{"id":71967,"date":"2021-01-28T05:00:38","date_gmt":"2021-01-28T13:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71967"},"modified":"2021-01-28T14:44:32","modified_gmt":"2021-01-28T22:44:32","slug":"west-palm-beach-miami-pandemic-real-estate","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/west-palm-beach-miami-pandemic-real-estate\/","title":{"rendered":"West Palm Beach Luxury Home Sales Soar a Record 116% In Fourth Quarter as Wall Street Moves South"},"content":{"rendered":"

Affluent New Yorkers are flocking to Florida in search of sunshine and lower taxes during the pandemic. It\u2019s fueling the luxury housing markets in West Palm Beach and Miami, where high-end home prices are up 18%.<\/span><\/i><\/h2>\n

Luxury home sales in <\/span>West Palm Beach, FL<\/span><\/a> surged 116% year over year in the fourth quarter\u2014a bigger gain than any other major U.S. metro and the largest increase since at least 2013, when Redfin began tracking this data. By comparison, sales of affordable homes in West Palm Beach grew just 10%.<\/span><\/p>\n

\"\"<\/p>\n

This is according to an analysis that divided all U.S. residential properties into five price tiers based on <\/span>Redfin Estimates<\/span><\/a> of the homes\u2019 market values. Scroll down to the methodology section at the bottom of this report to read more about how we determined which homes were placed in each bucket.<\/span><\/p>\n

The median sale price of luxury homes in West Palm Beach rose 14% year over year to $1.8 million in the fourth quarter\u2014the biggest jump since 2018. That compares with 9% growth in the affordable price tiers.<\/span><\/p>\n

\"\"<\/p>\n

West Palm Beach\u2019s high-end housing market has experienced explosive growth as affluent New Yorkers have flocked to the sunny city in search of more space and lower taxes while working remotely during the pandemic. More than half (56.1%) of Redfin.com home searches in <\/span>Palm Beach County<\/span><\/a> came from outside the county in the fourth quarter\u2014up from 50.2% a year earlier\u2014and <\/span>Cook County, IL<\/span><\/a> (Chicago) and <\/span>Kings County, NY<\/span><\/a> (Brooklyn) were the most popular out-of-state origins. Lately, most house hunters in the area have been in the market for primary homes\u2014a shift from before the pandemic, when a majority of buyers were looking for <\/span>vacation homes<\/span><\/a>, said <\/span>Delray Valle<\/span><\/a>, Redfin\u2019s West Palm Beach market manager.<\/span><\/p>\n

A handful of Wall Street financial firms have also been expanding their presence in the region, or are considering doing so. The list includes <\/span>Goldman Sachs<\/span><\/a>, <\/span>Virtu Financial<\/span><\/a> and <\/span>Elliott Management<\/span><\/a>. Local Redfin real estate agent <\/span>Andrea Duke<\/span><\/a> said she\u2019s been getting more calls than normal from prospective high-end buyers who are considering moving to West Palm Beach because their employers have opened offices in the area.<\/span><\/p>\n

\u201cBuyers are coming in from expensive cities\u2014especially New York\u2014and beating locals in bidding wars by offering all cash,\u201d said Valle. \u201cAs a result, many folks are being forced to rent or buy new-construction homes.\u201d<\/span><\/p>\n

Nationwide, homes <\/span>listed between $1 million and $1.5 million were the most likely to <\/span>encounter<\/span><\/a> bidding wars in December, with 60% of Redfin offers for homes in that segment facing competition.\u00a0<\/span><\/p>\n

In November, Duke sold one West Palm Beach <\/span>home<\/span><\/a> for $1.1 million\u2014$425,000 more than her client had purchased it for in 2017. To transform the property into a luxury home, the client had invested in an upgraded kitchen, an open floor plan, a new roof and storm windows. Within 24 hours of listing the property, Duke had seven showings scheduled, and by day two, she had three offers. The winning buyer, from Chicago, purchased the home sight-unseen for $42,000 over the asking price.<\/span><\/p>\n

