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Condo market gaining muscle, analysis shows

Posted On: 06-05-2014

By Darrell Hofheinz Daily News Staff Writer

The island’s still-recovering condominium market grabbed the spotlight in the latest Evans Report analysis, which compares real estate sales in the first three months of this year and last.

Although the year-over-year change in the number of first-quarter condo and co-operative sales was nearly flat — 64 last year versus 65 during the season just ended — more units sold at higher prices this year. In all, the amount that changed hands among condo sellers and buyers rose from $38.7 million to $47 million.

A closer look at the figures reveals more good news: The number of first-quarter sales recorded at between $1 million and $2 million climbed from four in 2013 to nine this year. In the sales-price category of $500,000 to $999,999, the hike in closed deals was even more dramatic — nine last year versus 17 this year.

But the highest-priced condo segment — sales above $2 million — saw a minor drop, with six sales during the first quarter last year, compared to four this year.

The improvement in condo prices also is reflected in another part of the report prepared by island real estate attorney and property owner Leslie R. Evans and his attorney son, Jason Evans. In the first three months of last year, 19 of the 64 units disappointed their sellers by fetching less than their previous sales price. But this year, just seven out of 65 closed deals skidded into that category.

The total number of condo sales jumped in the area north of Sloan’s Curve, from 20 to 31. But the number of transactions fell on the South End — dropping from 44 to 34 — at least in part because inventory has tightened there after years of glut.

On the single-family-home scene, sales also were about flat in the first quarter — 36 transactions last year versus just one more this year. But the total amount spent on single-family residences rose about $65 million, from $149 million to $214 million. The median first-quarter sales price recorded this year was $2.8 million — $175,000 more than last year. The median is the figure at which half the homes sold for more and half for less.

The report is based on deeds recorded by the Palm Beach County Clerk’s office, among other sources.

 

Source: Darrell Hofheinz, June 5, 2014, Palm Beach Daily News

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