Dear clients, friends and colleagues,
This year has been an interesting adjustment back to somewhat of a “nor- mal” market. I call it our “new normal”. Our buyer demographic is younger and claiming residency in Florida. Our buyers now have offices in downtown West Palm Beach, recently named “Wall Street of the South”. My buyers work for Goldman Sachs, Blackrock, Blackstone, and Related Group. Due to continued investment and development in West Palm Beach, our demand for a home in the Palm Beaches remains high. This year I decided to take a look at the Palm Beach market since pre-pandemic 2019, over the past three years. The number of homes sold on the Island of Palm Beach this year vs 2019 is up 24% and the median price this year vs 2019 is up 163% from $5m to $13m! This new price point on the Island of Palm Beach seems to be another new normal. Although the number of home sales this year was down to 98 vs 257 last year, the median price point grew from $7.7m to $13m year over year. This new high bar on the Island of Palm Beach continued to drive demand and increased price points in Coastal West Palm Beach. The median price points in these neighborhoods, just over the bridge, continued to double year over year. The buyer frenzy days of multiple offers over ask are gone. Inter- est rates rising and equity markets declining have caused buyers to be more cautious and have afforded buyers the opportunity to take more time to pull the trigger on a home purchase. Move in ready homes are in high demand and, when priced properly, are selling faster than homes that need work. Our team kicked off 2023 strong with over $25m sold and pending to close in January. We are looking forward to another strong year in the Palm Beaches. Please call any time to discuss in more detail this amazing evolving market.
Made with FlippingBook - Online catalogs