Fierce competition is driving buyers to act quickly. The typical luxury home for sale in West Palm Beach during the fourth quarter spent 46 fewer days on the market than the same period a year earlier (115 days in Q4 2020 versus 161 days in Q4 2019). Meanwhile, homes in the affordable price tier spent <\/span>more<\/span><\/i> time on the market compared with a year earlier (64 days in Q4 2020 versus 61 days in Q4 2019).<\/span><\/p>\n

\"\"<\/p>\n

\u201cWest Palm Beach really started heating up over the summer, in part because the coronavirus restrictions were relatively lax here,\u201d said Valle, who also manages the Miami market for Redfin. \u201cNow the same thing is happening in Miami, which has lifted many of its coronavirus restrictions.\u201d<\/span><\/p>\n

West Palm Beach Housing Market Summary, Fourth Quarter 2020<\/span><\/h3>\n\n\n\n\n\n\n\n
<\/td>\nLuxury<\/b><\/td>\nExpensive<\/b><\/td>\nMid-Priced<\/b><\/td>\nAffordable<\/b><\/td>\nMost Affordable<\/b><\/td>\n<\/tr>\n
Homes sold, YoY change<\/span><\/td>\n116%<\/span><\/td>\n38%<\/span><\/td>\n26%<\/span><\/td>\n10%<\/span><\/td>\n-10%<\/span><\/td>\n<\/tr>\n
Median sale price<\/span><\/td>\n$1,825,000<\/span><\/td>\n$499,900<\/span><\/td>\n$285,000<\/span><\/td>\n$150,000<\/span><\/td>\n$56,000<\/span><\/td>\n<\/tr>\n
Median sale price, YoY change<\/span><\/td>\n14%<\/span><\/td>\n11%<\/span><\/td>\n6%<\/span><\/td>\n9%<\/span><\/td>\n9%<\/span><\/td>\n<\/tr>\n
Median days on market<\/span><\/td>\n115 (-46 days YoY)<\/span><\/td>\n62 (-22 days YoY)<\/span><\/td>\n56 (-7 days YoY)<\/span><\/td>\n64 (+3 days YoY)<\/span><\/td>\n87 (+11 days YoY)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Miami Luxury Home Sales Jumped 55% In the Fourth Quarter<\/span><\/h2>\n

Sales of luxury homes in the Miami<\/a> metro area rose 55% year over year in the fourth quarter\u2014far more than any other price tier. By comparison, sales of affordable homes <\/span>declined<\/span><\/i> 3%.<\/span><\/p>\n

\"\"<\/p>\n

The median sale price of luxury homes in Miami soared 18% year over year to $1.9 million, the largest increase since 2017 and the third-biggest gain among the 50 most populous U.S. metros (behind only New Brunswick, NJ and Phoenix). That was more than double the increase in the affordable price tier.<\/span><\/p>\n

\"\"<\/p>\n

\u201cMiami\u2019s high-end housing market is taking off because everything is wide open here, whereas places including California are shut down due to coronavirus restrictions,\u201d said local Redfin agent <\/span>Cecilia Cordova<\/span><\/a>. \u201cA lot of people are also coming here to avoid taxes. I had several clients who recently bought homes here to avoid the potential <\/span>capital-gains tax<\/span><\/a> in Seattle.\u201d<\/span><\/p>\n

Cordova continued: \u201cWith Miami\u2019s lower taxes, high-end buyers know that they can buy more house for their money. A $5 million home here would probably be $10 million in Seattle or California.\u201d<\/span><\/p>\n

