Palm Beach County Luxury Sales Jump
Since the beginning of the pandemic, demand increased across the country as more look to purchase a home in the sun. The luxury home segment is still experiencing limited inventory, competitive bidding wars, and vast price improvements. Once high-end properties that sat on the market for a few months to years are sold within days. Typically most luxury buyers prefer move in ready residences, having the work completed prior. However, many homes have been offered for sale and sold during renovations, allowing the sellers to capitalize on the market price and buyers secure a residence.
The desire for more space and tax burdens coupled with the flexibility to work from home and low interest rates, translated to more lifestyle property purchases and a renewed spark of interest in country club golf communities.
Single family luxury Palm Beach County transactions rose to 316 in May 2021, which is a jump of 236.2% year-over-year according to the Miami Association of Realtors. Existing condo luxury sales increased 522.6% year-over-year to 193 transactions.
More listings are becoming available however the homes are selling quickly. To be the first to know of available properties, give us a call and/or register on our website.