In the Town of Palm Beach, single-family home sales jumped by 21 percent compared with Q2 2019, but condo and co-op sales declined by 60 percent.
In Second Quarter 2020, sales in the Town of Palm Beach unsurprisingly decreased as a result of stay-at-home orders in select counties. However, this quarter was in many ways a tale of two markets, with the overall decline driven largely by fewer condo/co-op closings. Despite Covid-19 hitting ‘pause’ on many aspects of life and sales activity throughout South Florida, demand for single-family homes in the Town of Palm Beach jumped this spring by 21% year-over-year as primary and secondary homebuyers looked to take advantage of low-interest rates amid their search for more space and greater privacy.
• Single-family closings increased 21% year-over-year, which was the third consecutive quarter with an annual increase for this product type.
• Condo/co-op sales declined 60% year-over-year, the fifth consecutive quarter with an annual decline.
• Overall average and median price both increased by significant amounts annually. Propelling price statistics higher was the rise in single-family home sales including fourteen sales over $10M during Second Quarter 2020 compared to six last year.