Palm Beach
- Sales hit $3.3B in the first 9 months of 2021, nearly $1 BILLION more than ALL of 2020 ($2.4B). In 2019, it was $1.2B.
- This represents a 100% increase on Palm Beach Island from 2019 to 2020 and then another 40% year over year increase between 2020 and 2021.
- Over 2 years, the growth rate has averaged 70%, arguably making it the hottest market in the US.
- Listing inventory declined to the lowest level in nearly a decade: At the end of September, 37 single-family properties were listed for sale, versus 113 at the same time in 2020, a 68% decline, alongside a 40% expansion of overall market volume.
- New construction or renovated home pricing in Palm Beach started at around $1,250/sf of total living space pre-pandemic and trickled up during the pandemic to $2,500/sf, with some homes now fetching up to $3,000/sf ......non-waterfront.
- The average sales price was just over $14M, up 108% from Q3 2020, while transactions dipped by 33%. Median sales price was up 53%!
- The average sales price was just over $14M, up 108% from Q3 2020, while transactions dipped by 33%. Median sales price was up 53%!