Just over a quarter (27.7%) of Redfin.com home searches in <\/span>Miami-Dade County<\/span><\/a> came from users outside of the county in the fourth quarter\u2014up from 20.7% a year earlier\u2014and <\/span>Los Angeles County, CA<\/span><\/a> and <\/span>Cook County, IL<\/span><\/a> were the most popular out-of-state origins. Technology and finance companies have also been growing in Miami. Microsoft and Citadel are among firms that are reportedly <\/span>in talks<\/span><\/a> to secure new office space in the city\u2019s <\/span>Brickell<\/span><\/a> neighborhood.<\/span><\/p>\n

Similar to West Palm Beach, Miami is seeing high-end homes sell much more quickly than in the past. The typical luxury home for sale in Miami during the fourth quarter spent 53 fewer days on the market than the same period a year earlier (134 days in Q4 2020 versus 187 days in Q4 2019). By comparison, homes in the affordable price tier spent one <\/span>more<\/span><\/i> day on the market than the same period the year before (64 days in Q4 2020 versus 63 days in Q4 2019).<\/span><\/p>\n

\"\"<\/p>\n

An increase in market speed is an indicator of intensifying competition. Bidding wars in Miami are extremely common across all price tiers, according to Cordova.<\/span><\/p>\n

\u201cAt some of my open houses, I\u2019ll have close to 50 people waiting outside to get in,\u201d she said. \u201cSellers are asking for whatever they want, and buyers are willing to pay whatever the sellers are asking.\u201d<\/span><\/p>\n

Miami Housing Market Summary, Fourth Quarter 2020<\/span><\/h3>\n\n\n\n\n\n\n\n
<\/td>\nLuxury<\/b><\/td>\nExpensive<\/b><\/td>\nMid-Priced<\/b><\/td>\nAffordable<\/b><\/td>\nMost Affordable<\/b><\/td>\n<\/tr>\n
Homes sold, YoY change<\/span><\/td>\n55%<\/span><\/td>\n14%<\/span><\/td>\n0%<\/span><\/td>\n-3%<\/span><\/td>\n-7%<\/span><\/td>\n<\/tr>\n
Median sale price<\/span><\/td>\n$1,910,000<\/span><\/td>\n$520,000<\/span><\/td>\n$322,500<\/span><\/td>\n$205,000<\/span><\/td>\n$115,000<\/span><\/td>\n<\/tr>\n
Median sale price, YoY change<\/span><\/td>\n18%<\/span><\/td>\n10%<\/span><\/td>\n8%<\/span><\/td>\n8%<\/span><\/td>\n3%<\/span><\/td>\n<\/tr>\n
Median days on market<\/span><\/td>\n134 (-53 days YoY)<\/span><\/td>\n71 (-17 days YoY)<\/span><\/td>\n56 (-5 days YoY)<\/span><\/td>\n64 (+1 day YoY)<\/span><\/td>\n85 (+22 days YoY)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Methodology<\/span><\/h2>\n

We divided all U.S. residential properties into five buckets. There are three equal-sized tiers based on <\/span>Redfin Estimates<\/span><\/a> of the homes\u2019 market values as of Jan. 13, 2021, as well as tiers for the bottom 5% and top 5% of the market. The top 5% of the market by price is considered \u201cluxury\u201d for the purposes of this report, while the bottom 5% is titled \u201cmost affordable.\u201d The \u201caffordable\u201d tier is homes estimated to be in the 5th-35th percentile. The \u201cmid-priced\u201d tier represents homes estimated to be in the 35th-65th percentile. The \u201cexpensive\u201d tier represents homes estimated to be in the 65th-95th percentile. By using Redfin Estimates of homes\u2019 market value, we are able to use the same group of homes to report on price and sales.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Affluent New Yorkers are flocking to Florida in search of sunshine and lower taxes during the pandemic. It\u2019s fueling the luxury housing markets in West Palm Beach and Miami, where high-end home prices are up 18%. Luxury home sales in West Palm Beach, FL surged 116% year over year in the fourth quarter\u2014a bigger gain […]<\/p>\n","protected":false},"author":13346,"featured_media":71974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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