Condo sales dwarf house sales in Palm Beach
Condo unit sales in the town rose in the January-June period to 258 from 221 last year
September 12, 2015 12:00PM
Single-family home sales in Palm Beach fell in the first half.
Residential condominium sales in Palm Beach far exceeded single-family home sales in the first half of the year, according to the Evans Report, published by real estate attorney Leslie Evans.
The number of condo unit sales from January through June totaled 258, up from 221 in the same period last year.
Single-family home sales in the first half totaled 93, down from 107 in last year’s first half, reflecting what Evans called a “historically low inventory” of Palm Beach houses listed for sale.
The median condo sales price rose to $645,000 from $485,000 in the first six months of 2014.
Evans also reported that 75 condos sold in the first half for $1 million or more, up from 52 last year.
Evans told the Palm Beach Daily News that “we’ve burned through all the junk. Now the condos are selling at much higher prices.”
The first half of the year was “a really great season,” broker Scott Gordon told the Palm Beach Daily News, citing the harsh winter of 2014-2015 and its motivational impact on condo shoppers in the northern United States.
“Last season, a number of renovated apartments appeared on the market, and we did a lot of transactions,” he said. “It was really the missing piece of the puzzle.” [Palm Beach Daily News] — Mike Seemuth
Source: The Real Deal