Palm Beach Mansions Surge 306%! Homes selling faster than ever as prices rise to record highs…

(Bloomberg) — Florida’s Palm Beach County hasn’t lost its luster with wealthy homebuyers.

Purchase contracts for single-family houses priced at $10 million or more surged 306% in March from a year earlier, the biggest gain since the pandemic started, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report. For condos priced at $5 million or more, deals jumped 392%.


Homes are getting snatched off the market at a record pace despite rising home prices and mortgage rates, according to a new Redfin report.

READ  Brian Ochsner: Food Prices Going Up More, Inflation Not Transitory

About 59% of homes that went under contract had an accepted offer within two weeks of hitting the market, an-all time high since the real estate brokerage began tracking the data in 2012.

In the week ending on March 28, 61% of homes sold in two weeks or less, according to the data. Meanwhile, just under half of all homes, about 47%, that went under contract accepted an offer within one week, an increase from 33% from a year ago.

At the same time, the report revealed that active listings fell 42% from the same period in 2020, which is an all-time low.

READ  What Skyrocketing Home Prices Say About Inflation

Still, more than 40% of homes sold above the original asking price, an all-time high, and roughly 16% higher compared to a year earlier, according to the data.

The median home-sale price was $335,613, another all-time high and an increase of about 17% compared to last year.

However, as prices are rising, so are mortgage rates. The rate for a 30-year mortgage increased to 3.18%, the highest level since June.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.