As the Covid-19 pandemic began dominating headlines earlier this year, it became eminently clear that the world was facing unprecedented times and approaching previously uncharted territory. Despite the volatile state of the globe, first quarter reports demonstrated record-breaking growth for the Palm Beach Real Estate Industry; a trend the Frisbie team prognosticated would continue. The recently published Q3 2020 Residential Market Report proves those predictions were correct.
At the conclusion of Q3 2020, the Palm Beach Real Estate Market has already cleared a series of impressive benchmarks, surpassing the entirety of 2019’s year-end transaction count by 56 percent; 2019’s year-end dollar volume by 41 percent; and 2019’s year-end media sale price by 18 percent. Additionally, Q3 2020’s single-family transactions (totaling 80) represented a 196 percent increase from the 27 transactions of Q3 2019, and Q3 2020 ended with 25 properties under contract, indicating a 108 percent increase over the 12 pending sales at the end of Q3 2019.
Although the market’s stunning performance can be attributed to a myriad of factors, one theme has emerged as a common thread: Palm Beach continues to provide an incredible quality of life, anchored by paragons of intrinsic safety and paramount security. The devastating effects of the pandemic have inspired people to readjust their worldview, emphasizing the importance of time spent with family, a healthy work-life balance, and the true sanctuary of one’s home. Even in the most uncertain times, Palm Beach continues to epitomize these ideals, proving to be a magnificent place to call home as well as a prudent place to invest.