West Palm Beach Market Faces 9-Month Supply Of Condos Listed For Sale In South Florida

Condo Buyers Pay $537 PSF For Downtown West Palm Beach And Palm Beach Island Units In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 2, 2020) - At least 375 condo units are formally listed for sale 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 condo sales of about 42 units monthly in the first nine months of 2019, the Downtown West Palm Beach And Palm Beach Island area now has nearly a nine-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 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, more than 50 Downtown West Palm Beach and Palm Beach Island condo units are under contract and waiting to transact - or pending - at an average asking price of nearly $3.9 million each or $1,007 per square foot, according to the statistics. 

The average asking price of a Downtown West Palm Beach and Palm Beach Island condo currently listed for sale is about $1.3 million per unit. This works out to an average asking price of $627 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 condo was nearly $1.3 million each or about $537 per square foot, according to the statistics. 

This means the current asking price of a Downtown West Palm Beach and Palm Beach Island condo listed for sale is about three percent higher than the average transaction price achieved on a per-unit basis and nearly 17 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 2019, the sellers who were able to unload their units needed at least 115 days to transact a Downtown West Palm Beach and Palm Beach Island condo listed for sale. The current Days-On-The-Market average for a Downtown West Palm Beach and Palm Beach Island condo listed for sale is about 170, according to the statistics. 

The number of Days-On-The-Market for the Downtown West Palm Beach and Palm Beach Island condo units currently under contract - or pending - is about 127, 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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