Palm Beach Area Luxury Home Sales Spike 62% In February

According to the Miami Association of Realtors, Palm Beach County total home sales increased in February 2021 as pent-up demand and record-low mortgage rates continue fueling transactions. Palm Beach County total home sales in

BY Realty Plus
Published - Saturday, 27 Mar, 2021

Palm Beach Area Luxury Home Sales Spike 62% In February

According to the Miami Association of Realtors, Palm Beach County total home sales increased in February 2021 as pent-up demand and record-low mortgage rates continue fueling transactions. Palm Beach County total home sales increased 3.1% year-over-year in February 2021, from 2,248 to 2,318. Palm Beach single-family home sales decreased 1.8% year-over-year, from 1,233 to 1,211. Palm Beach existing condo transactions increased 9.1% year-over-year, from 1,015 to 1,107. "Record-low interest rates, homebuyers leaving tax-burdened Northeastern states and work-from-home and remote-learning policies have all combined to boost Palm Beach real estate," JTHS-MIAMI President Bill Mate said. The demand for South Florida real estate is evident in median time to contact. Palm Beach County single-family homes are going under contact in 30 days, 50.8% faster than a year ago (61 days). Palm Beach condos are going under contract 40 days, 32.2% faster than a year ago (59 days). Lack of inventory in certain price points is impacting sales, particularly for single-family homes. Increased housing starts and more sellers listing properties in 2021 should help alleviate the lack of supply.