West Palm Beach Luxury Market Faces 11-Month Supply Of Condos Listed For Sale In South Florida

Buyers Purchased 88 Downtown West Palm Beach And Palm Beach Island Luxury Condos In First Nine Months Of 2019   

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DOWNTOWN MIAMI (Jan. 2, 2020) - More than 100 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Downtown West Palm Beach and Palm Beach Island market in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of nearly 10 units monthly in the first nine months of 2019, the Downtown West Palm Beach and Palm Beach Island area now has nearly an 11-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of this year’s 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 Downtown West Palm Beach and Palm Beach Island luxury 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 South Florida region.

Currently, about 23 Downtown West Palm Beach and Palm Beach Island luxury condo units are under contract - or pending - and waiting to transact at an asking price of nearly $8.1 million or about $1,815 per square foot, according to the statistics. 

The average asking price of a Downtown West Palm Beach and Palm Beach Island luxury condo currently listed for sale is more than $3.7 million per unit. This works out to an average asking price of about $1,272 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown West Palm Beach and Palm Beach Island luxury condo was about $4.4 million or about $1,228 per square foot.

This means the current asking price of a Downtown West Palm Beach and Palm Beach Island luxury condo listed for sale is about 16 percent lower than the average transaction price achieved on a per-unit basis and nearly four percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of this year, the sellers who were able to unload their units needed about 152 days to transact a Downtown West Palm Beach and Palm Beach Island luxury condo listed for sale. The current Days-On-The-Market average for Downtown West Palm Beach and Palm Beach Island luxury condos listed for sale is about 206, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 67 in the Downtown West Palm Beach and Palm Beach Island area, 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.

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