In the Town of Palm Beach, closings on single-family homes increased 120 percent compared with Q3 2019, and condo/co-op sales jumped 22 percent.
In Third Quarter 2020, sales in the Town of Palm Beach surged year-over-year and jumped compared to Second Quarter 2020 as the market continued to rebound from the initial impact of the stay-at-home orders due to COVID-19. This quarter saw improved sales activity versus last year across both single-family and condo/ co-op product types. The overall increase was driven largely by a higher number of single-family closings. Although Covid-19 has hindered several parts of life throughout South Florida from early March to now, real estate sales activity this quarter showed strong demand for both single-family homes and condo/co-op residences throughout the Town of Palm Beach.
• Single-family closings increased significantly by 120% year-over-year and improved by 34% compared to Second Quarter 2020. Condo/co-op sales rose 22% year-over-year; the first quarter with an annual increase since Third Quarter 2018.
• Average price for single-family homes declined 51% annually while the average price for condo/co-op rose 63% year-over-year. The decline in single-family average price was caused by fewer sales over $10M compared to last year. Driving condo/co-op prices higher was the doubling in the number of sales over $3M during Third Quarter 2020 compared to last year.