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South Florida real estate news
As we wrapped up the year, the Palm Beach County condo market showed signs of cooling, though there was a slight increase in the average price per square foot. Here's a detailed look at the market dynamics as of December 2023:
Overview
- Total Sales Value: In December, the total sales amounted to $273 million, a decrease from November's $299 million.
- Number of Sales: The market saw 538 condo sales in December, down from 581 in November and 641 in October.
- Price Range: Sales prices varied widely, from as low as $62,000 to as high as $9 million.
- Median Sale Price: The median sale price stood at $275,000 in December, slightly up from November's $260,000.
- Price Per Square Foot: The price per square foot ranged from $78 to $2,864, with a median of $245. This is an increase compared to November's median of $232 per square foot.
Notable Sales
- Most Expensive Sale: The top sale was at Two North Breakers Row, Unit S45 in Palm Beach, fetching $9 million ($2,864 per square foot). This unit was on the market for 193 days, and Christian Angle from Christian Angle Real Estate handled both sides of the transaction.
- Least Expensive Sale: The most affordable sale was at Lakeside Village Condo 6, Unit 194 in Palm Springs, sold for $62,000 ($78 per square foot). It was listed by Noelle McIntyre of True Floridian Realty and bought by a client of Elcir Rocha from LoKation.
Additional Highlights
- Highest Price Per Square Foot: Matching the most expensive sale, Unit S45 at Two North Breakers Row also achieved the highest price per square foot at $2,864.
- Lowest Price Per Square Foot: The same unit that was the least expensive also had the lowest price per square foot, at $78.
- Newest Condo Sold: The newest condo sold was at Amrit Ocean Resort & Residence, Unit 1505P in West Palm Beach, priced at $2.8 million ($1,109 per square foot). This property was listed by Kari Lydon of Compass Florida.
- Oldest Condo Sold: The oldest condo sold was in the Palm Beach Hotel Condo, Unit 1007 in Palm Beach, fetching $782,500 ($1,366 per square foot). The listing agents were Peter Conn and Nikol Kolmnela of Compass Florida, and the buyer was represented by Richard Heller of United Realty Group.
Market Analysis
The Palm Beach County condo market's cooling trend aligns with broader market adjustments. However, the slight increase in the price per square foot indicates that while the volume of sales may be decreasing, the value of properties remains robust, particularly in premium locations.
As we move into 2024, it will be interesting to see how these trends evolve. For those interested in the Palm Beach County condo market, whether buying or selling, staying informed about these shifts is crucial. If you have any questions or need insights into specific properties or market trends, feel free to reach out. Text me with your queries, and let's navigate the dynamic real estate landscape together.