June 2021: Monthly Insights - Palm Beach Island Single Family Homes
Market: Palm Beach Island
Asset Class: Single Family Homes
Summary:
In June of 2021, we saw transaction volume (19 sales in total) drop from the highs of March, April and May. Transaction volume was down 30% YoY (27 to 19) and down 27% MoM (26 to 19). The decline is explained by the lowest levels of inventory for sale on Palm Beach Island. Active listings are down 70% from last July. Continues to be a fantastic opportunity for sellers to capitalize during this market.
The decline in Sales volume ($) was not as great as the transaction volume. YoY sales volume declined 20% and was down 19% MoM (see actual dollar amounts in the table below). This was largely due to two large oceanfront property sales that traded for $109M and $35M, bringing up the total sales volume significantly even though total transactions were down for the month.
Price / Square Foot hit a near record high in June reaching $3,008 / sq foot. I would not expect this to be the new normal as this months transaction volume contained two ocean front properties which trade at a premium $ / sq foot even for waterfront.
Transaction Volume (# of closed sales) - Palm Beach Single Family Homes (by month)
Sales Volume ($) - Palm Beach Single Family Homes (by month)
For the actual numbers and raw data, please refer to table below:
Price ($) / Square Foot - Palm Beach Single Family Homes (by month)
Active Listings - Palm Beach (by month)
This Month's Featured Sale: $109M , 1840 South Ocean Blvd.
The Archives: Historical Real Estate Trends (1980 - 2021)
We include the archives in each month's report to provide you with the bigger picture on Palm Beach residential real estate. Although we do not believe that the past is a predictor of the future, such trends can help to inform your perspective and decision making strategy when buying or selling real estate.
Sales Volume ($) - Palm Beach Single Family Homes (annual)
Price ($) / Square Foot - Palm Beach Single Family Homes (annual)
Transaction Volume (# of closed sales) - Palm Beach Single Family Homes
Compounding Annual Growth Rate (CAGR) - Palm Beach Single Family Homes
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 single family homes on Palm Beach Island. We recognize that there are nuances by location 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.