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More Than 4,625 Palm Beach County Condos Listed For Sale At Start Of South Florida Winter Buying Season

Palm Beach County Condos Traded For $185 PSF Average In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 8, 2020) - More than 4,625 condo units are formally listed for sale in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

Based on condo sales of nearly 860 units monthly in the first nine months of 2019, Palm Beach County now has less than a six-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market. 

It is worth noting this report only tracks those Palm Beach County condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region.  

Currently, about 770 Palm Beach County condo units are under contract waiting to transact - or pending - at an average asking price of about $786,840 each or about $321 per square foot, according to the statistics. 

The average asking price of a Palm Beach County condo currently listed for sale is more than $535,555 per unit. This works out to an average asking price of about $285 per square foot, according to the data compiled by CondoVulturesRealty.com

In the first nine months of 2019, the average transaction price of a Palm Beach County condo was nearly $290,200 each or about $185 per square foot, according to the statistics. 

This means the current asking price of a Palm Beach County condo listed for sale is nearly 85 percent higher than the average transaction price achieved on a per-unit basis and about 54 percent higher than the average transaction price on a per-square-foot basis between January and September of last year. 

In the first three quarters of 2019, the sellers who were able to unload their units needed about 79 days to transact a Palm Beach County condo listed for sale. The current Days-On-The-Market average for a Palm Beach County condo listed for sale is about 123, according to the statistics. 

The number of Days-On-The-Market for the Palm Beach County condo units currently under contract - or pending - is about 87, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.