Anyone keeping an eye on the Town of Palm Beach this year would have noticed its active real estate market. Although the housing market typically slows during the holidays, high-end sales in this South Florida community have continued to enjoy robust movement. Not surprisingly, reports are in that Palm Beach luxury sales were up during the third quarter.
A recent report by the Miami Association of Realtors found that the luxury market in the Town of Palm Beach had a record-setting third-quarter. This report also found that this area’s continued health is potentially attributable to wealthy out-of-state buyers looking to invest in Florida’s low tax market.
The Third-Quarter Data
According to the report, Palm Beach County single-family home luxury transactions increased to 327 transactions in 3Q 2019, a 13.9%-year increase from last year. Palm Beach condo luxury condo sales rose to 99 sales, up 12.5%.Rabideau Klein’s December Town of Palm Beach Brief also reported positive news for the luxury real estate market.
“Palm Beach real estate remains a top destination for luxury buyers,” JTHS-MIAMI President Kim Price said.
Seller’s Market in Town of Palm Beach
The third-quarter report indicates that the Town of Palm Beach continues to be a seller’s market with a decrease in active listings over last year. There are limited supply areas and high demand in specific communities.
Hot Markets with Limited Supply
The report indicated that the Palm Beach County and surrounding areas with the lowest months of supply of inventory in 3Q 2019 were as follows:
- The Acreage
- Royal Palm Beach
- Jupiter Farms
- Lake Worth
- Royal Palm Beach
- Palm Springs
- Palm Beach Gardens
- The Village of Wellington
Contact a Florida Board-Certified Real Estate Attorney
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Palm Beach area Florida Board-Certified Real Estate Attorneys with extensive experience assisting clients with multi-million-dollar property transactions. We have the expertise and knowledge you need to ensure that your property interests are protected. Contact Rabideau Klein today to discuss your real estate legal needs.