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16.3% is how much prices of single-family homes have gone up from last January 2020 through January 2021. The average price of a single-family home in Palm Beach County shot up from $363,000 to $422,000. Asking prices on average are only giving 3.3% off the original listed price. Full prices offers and over asking price for homes that have the right ingredients are the norm.
There is no inventory of single-family homes. Inventory in Palm Beach County year to year has dropped a whopping 45.7% compared to last January. Last year at this time there were 6,347 active listings on the market. Now there are a paltry 3,446 in all of Palm Beach County.
Egret Landing in Jupiter has 0 homes available out of 654. Z-E-R-O! PGA National has 34 homes available out of 4961. That’s 0.06%. Normally there are between 100-120 this time of the year. Mirasol has 10 out of 1164 homes. So, what does this all mean and what comes next?
2. Closed sales rose only 5.5% from last year. 1154 homes sold versus 1094 homes sold in January 2020. This could mean a signal that prices increase are slowing. However, we had high sales a year ago so is still keeping pace with that.
3. The townhouse and condo category (grouped as one) continues to lag behind single family homes. Most of that is skewed to higher inventory and less sales in condos. Medium prices rose 12.3% and inventory is down significantly at 18.1% but nowhere near the 46.5% of single-family homes.
4. Mid-February – Mid May is the strongest time for sales in South Florida because of seasonality. With no inventory and little new construction in Northeast Palm Beach County, prices will continue to rise as rates are low, more stimulus coming, business movement coming, and the virus situation gets dramatically better.
5. The condo market could see hyper inflation as the virus situation gets dramatically better. Going up and down the elevator and not being able to travel to South Florida limited sales of condos. As people get vaccinated, there are great buys in condos. Watch for a run, on condo sales, into the summer. Read more on why condo sales could see a dramatic rise in sales.
Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.
Posted in Open House Blog on February 20, 2021 at 9:02 am.
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From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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