South Florida Realtors are reporting this week that Palm Beach County condo sales dove while luxury single-family home sales increased year-over-year as more single-family home inventory arrived in May 2022.
According to the Miami Association of Realtors, Palm Beach County total home sales decreased 26.2% year-over-year, from 4,006 to 2,956. Palm Beach existing condo sales decreased 27% year-over-year, from 2,017 to 1,472. Single-family home sales decreased 25.4% year-over-year, from 1,989 to 1,484.
According to national property broker Redfin, demand for vacation homes in the U.S. has dropped sharply for the second month in a row in March 2022, with mortgage-rate locks for second homes at their lowest level since May 2020.
The Miami Association of Realtors is reporting this week that Palm Beach County total home sales surged double digits in January 2022. Sales totals in January come after Palm Beach County set a new all-time annual record for total home sales in 2021.
According to the Miami Association of Realtors, Palm Beach County real estate broke its record for the most annual condo sales in only 10 months as October 2021 sales totals pushed the market over the old standard.
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