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.
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