STUDY: SALES UP, INVENTORY DOWN IN MUCH OF FLORIDA
BOCA RATON, FL (BocaNewsNow.com) — A just-out report shows that the Coronavirus crisis has given Palm Beach County real estate a powerful boost. You read that correctly.
The report, prepared by Miller Samuel Real Estate Appraisers and Consultants for Douglas Elliman — a national real estate group — shows a dramatic increase in single family homes and condos under “signed contract” in June, and a dramatic decrease in available Palm Beach County real estate to purchase.
The analysis: upper middle class to high net-worth individuals and families in the northeast want to move to Florida.
Keeping in mind that all businesses — including real estate — pulled back during lockdowns, here’s the report for what is now considered the “reopening month” of June, 2020.
Palm Beach County Single Family Homes In June, 2020:
Home Value: $300K to $399K — 1,081 new contracts, up 65.8% from June, 2019.
Home Value: $400K to $499K — 801 new contracts, up 90.7% from June, 2019.
Home Value: $500K to $599K — 424 new contracts, up 102.9% from June, 2019.
Home Value: $600K to $799K — 462 new contracts, up 123.2% from June, 2019.
Home Value: $800k to $999K — 212 new contracts, up 118.6% from June, 2019.
Home Value: $1M+ — 379 new contracts, up 109.4% from June, 2019.
Broward, Miami-Dade, Pinellas and Hillsborough Counties all showed significant year to year increases in single family home contracts.
New listings are down in Palm Beach County for homes valued from under $200k to $599k.
The “Condo Matrix” for Palm Beach County shows an increase in both new contracts and inventory for June, 2020 compared to June, 2019.
Content copyright © 2020 Metro Desk Media, LLC. All Rights Reserved. Broadcast stations must credit BocaNewsNow.com on air. Print must refer to BocaNewsNow.com. Online must link to BocaNewsNow.com. We have agreements with several organizations. Contact news (at) bocanewsnow.com.