Market Snapshot Palm Beach County Closed Sales

FLPalmBeach Martin Group Real Estate Palm Beach County Market Snapshot Oct 2020

Quick Summary Graph of Median Sold Prices

Palm Beach County Local Market Update October
FLPalmBeach Martin Group Real Estate Local Market Update Graphs Oct 2020 Palm Beach Gardens

Sales Stay Up As Inventory Stays Tight

This Month’s Median Sold Price is Even Higher Than Last Month

The market is HOT and it’s a great time to invest in real estate! The 2020 trend of low interest rates and low inventory is raising the value of Palm Beach County homes.

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

Winter is the season in South Florida to buy a home and the Palm Beach County housing market is even hotter! It’s a great time to list your home with one of our experienced agents, as buyers are eager to take advantage of the record low mortgage rates now. Just call our team, the Martin Group at 561-339-1779, for your free consultation.

We continue to see increases across the Palm Beach County housing market. Throughout the year, we’ve seen a trend of double digit increases in median sale price and closed sales. This trend continued in November as the median sale price increased 19.4% to $418,000, said Jarrod Lowe, 2020 President of Broward, Palm Beaches & St. Lucie Realtors®. Closed sales also increased heavily by 28.4% to 1,533. 

Median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.

Homes in Palm Beach County are selling at an astonishing rapid rate and quickly as the median Time to Contract decreased 45.5% to 24 days. Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. 

On January 8, 2021, according to Florida Bank Rate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed finance rate is 2.83% for West Palm Beach (down 0.1% from last month).

Take full advantage of the market this time of year. If you have any questions about the home buying or selling process in the current market conditions, be sure to contact your local Realtor® experts, the Martin Group at 561-339-1779, to book a FREE consultation.

Video Update of Current Market Report

Buyers Market or Sellers Market?

Palm Beach Gardens

Single Family Homes = Seller’s Advantage

Condo Townhouses = Seller’s Advantage

In the latest month’s report of single family homes for November 2020, the median sold price for Palm Beach Gardens, FL was $605,000  which was up 14.7% from the same month in 2019. The median sold price for condos in Palm Beach Gardens, FL was $275,000 which was up 10.8%% from the same month in 2019.  

Below is a quick summary of the local real estate market in Palm Beach Gardens. You can Request a Local Market Update for Any City in Palm Beach County.

FLPalmBeach Martin Group Real Estate Local Market Update Oct 2020 Palm Beach Gardens 1200x1600

Single Family Homes - Palm Beach County Report

Median Sold Prices of Homes Increased This Month

Did Your Home Increase in Value?

Palm Beach County Monthly Indicators Report

North Palm Beach County 

FLPalmBeach Martin Group Real Estate Palm Beach County Monthly Indicators 15 Page Report Oct 2020 Pg1 NORTH 1200x900

What This Means for Buyers & Sellers

NORTH Palm Beach County Update

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings decreased 8.8 percent for Single Family homes but increased 7.0 percent for Townhouse/Condo homes. Pending Sales decreased 0.6 percent for Single Family homes but increased 23.9 percent for Townhouse/Condo homes. Inventory decreased 37.4 percent for Single Family homes and 7.1 percent for Townhouse/ Condo homes. 

Median Sales Price increased 19.7 percent to $443,000 for Single Family homes and 28.1 percent to $228,000 for Townhouse/Condo homes. Median Time to Contract decreased 52.4 percent for Single Family homes and 34.2 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 39.6 percent for Single Family homes and 8.2 percent for Townhouse/Condo homes.

Mortgage rates dropped to new record lows again in November, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

Current as of October 20, 2020. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®.No

South Palm Beach County

FLPalmBeach Martin Group Real Estate Palm Beach County Monthly Indicators 15 Page Report Oct 2020 Pg 1 SOUTH 1200x900

What This Means for Buyers & Sellers

SOUTH Palm Beach County Update

November continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall. 

New Listings decreased 5.8 percent for Single Family homes and 3.5 percent for Townhouse/Condo homes. Pending Sales increased 13.2 percent for Single Family homes and 15.8 percent for Townhouse/ Condo homes. Inventory decreased 38.8 percent for Single Family homes and 8.3 percent for Townhouse/ Condo homes. 

Median Sales Price increased 16.4 percent to $439,500 for Single Family homes and 18.7 percent to $203,500 for Townhouse/ Condo homes. Median Time to Contract decreased 61.0 percent for Single Family homes and 22.5 percent for Townhouse/ Condo homes. Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes.

Mortgage rates dropped to new record lows again in January 2021, which helps to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

Current as of November 22, 2020. Data courtesy of BeachesMLS, a subsidiary of Broward, Palm Beaches & St. Lucie Realtors®.

Get the Latest Real Estate Stats for Your City

FLPalmBeach Martin Group Real Estate Local Market Update Oct 2020 Palm Beach Gardens 1200x1600

You Might Want to Read This Article: 

Is NOW a Good Time to BUY or SELL?

Request a Detailed Real Estate Market Report for Your Area

CMA Home Value Report Examples Image

You can request a Detailed Market Report or Summary 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

CMA Home Value Report Comparative Market Analysis FLPalmBeach Martin Group Real Estate 1200x600

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?

We want to help… Let’s Talk!

Doug Martin Realtor Emeritus flpalmbeach.com Martin Group Photo

Doug Martin

Realtor® Broker
561-339-3299

Jason Martin PA Realtor flpalmbeach.com Martin Group Photo

Jason Martin

Realtor® Agent
561-624-4544

Email The Martin Group

*Required