Nearly 16-Month Supply Of Luxury Condos Listed For Sale In Palm Beach County At Start Of Winter Buying Season

Buyers Purchased Less Than 300 Palm Beach County Luxury Condos In First Nine Months Of 2019   

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 8, 2020) - More than 515 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of about 32 units monthly in the first nine months of 2019, the Palm Beach County market now has nearly a 16-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 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 124 Palm Beach County luxury condo units are under contract - or pending - and waiting to transact at an asking price of more than $3.8 million or about $1,083 per square foot, according to the statistics. 

The average asking price of a Palm Beach County luxury condo currently listed for sale is more than $2.6 million per unit. This works out to an average asking price of about $871 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 luxury condo was more than $2.7 million or about $865 per square foot.

This means the current asking price of a Palm Beach County luxury condo listed for sale is nearly three percent lower than the average transaction price achieved on a per-unit basis and less than one 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 147 days to transact a Palm Beach County luxury condo listed for sale. The current Days-On-The-Market average for Palm Beach County luxury condos listed for sale is about 177, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 102 in the Palm Beach County 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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