Luxury Condo Sales Surge 22% In Palm Beach County Winter Buying Season
A review of the luxury condo sales statistics shows the average transaction price was nearly $2.3 million between November 2023 and April 2024.
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Palm Beach County experienced a surge in luxury condo transactions in the South Florida Winter Buying Season.
The luxury condo market experienced more than a 22 percent increase in Palm Beach County in the recently completed Winter Buying Season that stretched from November 2023 through April 2024 after experiencing a steep drop in the previous 2022-23 season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As for pricing, the average price per square foot for Palm Beach County luxury condos decreased about two percent in the 2023-24 Winter Buying Season.
Join the Miami Condo Market Investing Club™ to see all five of the charts in this report that analyze the Palm Beach County luxury condo market during the Winter Buying Seasons since 2013
The annual Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
For this report, luxury condos are defined as those units that are listed for minimum price of $1 million each.
Buyers purchased about 426 luxury condos in Palm Beach County in the 2023-24 Winter Buying Season. By comparison, buyers bought about 349 luxury condos in the 2022-23 season amidst rising interest rates, skyrocketing asking prices and a lack of resale supply available for purchase.
The 77-unit increase in luxury condo sales in the 2023-24 comes a year after luxury condo transactions dropped by nearly 37 percent in the 2022-23 season from about 550 units that traded during the 2021-22 season.
In reviewing the statistics from the last decade, the 2021-22 season represents the peak of luxury condo sales during a South Florida Winter Buying Season.
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It is worth noting, a total of more than 1,130 luxury condos traded during the Winter Buying Seasons spanning from the 2013-14 season through the 2019-20 season. That’s an average of nearly 162 luxury unit transactions per season.
During the 2020-21 season, more than 520 Palm Beach County luxury condos traded in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.