June 2021: Monthly Insights - El Cid Single Family Homes
Market: El Cid, West Palm Beach
Asset Class: Single Family Homes
Summary:
In June of 2021, we saw transaction volume (1 sales in total) drop significantly compared to the record levels we saw in Feb, March, April and May of 2021 (5-7). Transaction volume was down 80% MoM (5 to 1) and 67% YoY (3 to 1). The decline is explained by some slowing due to seasonality but also due to a 20% YoY drop in inventory.
Sales volume followed a similar trend. YoY sales volume declined 66%. MoM sales volume was down 87%.
PPSF continues to be up YoY, it was up 11% YoY for the month of June. MoM PPSF remained flat ($789 sq/ft in May compared to $787 sq/ft in June).
Note in general transaction volume in the El Cid neighborhood is a low single digit, ranging from 0-7 sales per month.
Transaction Volume (# of closed sales) - El Cid
Sales Volume ($) by Month - El CId
For the actual numbers and raw data, please refer to table below:
Price ($) / Square Foot by Month - El Cid
This chart reflects the blended $ / sq foot for both waterfront and non waterfront properties.
Active Listings by Month - El Cid
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 El Cid residential real estate trends. 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 ($) - El Cid (1980 - 2021)
2021: sales volume for the first half of 2021 continues to be strong. Half way through the year and there has been $50.5M in sales volume compared to $61.5M in all of 2020.
1H of 2021 = $50.5M in sales volume compared to 1H of 2020 = $24.5M, representing 105% YoY growth in sales volume for El CId single family home market.
Price ($) / Square Foot (PPSF) - El Cid (1980 - 2021)
PPSF is up 4% in 2021 ($804) compared to 2020 ($557)
Interesting to note:
PPSF is up 50% YoY for non-waterfront ($524 to $788), whereas water front PPSF is only up 14% YoY ($867 to $987).
Transaction Volume (# of closed sales) - El Cid (1980 - 2021)
1H of 2021 there have been a total of 24 closed transactions for homes in El Cid compared to 7 closed transaction in 1H of 2020. Note, last year 1H was a very uncertain time with Covid-19. Transaction volume really began to pick up again in July of 2020.
Compounding Annual Growth Rate (CAGR) - El Cid Single Family Homes
Over the last 40 years the El Cid market has had 11 down years and a 40 year CAGR of 7.92%
The data represented in this monthly report is a roll up of a subset of the West Palm Beach market and is intended to provide an overview of transaction activity for single family homes in the El Cid neighborhood. We recognize that there are nuances by location and based on specific property features even within El Cid. 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.
