Palm Beach County Real Estate Report June 2022
Wealthy Americans and international investors choose Florida more than any other US location
Let’s put our attention to Palm Beach County where BAI Capital has a select amount of amazing properties to invest in, and own.
We took note a few years back that this emerging market in South Florida was primed to take off; and as you’ve probably read in our previous emails, it sure has!
Yet, Palm Beach County is not just an investors’ paradise, it’s a great place to live!
So, let’s look at the vital Palm Beach County stats from June 2022 to help you make your best decisions. Today we will discover why more wealthy individuals like you are choosing to make this area in South Florida their new home.
Here’s Why to Buy Palm Beach County Property
Palm Beach County, FL has 10,112 homes on the market.
- Between May 2022 and June 2022, Palm Beach County, FL real estate market has seen an increase in the number of listings by 2.5%.
- Listings spent 18 days on the market in June 2022 and had a median list price of $400,032 during the same period.
- This housing market listing prices have changed between May 2022 and June 2022: prices of 1 bedroom properties increased by 26.7%, prices of 2 bedrooms properties went up by 23.1%, 3 bedrooms properties prices increased by 24.6%, prices of 4 bedrooms properties went up by 22.5%, prices of 5 bedrooms properties went up by 27.7%.
- The volume of homes for sale changed: the quantity of 1 bedroom homes went down by 0.1%, the quantity of 2 bedrooms homes went down by 2.1%, the quantity of 3 bedrooms homes went up by 3.9%, 4 bedrooms homes inventory increased by 8%, 5 bedrooms homes became 7.9% more available.
- While more than 811 listings in Palm Beach County, FL in June 2022 were sold above the asking price, there were more than 456 listings sold at the asking price, and more than 978 were sold below.
$400,032 or $250/ sq ft
Palm Beach County’s total closed sales in May 2022 outperformed nearly every other May in history despite higher mortgage rates, lower supply, and higher sale prices.
Price Increase
In May 2022, Palm Beach County home prices were up 24.5% compared to last year, selling for a median price of $455K.
Palm Beach County % of asking price
The median percent of the original list price received for single-family homes was 100% in May 2022, up 0.5% from 99.5% last year. The median percent of the original list price received for existing condominiums was 100%, up 3.3% from 96.8% last year.
On average, homes in Palm Beach County sell after 37 days on the market compared to 45 days last year.
Palm Beach County Property Inventory
There were 3,118 homes sold in May this year, down from 4,096 last year.
*** Today’s stats were compiled from Yahoo Finance, Redfin, and Rocket Homes ***
As can be noted, there are discrepancies in figures according to the source. We include several to better reflect the proper number.
Today’s Takeaways on Palm Beach County Properties
Homebuyers leaving tax-burdened states to purchase in Florida (no state income tax), new-to-market firms moving here, low-interest rates, the appeal of property as an inflation hedge, rising wages and accrued savings in lockdowns, strong equity market performance, a reassessment of housing needs and lifestyles because of the pandemic and expansion of remote work are all factors driving South Florida real estate demand.
These are just some of the many valid reasons investors and homeowners choose South Florida and Palm Beach County.
https://baicapital.com/alba-palm-beach-ocean-front-condo-opportunity/
What is on your investment horizon?
Fixed-income returns are available as equity investors in our Florida properties. Or, property units can be purchased outright with or without a mortgage.
