In the Town of Palm Beach, closings on single-family homes tripled from Q4 2019 and jumped 33 percent from Q3. Condo/co-op sales jumped 30 percent.
In Fourth Quarter 2020, sales in the Town of Palm Beach spiked versus a year ago and expanded compared to Third Quarter 2020. This market continued to see high and rising demand as a result of the ongoing Covid-19 pandemic and work-from-home trend that has driven many buyers to purchase primary or secondary homes in South Florida. Closed sales activity increased versus last year for condo and co-op apartments and single-family homes. However, the improvement in sales was driven largely by a significant increase in demand for single-family homes versus last year, a result of buyers seeking to expand their space due to rapid evolutions in work, school, and home life.
• Single-family closings tripled versus last year and rose 33% versus Third Quarter 2020.
• Condo/co-op sales nearly doubled compared to last year and increased by 30% quarter-over-quarter.
• Median price for single-family homes rose 36% annually as there was five times the number of sales over $5M during Fourth Quarter 2020 compared to last year.
John Hackett, Corcoran’s Senior Managing Director for South Florida, summed up the quarter this way: “The Palm Beach market continues to experience intense demand as single-family home sales tripled and condo sales doubled year-over-year during the fourth quarter. With more employers establishing a presence in the area — and as awareness of our considerable tax advantages continues to grow — the region’s appeal as a destination for primary homes has accelerated dramatically.
The initial rush during spring and summer may have been related to the desirability of large estate homes with more square footage and unparalleled privacy due to the pandemic. However, the substantial increase in recent activity across all housing types is a sign that people simply want to make the South Florida lifestyle their own.”