June 2021: Monthly Insights - Palm Beach Island Condos / Co-Ops / Townhomes

Market: Palm Beach Island 

Asset Class: Condos / Co-Ops / Townhomes

Summary:

• In June of 2021, we saw transaction volume (40 sales in total) drop significantly compared to the record levels we saw in Feb, March, April and May of 2021. Transaction volume was still up 74% YoY (23 to 40) and down 46% MoM (74 to 40). The decline is explained by the lowest levels of inventory for sale on Palm Beach Island. Active listings are down 70% from last July.

• Sales volume followed a similar trend. YoY sales volume increased 64% and was down 47% MoM (see actual dollar amounts in the table below). Sales were split pretty evenly across South End vs Town transactions.

• Price / Square Foot continues to inch up with single digit YoY growth of 7% for the month of June. MoM growth was fairly constant ($852 sq/ft in May compared to $843 sq/ft in June). The growth on a price/square foot basis of the Condo / Co-Op / Townhome asset class continues to lag that of what we’re seeing on the single family home front on island. The growth in price/square foot is really being driven by the South End condos / co-ops / townhouses - YoY growth on South End is 21% vs 5% growth in Town.

Transaction Volume (# of closed sales) - Palm Beach Condos / Co-Ops / Townhomes

Sales Volume ($) - Palm Beach Condos / Co-Ops / Townhomes 

For the actual numbers and raw data, please refer to table below:

Price ($) / Square Foot -  Palm Beach Condos / Co-Ops / Townhomes 

This chart reflects the blended $ / sq foot for both south end and in town condos, co-ops and townhomes.

This chart reflects the $ / sq foot for all south end condos, co-ops and townhomes.

This chart reflects the $ / sq foot for all in town condos, co-ops and townhomes.

Active Listings - Palm Beach (by month)

The Archives: Historical Real Estate Trends (1980 - 2021) 

We include the archives in each month's report to provide you with the bigger picture on Palm Beach residential real estate. Although we do not believe that the past is a predictor of the future, such trends can help to inform your perspective and decision making strategy when buying or selling real estate.

Sales Volume ($) - Palm Beach Condos / Co-Ops / Townhomes 

• 2021: sales volume for the first half of 2021 continues to be strong. Half way through the year and there has been $592M in sales volume compared to $493M in all of 2020.

• 1H of 2020 = $201.8M in sales volume compared to 1H of 2021 = $592.3M, representing 193% YoY growth in sales volume for the condo / co-op / townhome Palm Beach market.

Price ($) / Square Foot - Palm Beach Condos / Co-Ops / Townhomes 

• Price ($) / Sq Ft is up 2% in 2021 ($780) compared to 2020 ($765)

• Interesting to note:

  • Price ($) / Sq Ft is up 21% YoY for the South End Condos / Co-Ops / Townhomes ($503 compared to $606)

  • Price ($) / Sq Ft is only up 5% YoY for the in town Condos / Co-Ops / Townhomes ($1,211 compared to $1,157)

Transaction Volume (# of closed sales) -  Palm Beach Condos / Co-Ops / Townhomes 

• 1H of 2021 there have been a total of 454 closed transactions for condos / co-ops / townhomes on Palm Beach Island. 

• 1H of 2020 = 166 transactions for  condos / co-ops / townhomes closed compared to 454 transactions in 1H 2021, 173% increase YoY in transaction volume. In comparison to a non-covid year, 1H of 2019 yielded 217 transactions for condos / co-ops / townhomes.

• The levels of transactions that we’re seeing are greater than the levels we saw in the 2000-2004 time period. Demand is at an all time high.

The data represented in this monthly report is a roll up of a subset of the Palm Beach market and is intended to provide an overview of transaction activity for condos, co-ops and townhomes on Palm Beach Island. We recognize that there are nuances by location, by building and based on specific property features even within Palm Beach Island. If you are interested in receiving a more detailed analysis on the value of your property or a property you’re considering please contact us below with your request and we can provide a more detailed comparable analysis report. We look forward to hearing from you.

Data Source: All data presented in this report is from PAPA, Palm Beach County Property Appraiser public database and/or The Beaches MLS.