Real Estate Market Report Palm Beach County 2020

Market Snapshot of Palm Beach County Closed Sales

FLPalmBeach Martin Group Real Estate Palm Beaches Palm Beach County Sept 2020 Market Snapshot 1100x1200 Image

Quick Summary Graph of Median Sold Prices

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Palm Beach County Real Estate Market Is Hotter Than Ever

Median Sold Price is Higher in Palm Beach County

Just in! Newly released market reports from Florida Realtors® detail recent real estate activity in the Palm Beaches. The reports compare year-over-year data for August 2020 and have the latest statistics for Palm Beach County’s Sold Homes.

Summer may be coming to an end, but the Palm Beach County housing market is heating up! It’s a great time to list your home with one of our agents as buyers are eager to take advantage of these record low rates. Just call our team, the Martin Group at 561-339-1779, for your free consultation.

Median Sold Price continues to rise – up 12.4% to $399,000 – while Closed Sales increased 15.8% to 1,814, year-over-year. The 2020 trend of low interest rates and low inventory is igniting the value of Palm Beach County homes.

On Saturday, October 24, 2020, according to Bank Rate’s latest survey of the nation’s largest refinance lenders, the benchmark 30-year fixed refinance rate is 3.230% with an APR of 3.450%.

If you have any questions about the home buying or selling process, be sure to contact your local Realtor® experts, the Martin Group at 561-339-1779, to book a free appointment.

Video Update of Market Reports

Buyers Market or Sellers Market?

Palm Beach Gardens

Single Family Homes = Seller’s Advantage

Condo Townhouses = Slight Seller’s Advantage

In the latest month’s report of single family homes for September 2020, the median sold price for Palm Beach Gardens, FL was $678,250  which was up 48.3% from the same month in 2019. The median sold price for condos in Palm Beach Gardens, FL was $282,850 which was up 7.8%% from the same month in 2019.  

Single Family Homes - Palm Beach County

Median Sold Prices of Homes Increased This Month

Did Your Home Increase in Value?

Palm Beach County Monthly Indicators

North Palm Beach County Report

Monthly Indicators FLPalmBeach Martin Group Real Estate August 2020 Palm Beach County Report Page 1 NORTH 950x800

What This Means for Buyers & Sellers

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

New Listings increased 8.8 percent for Single Family homes and 21.8 percent for Townhouse/Condo homes. Pending Sales increased 7.8 percent for Single Family homes but decreased 2.6 percent for Townhouse/Condo homes. Inventory decreased 34.2 percent for Single Family homes but increased 0.4 percent for Townhouse/Condo homes.

Median Sales Price increased 16.2 percent to $435,000 for Single Family homes and 12.7 percent to $230,000 for Townhouse/Condo homes. Median Time to Contract decreased 37.5 percent for Single Family homes and 31.7 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 33.3 percent for Single Family homes but increased 8.5 percent for Townhouse/Condo homes.

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

Current as of August 17, 2020. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®.

South Palm Beach County Report

Monthly Indicators FLPalmBeach Martin Group Real Estate August 2020 Palm Beach County Report Page 1 SOUTH 950x800

What This Means for Buyers & Sellers

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

New Listings increased 13.0 percent for Single Family homes and 22.0 percent for Townhouse/Condo homes. Pending Sales ncreased 17.9 percent for Single Family homes and 3.6 percent for Townhouse/ Condo homes. Inventory decreased 33.2 percent for Single Family homes but increased 3.5 percent for Townhouse/Condo homes.

Median Sales Price increased 16.4 percent to $425,000 for Single Family homes and 19.5 percent to $208,000 for Townhouse/Condo homes. Median Time to Contract decreased 34.3 percent for Single Family homes and 15.0 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 33.3 percent for Single Family homes but increased 11.6 percent for Townhouse/Condo homes.

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

Current as of August 17, 2020. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®.

Get the Latest Real Estate Stats for Your Area

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Is NOW a Good Time to BUY or SELL?

Request a Detailed Real Estate Market Report for Your Area

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You can request a Detailed Market Report for a specific County, City, Subdivision, or Zip Code. Data is from our Realtors® Association of the Palm Beaches Multiple Listing Service with a report covering the latest month of stats.

This Housing Report includes the Number of Sold Homes, Median Sold Price, Average Sold Price, Days on Market, Buyers or Sellers Market Now, plus more. This is same detailed report that Realtors® receive each month.


Request CMA Comparative Market Analysis of My Home

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This is more than an “Instant” Home Value. With the CMA, we compare your home to similar homes that have recently sold or are currently listed in your area. Please allow 24 hours for us to prepare your personal report.

Ready to Buy, Sell or Rent a Property?

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Doug Martin

Realtor® Broker
561-339-3299

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Jason Martin

Realtor® Agent
561-624-4544

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