Wednesday, April 22, 2020 / by Carl Gentile
March by the Numbers
Q1-2020 Real Estate Market Update
Palm Beach County
Increased demand continued to set record breaking figures for 2020, up until the global impact of COVID19 began to locally impact the markets. How will this impact the remainder of 2020?
2020 in Palm Beach County saw a strong start as the ability to communicate and operate business through cell phones and laptops becomes widely accepted more businesses are transitioning to the Sunshine State.
Tune in May 1st as we go live with Kensington National Title and other top brokers and agents from around the state of Florida as we dive in-depth on the local state of the real estate market through the impact of COVID19 and where we see the market ending in 2020.
Closed sales for the month of March continued to climb between 8-14% from March 2019 between Tequesta and Boca Raton. However, as news of COVID19 spread globally the impact began to set play mid-march causing a steady decline in both new inventory and pending sales. With a 10% decrease in new inventory and a 40% decrease in pending home sales as the threat of COVID19 initiated quarantine lockdown, leading to limited interactions.
As we enter the close of April, we have seen the market activity drastically shift. Properties that are priced properly in the Northern Palm Beaches are still going to market in under 14 days as the need for many individuals to relocate due to business and family needs still remains.
While the number of Buyer activity has decreased, the Buyer's that are active and ready, willing and hungry to purchase. The decline in Buyer activity is leveled out by a steady decline in new inventory leading to further historic lows of available properties. An absorption rate of sub 4 (4 months of inventory) remains consistent as we closed out the end of March, even with a 10% decrease in new inventory. However, it will be interesting as we close out April to see the comparison and how the market leans due to quarantine impacts.