If you want to buy a home in Palm Beach County, be prepared to shell out some serious cash…
Home prices hit record highs in the beginning of 2021, according to a report issued Monday by the Broward County, Palm Beach County & St. Lucie County Realtors.
The median price n the beginning of 2021 for a single family residence in Palm Beach County was over $400,000, representing a 25% increase over last year. For condos and townhomes, the median price was $250,000, representing a 28% increase over last year.
The average sale price of a single family residence was $850,000 and while the number sold decreased by 2%, the sales price represents a 40% increase over the same time last year.
Condominium and townhome average sale prices increased by 30% to $450,000, the report showed, and the volume increased by 10%.
Hottest Real Estate Market in over 40 years in Palm Beach County!!!
The average sales price is calculated by dividing the total number of homes sold, 1,200 single family residences and 1,100 condos and townhomes by the cumulative total of all homes sold in each category. Median sales prices are calculated slightly differently, but also reflect hefty price increases. They are calculated by taking the middle figure of all homes sold in a specific time period, where half sold for more and half sold for less.
Apparently, buyers agree. The average single family home in Palm Beach County is selling twice as fast as it did a year ago, averaging 30 days on the market. For condos and townhomes, it’s 45 days.
Additionally, cash buyers now account for 15% of all single family home sales, up 14% over last year. Cash buyers for condos and townhomes are trending the opposite direction, decreasing by 8% over last year but still accounting for a whopping 55% of buyers.
Bidding wars mean sellers hold the cards, making delaying closings for things like credit approvals a thing of the past and many people agree that cash is king. A seller’s market also means that out of state buyers sometimes must put in offers with never seeing the home in person.