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Palm Beach Luxury Home Transactions Increase By Double Digits in January

Posted by Meike MacGregor on Wednesday, February 5th, 2020 at 10:43am.

Palm Beach Luxury Home SalesAccording to recent data from the MIAMI Association of Realtors, total home sales, dollar volume and luxury transactions in Palm Beach County rose double digits year-over-year in January 2020.

Total home sales increased by just over 25% year-over-year, from 1,590 to 1,989. Single-family home sales saw an increase of 29%, from 846 to 1,094, and Palm Beach condo sales jumped up 20.3%, from 744 to 895.

Reports suggest that the overall rise in the mid-level market and luxury transactions ($1-million-and-up) added fuel to fury of increased home sales.  Mid-level market statistics show single-family homes priced between $300K to $400K recorded an increase of 40.2% in transactions, or up to 272 sales. Palm Beach condominiums priced between $300K to $400K had 82 transactions, representing a 57% increase.

In the luxury market, Palm Beach single-family homes priced above $1 million rose 52.2% to 102 transactions while Palm Beach condos priced above $1 million increased 61.5% to 42 transactions.

These positive trends are likely to continue due to a new condo approval process. The new process extends certifications from two years to three, allows for single-unit mortgages, offers additional flexibility with occupancy ratios, and increases the permissible number of FHA loans in a single project.

The changes to the approval process, many of which in Miami and NAR have strongly endorsed, are expected to result in thousands of new home ownership opportunities throughout South Florida.

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