Palm Beach County real estate in high demand even though the pandemic

Photo by Daria Shevtsova on Pexels.com

The Palm Beach County real estate market continues its powerful movement; strongly up over 30 percent over a year ago. Overall sales of single-family homes is up 32.8 percent from 2019, while condo sales have seen an even better rise of 35.7 percent for the same period.

The media sale price for a single-family home in Palm Beach County is now at $420,000 and a condo stands at a more modest $211,000. Sellers are receiving 95-97 percent of their asking price while going to contract anywhere from 21-36 days.

The rise in sales and value has come from baby boomers looking for a gentler, warmer climate to retire, Americans looking to pay less in taxes, and a reduction in inventory (homes for sale). From 2019 through 2020, the number of single-family homes for sale has reduced by over 35 percent and condos by just over 6 percent.



Categories: Financial, News, Real Estate

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