Below is a quick summary of the local real estate market in Palm Beach Gardens. Request YOUR City or Zip Code Market Report NOW. Average home prices in Ft. Lauderdale increased 16%, and they were up 11% in Boca Raton. 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 … Large apartment buildings are the main housing type, representing most dwellings in Palm Beach, but single detached homes are also present … © 2020 CNBC LLC. Months Supply of Inventory decreased 39.6 percent for Single Family homes and 8.2 percent for Townhouse/Condo homes. Stay up-to-date! Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes. Palm Beach County single-family home prices … The highest growth in home values in the West Palm Beach Real Estate Market over a three year period was 88% in the three years ended with the 1st Quarter of 2006. 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. 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. 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. Request Detailed Market Report for My City, Neighborhood or Zip Code, request a Detailed Market Report or Summary Report. Prices in Miami, Ft. Lauderdale, Boca Raton and even parts of Tampa increased by a double-digit pace in the quarter. More are heading to Florida. The worst performance over a three … With the CMA, we compare your home to similar homes that have recently sold or are currently listed in your area. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. You can request a Detailed Market Report or Summary Report for a specific County, City, Subdivision, or Zip Code. Visit this page to learn about the business and what locals in Palm Beach have to say. Fall may be coming to an end in December, but the Palm Beach County housing market is even hotter! Palm Beach Housing Market Information. Got a confidential news tip? In Miami, luxury home prices surged 42% in the quarter, with the average sale price hitting $2.8 million. The strength shows little signs of slowing as signed contracts jumped 62% in September, the report said. There is now less than a five-month supply. See Homes in Neighborhoods Near Palm Beach … The reports compare year-over-year data for October 2020 and have the latest statistics for Palm Beach County’s Sold Homes. During the last 12 months the real estate prices in Palm Beach, Palm Beach Gardens City increased, looking at the past 12 months. In the latest month’s report of single family homes for October 2020, the median sold price for Palm Beach Gardens, FL was $605,000 which was up 14.7% from the same month in 2019. Palm Beach Real Estate Inc. 189 Bradley Place, Palm Beach, FL 33480. Data is from our Realtors® Association of the Palm Beaches Multiple Listing Service with a report covering the latest month of stats. Median Sold Prices of Homes Increased This Month. 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. Inventory remained tight. That, coupled with a potential "blue wave," where the Democrats win the White House and both houses of Congress in the upcoming elections, have some worried about the potential combination of higher federal and state taxes. Current as of October 20, 2020. We want to hear from you. As local market experts, we can guide you through the ins and outs of our market and the issues most … 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. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year. Please allow 24 hours for us to prepare your personal report. The average sale price per square foot in Palm Beach County is $188, up 9.3% since last year. 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. 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. 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 … The 2020 trend of low interest rates and low inventory is raising the value of Palm Beach County homes. Affordability of Living in Palm Beach Gardens, FL. Browse data on the 1,592 recent real estate transactions in Palm Beach FL. October continued to be busier than the calendar normally suggests. Palm Beach resident Richard Kurtz updated a 1990s house at 680 S. Ocean Blvd. Sign up for free newsletters and get more CNBC delivered to your inbox. "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. Mansions seen along the coast of Palm Beach, Fla. NYC high-end real estate getting hit hard: Brown Harris Stevens CEO. Affordability of Living in West Palm Beach, FL. Great for discovering comps, sales history, photos, and more. This Month’s Median Sold Price is Even Higher Than Last Month. While national real estate numbers and predictions can provide a “big picture” outlook, real estate is local. The wealthy in the Northeast are growing older and looking to retire. The inventory for single-family homes decreased … Pending Sales increased 13.2 percent for Single Family homes and 15.8 percent for Townhouse/ Condo homes. 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! Towards the … "It creates a snowball effect.". 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. What are the most popular housing types in Palm Beach, FL? And then in March, it got the wind knocked out of it by, of all things, a global pandemic. Phone: 561-833-0238. Billionaire Jude Reyes sold his oceanfront mansion for $19 million and pulmonologist Norman Traverse sold his seven-bedroom waterfront estate for $51 million. Learn about the Palm Beach Gardens, FL housing market through trends and averages. This is more than an “Instant” Home Value. "You just can't find homes to buy there now.". Median Sales Price increased 16.4 percent to $439,500 for Single Family homes and 18.7 percent to $203,500 for Townhouse/ Condo homes. Like most cities in the state of Florida, the West Palm Beach real estate market got hit hard by the recession. The average home price in Palm Beach was more than $7 million during the quarter, according to a report from Douglas Elliman and Miller Samuel. Among the big recent sales in Palm Beach was the $28 million sale of a "teardown" mansion owned by telecom tycoon Donald Burns. 