homes sales increased substantially in June, up 94.6 percent from the same time a year ago.

Year-over-year closed sales for condos and townhomes soared in Palm Beach Gardens, Florida, up 24 percent from the prior year, and the median sale price increased by 9.2 percent, slightly below the yearly high (March 2020) of $270,000. Also, pending sales were up 34 percent from the prior year. Inventory remained in demand, at a 3.8 month supply, a decrease of 20.8 percent from the previous year.

With interest rates at historic lows, new home buyers are motivated to take that giant leap to homeownership. Second-home buyers and investors are on the lookout too—good indicators for sellers who seek to sell quickly and at the best possible price.

The current trend in the market and low-interest rates point to a positive result for real estate in the coming months. As buyers regain confidence and commit to purchasing a new or second home, sellers, priced correctly, can find buyers. However, prices and conditions vary based on the price range and location. Therefore, it’s critical to review and compare market conditions for every property. The Warner Team has the skills and experience to help sellers price, market, and close with ease. They truly know the area and can help buyers find the perfect place to call home too.

Make the connection, contact Scott and Julie today.