While sales have cooled off across Miami-Dade, Palm Beach County continues to be the hottest South Florida market. In April, Miami-Dade did a total sales volume of $460,641,000 for single family homes, and $512,633,311 for condos. Broward brought in $530,168,724 for single family homes and $276,907.503 for condos. Palm Beach totaled $734,791,414 in single family homes and $355,565,555 in condos. Palm Beach county beat both Miami-Dade and Broward in single family homes sales for the month of April, and continues to be the strongest market in South Florida. While the area has less available inventory than Miami-Dade or Broward, what is available is in demand. Miami continues to show strong condo sales overall as the demand is there but the decline in foreign buyers is slowing the city’s real estate market across the board.
Median sales prices continue to rise in Palm Beach County. The median sale price for single family homes in April was $324, 750. The median list price was $361,700, which was down from $379,999 in March. The median sale price this year for the $1M plus properties in Palm Beach County is $1.83M. Home prices are declining across the county so far this year. The number of new listings has also steadily declined since the beginning of the year in Palm Beach. In April, there were a total of 2430, which was a drop from 2518 in March. There were a total of 11,751 active listings on the market in April. The median number of days it took to sell as single family home in Palm Beach County in April was 43 demonstrating that inventory is moving fairly quickly. Palm Beach sees a fair amount of demand for homes in the $500K to $600K range. The strongest demand continues to be in the $1M plus and under $300K markets.
Palm Beach out performs Miami for single family homes, and Miami out performs Palm Beach in the condo market. While sales volume is down, it has recovered from its significant dip in January when volatility in the markets caused many potential buyers to freeze up. As long as the markets remain stable this year, sales, while slower than 2014 or 2015, appear to be continuing at a steady pace. If you are looking to purchase a single family home in South Florida and don’t need to be in Miami than Palm Beach County is the place to buy right now. For single family home purchases in Miami the favored community is Coral Gables, which offers access to some of the top schools in South Florida as well as a center town. However, the beach communities in Palm Beach continue to be hot and offer sound investment opportunities across the board.
I recently helped my clients, Chris and Kasia Jamroz, find their ideal home. After a few months of intense searching, we found their perfect home located in Delray Beach in Palm Beach County. They fell in love with the great outdoor lifestyle, the proximity to the beach and the thriving night life along Atlantic Avenue. If you, or someone you know, is looking to relocated to the area, please email Michelle@mmdrealty.com.
Michelle Farber Ross