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. Zillow has 726 homes for sale in Palm Beach Gardens FL. In this scenario, Florida, which doesn't have an income tax, becomes more attractive. "And Florida will still have no income tax. You can Request a Local Market Update for Any City in Palm Beach County. See Homes in Neighborhoods Near West Palm Beach… Global Business and Financial News, Stock Quotes, and Market Data and Analysis. New Listings decreased 5.8 percent for Single Family homes and 3.5 percent for Townhouse/Condo homes. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®. in the Estate Section with fine materials and a nod at modern living. 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. Homes are typically worth $281/sqft. It’s a great time to list your home with one of our agents as buyers are eager to take advantage of the record low mortgage rates now. On average, homes in Palm Beach County, FL sell after 75 days … There are 506 active homes for sale in Palm Beach, FL, which spend an average of 201 days on the market. Get this delivered to your inbox, and more info about our products and services. 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. Median Time to Contract decreased 61.0 percent for Single Family homes and 22.5 percent for Townhouse/ Condo homes. Just call our team, the Martin Group at 561-339-1779, for your free consultation. So that's always a big plus. Newly released market reports from Florida Realtors® detail recent real estate activity in the Palm Beaches. The 2020 Florida housing market continued to amaze in October with a year-over-year increase of nearly 32.8% in single-family home sales and 35.7% in the condo and townhouse category. 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. Homes are typically worth $202/sqft. "Whoever wins in November, you're going to have to fix the budget issues on a national and state level," Parker said. You can Request a Local Market Update for Any City in Palm Beach County. Just in! Inventory decreased 37.4 percent for Single Family homes and 7.1 percent for Townhouse/ Condo homes. Median Sales Price increased 19.7 percent to $443,000 for Single Family homes and 28.1 percent to $228,000 for Townhouse/Condo homes. Below is a quick summary of the local real estate market in Palm Beach Gardens. 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. 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. 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. Do local business owners recommend Real estate? Palm Beach Gardens, FL Real Estate Trends. "The demand for luxury, the perceived security, safety and pristine environment is very attractive to high net worth clients," Parker said. 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. The flight to low tax states is also a driver. Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. 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. Pending Sales decreased 0.6 percent for Single Family homes but increased 23.9 percent for Townhouse/Condo homes. Request Current Local Market … All Rights Reserved. A Division of NBCUniversal. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year. The Palm Beach real estate market entered the season last fall with a strong wind at its back. According to Walletinvestor’s Palm Beach Gardens real estate market … Learn about the West Palm Beach, FL housing market through trends and averages. 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 … The average sale price of a home in Palm Beach County was $320K last month, up 10.3% since last year. Strong Price Appreciation in Palm Beach Strong demand coupled with limited supply continue to drive price appreciation in Palm Beach. Email: Pearl@PalmBeachRealEstateInc.com West Palm Beach, FL Real Estate Trends. Newly released market reports from Florida Realtors® detail recent real estate activity in the Palm Beaches. 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. Inventory decreased 38.8 percent for Single Family homes and 8.3 percent for Townhouse/ Condo homes. West Palm Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer. Explore all real estate & homes in North Palm Beach, FL Palm Beach has a median listing price of $1.4M, making it the most expensive city. "It may be the hottest real estate market in the world right now," said Jay Phillip Parker, CEO of Douglas Elliman's Florida brokerage. Some of the hottest neighborhoods near Palm Beach, FL are Casa del Lago , Northwood … Palm Beach County, FL is a balanced market in September 2020, which means that the supply and demand of homes are about the same. El Cid has a median listing price of $2.3M, making it the most expensive neighborhood. Data is a real-time snapshot *Data is delayed at least 15 minutes. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall. Explore all real estate & homes in West Palm Beach, FL There are 35 neighborhoods in West Palm Beach. New Listings decreased 8.8 percent for Single Family homes but increased 7.0 percent for Townhouse/Condo homes. 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. 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. As recently as 2012, the median sales price bottomed out at about $113,000. Median Time to Contract decreased 52.4 percent for Single Family homes and 34.2 percent for Townhouse/Condo homes. 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