Palm Beach County Property Values Sky High – and Rising
Today we discuss the impressive and above-average Palm Beach County Florida property market.
Key year over year figures and stats we present today will help you get a clearer idea of the many advantages of investing in the Sunshine State.
We will also share some of the main reasons investors like you choose Florida with confidence, as well, we share a sneak peek of our West Palm Beach offering: Alba Club.
Increase in property values in Palm Beach County
Palm Beach County single-family median prices increased by 23.5 percent year over year, from $425,000 to $525,000. The median price of an existing condominium increased 14.4 percent year over year, from $230,000 to $263,125.
Palm Beach County home values have gone up 26.6% (current value = $406,835) over the past year and will continue to rise in the next twelve months due to the supply-demand imbalance.
Palm Beach total dollar volume totaled $1.9 billion in February 2022. Single-family home dollar volume increased 22.81% year-over-year, from $1 billion to $1.3 billion. Condo dollar volume increased 36.48% year-over-year, from $482 million to $658 million.
Palm Beach County Increase in property sales
Pent-up demand and low mortgage rates are fueling its housing market. Palm Beach County ended 2021 with a total of 37,447 home sales, an increase of 18.8% over last year and 16.7% over Palm Beach’s previous annual record of 32,083 transactions in 2015. Palm Beach also set new annual records for single-family home sales (19,495) and condominium sales (19,495). (17,952). Palm Beach’s total sales volume was $25.4 billion in 2021, up 50.3 percent from the previous year.
Palm Beach County total home sales increased 10.4% year-over-year in February 2022, from 2,318 sales to 2,558. Palm Beach single-family home transactions increased 2.1%, from 1,211 to 1,237. Palm Beach existing condo sales increased 19.3%, from 1,107 to 1,321.
Decrease in Florida property inventory
Months’ supply of single-family home inventory decreased 52.2 percent to 1.1 months, indicating a seller’s market. Existing condominium inventory decreased 73.9 percent to 1.2 months, indicating a seller’s market. A market that is balanced between buyers and sellers offers a supply of between six and nine months.
The median number of days between listing and contract dates for Palm Beach single-family home sales was 13 days, a 56.7% decrease from 30 days last year. The median time to sale for single-family homes was 55 days, a 24.7% decrease from 73 days last year.
The median number of days between the listing date and contract date for condos was 13 days, down 67.5% from 40 days. The median number of days to sale for condos was 53 days, a 35.4% decrease from 82 days.
Cash sales and international buyers of Palm Beach property
Cash sales represented 55.4% of Palm Beach closed sales in February 2022, compared to 49.2% in February 2021. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.
The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 64.6% of all Palm Beach existing condo sales and 45.7% of single-family transactions.
Comparison to rest of country and world
Palm Beach County sales more than double the national figure in February 2022.
According to a 2019 census report, the county had a population of 1,496,770, making it the third-most populous county in the state of Florida and the 25th-most populous county in the United States.
Miami (and Florida) remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 85 square meters of prime property, according to Knight Frank’s 2021 The Wealth Report. Monaco (15 square meters), Hong Kong (23), London (31), New York (34) and Geneva (35), and others offer significantly less prime land for $1 million.
Reasons for buying Florida property
“In this new-normal of remote work and how your job is no longer necessarily connected to where you live, Palm Beach County and all of South Florida has emerged as a top home destination,” JTHS-MIAMI President Brad Westover said. “Palm Beach real estate demand is being driven by a reassessment of housing needs and lifestyles, low-interest rates, low taxes, new-to-market firms moving here, the appeal of property as an inflation hedge, and more.”
All this, on top of the fantastic year-round weather, great access to education, tourism, favorable landlord laws, and cultural and art events.
Our Palm Beach County offering: Alba Palm Beach
Alba Palm Beach in exclusive Palm Beach County, Florida. Invest in one of the few new luxury condos in West Palm Beach. A limited amount of exclusive boutique ocean front condo units are available for select investors, with incredible upswing potential.
Build valuable equity in one of the premier U.S. real estate locations. You can also leverage this property investment to apply for your US Green Card with the EB-5 Visa Immigrant- Investor Program.
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To invest with confidence you duly analyze the vital stats, projections, and market forecasts. The links we have shared with you today are for you to use in your appraisal of the Florida housing and property market.
Clearly, Palm Beach County shows all the qualities of being an emerging growth market that is not saturated, nor near its peak.
Book a meeting to discuss your best Florida investment option.