A Look Inside Palm Beach County's March 2020 Real Estate Market

Palm Beach County Real Estate Market Update - March 2020

Amid these unprecedented times, The Pearl Antonacci Group is endeavoring to keep you educated on the latest trends in the Palm Beach County real estate market, as we all prepare ourselves for whatever the future may bring. Whether you have already begun the process of buying or selling your home or are planning to in the near future, arming yourself with the most up to date information is more crucial than ever. See our latest Palm Beach County real estate insights for March of 2020 in the market report and graphs below.

The following analyses group single-family homes, townhouses, and condos together for the sake of efficiency, and review the recorded statistics from March 2020 and compares them with other significant points in time. 

When examining the number of Homes Sold in March year over year, there was a downward shift from the 2,818 homes sold in March of 2019 to 2,725 homes sold in March of 2020 - a 3.3% decrease. In more positive news, there was a significant rise of 17.6% in homes sold when contrasting February 2020 and March 2020 - which our experts believe will continue to increase as we move forward this year. 

While the amount of Homes Sold in March 2020 month-over-month demonstrates positive growth, there are notable metrics that prove the real estate market is not immune to the current circumstances. There were 13,373 Homes For Sale in March of 2020 - which is slightly down by 2.4% compared to the previous month, and down 16.7% compared to 2019. Additionally, the 4,000 Homes Listed this past March are down 9.6% compared to February, and down 12.7% from March 2019. The 1,915 Homes Placed Under Contract in March 2020 has decreased by 35.1% when compared to last month, and is down 41.5% compared to last year.

Overall, our real estate professionals at The Pearl Antonacci Group define March of 2020 as a neutral market in Palm Beach County. 

For those looking for an even more in-depth overview of March's real estate report, we will review the Average Square Foot Price of Sold Homes, Average Days on Market, Median Sold Price, Average For Sale Price, and Average Sold Price below:

There have been strong indicators that the Average Square Foot Price of sold homes in Palm Beach County is appreciating. In March 2020, the Avg. Sq. Ft. Price was $174 per sold home, which is 7.4% higher than in February ($162). When examining March of 2020 and March of 2019, the number of units grew 9.4%. In fact, an average price of $174 per square foot is the highest price recorded since January of 2019. 

After investigating Palm Beach County’s Average Days on Market trends for March 2020, our professionals believe these figures will remain steady. Homes stayed on the market for an average of 69 days this past March—down 8% from the 75 days recorded in February. When comparing March 2020 to March 2019, Average Days on Market decreased by 10.4%, moving from 77 to 69 days. Interested sellers and buyers will both be happy to hear that we expected this to decline further in upcoming months. 

The Average Median Sold Price was $300,000 in March of 2020, increasing 5.3% from last month's recorded median price of $285,000. Additionally, this $300,000 figure is higher than it was in March 2019 ($272,000), a 10.3% increase.  

The Average For Sale Price in Palm Beach County during March 2020 was down 2.6% when compared to February 2020, shifting from $967,000 to $942,00. However, when looking at March of 2020 next to March of 2019, this $967,000 figure is up 7.3% from the $878,000 recorded last year. 

The Average Sold Price recorded in March 2020 for Palm Beach County was $493,000, a 5.1% improvement from $469,000 the previous month. There was a 13.4% increase when compared to the $426,000 Average Sold Price in March of 2019—another healthy indicator of an appreciating market. 

As day-to-day activities and routines begin to normalize in Palm Beach County and beyond, The Pearl Antonacci Group at Lang Realty suggests that you stay up to date on all current real estate trends. To learn more about the latest real estate market news, please visit https://www.pearlantonacci.com/market-reports.php.