Key Highlights

  • High-tier single-family home contracts in Palm Beach County FL quadrupled in January
  • Purchase contracts for single-family homes more than doubled compared to one year ago
  • Signed deals for condos more than doubled

Palm Beach County FL Now a Magnet for Million-Dollar Contract Signings

Million-dollar home deals in Palm Beach County FL are becoming more and more common, according to a recently released report from Miller Samuel Appraiser and Douglas Elliman Real Estate.  Signed contracts for single-family homes more than doubled in January compared to one year ago and signed deals for condominiums surged +133%.

Demand for Palm Beach County’s richest market, single-family homes priced at $800,000 – $900,000, and more than $1M, quadrupled.

New Yorkers and Relocating Wall Street Firms Driving Demand for Pricier, Larger Properties

Jonathan Miller, president of Miller Samuel Appraiser and author of Douglas Elliman Real Estate report, said, “Pre-COVID, the market was soft at the top and tighter as you moved lower in price.  That has flipped and we’re now seeing strength at the high end.”

Inventory Depleted

Of course, inventory has been depleted by demand.  Single-family homes available for sale in Palm Beach County at the end of January dropped by approximately -30% compared to supply availability in January 2020.

Airline Travel Preferences Also Pushing Demand in Florida

While business travel has plummeted and is forecast to permanently drop by -50%, leisure travel is beginning to see an uptick from second cities like Cleveland, Indianapolis, Milwaukee and Boston.  Where do these people willing to get on a plane want to go?   To Florida’s sunshine cities in Palm Beach County, Tampa, Fort Lauderdale, etc.  And what do those leisure travelers want when they get there?  A place of their own.

 

Thanks to Bloomberg.