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Erin Sykes, Realtor FL & NY, LEED A.P.
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Erin Sykes
609 517 3071
erins@nestseekers.com
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Erin Sykes, Realtor FL & NY, LEED A.P.
  • Nest Seekers Palm Beach
  • Neighborhoods
    • Palm Beach
    • Manalapan
    • Jupiter
    • Juno Beach
    • North Palm Beach
    • Singer Island
  • About Erin
  • Blog
  • Press
  • Contact
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Erin Sykes, Realtor FL & NY, LEED A.P.
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Trends & Indicators: New Development and Q3 Recap

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Erin Sykes,11/3/2021

Developers continue to forge ahead in an attempt to meet demand and make up the over 2 million housing unit shortage in the United States. We are seeing a flight to quality and futureproofed investment opportunities in buildings that will stand the test of time by offering a product that will be attractive to increasingly selective occupiers. 

 

The success of New Development projects depends not only on technical site analysis, market research, design, and optimal construction management, but also on sales, marketing and utilizing technology to present renderings, data, and value trajectory that make buyers confident in spending an average of 20%+ premium over resale.

 

As we continue to work through global uncertainty, including high costs-to-build, we are also beginning to see distinct preference patterns emerge that allow developers to squarely meet buyer expectations. Buyers are demanding move-in-ready spaces with luxurious amenities whereby ‘home’ fulfill many roles ranging from sanctuary to wellness space to office.

 

Q3 2021 Recap

Manhattan:

$2,786,000 Average Listed Price (up 5.6% from Q3 2020)

7,829 Total Active Sales (down 3,156 units from Q3 2020_

197 Average Days On Marker (down 53 days from Q3 2020)

$8,352,594,336 Total Sales Volume (up 59.52% from Q3 2020)

4,429 Total Record Sales (up 2,782 sales from Q3 2020)

$1,520 Average PPSF (down 1.51% from Q3 2020)

        

Hamptons:

$1,169,000 Average Price (up 17.1% from Q3 2020)

64 Total Recorded Sales (down 43.9% from Q3 2020)

49 Average Days on Market (down 65.9% from Q3 2020)

1.7% Average Discount (up 2.9% from Q3 2020)

 

Palm Beach Island

$11,566,666 Average Single Family Sale Price (up 72% from Q3 2020)

$1,150,000 Median Sale Price Condo (down 28% from Q3 2020)

21 Active Single Family Listings on PB Island (down 60% from Q3 2020)

13 Single Family Closings (down 16% from Q3 2020)

<1 Month Supply Single Family

*most limited supply on record*

 

Miami Beach

$522,000 Average Sale Price (up 11% from Q3 2020)

236 Total Recorded Sales (up 3.6% from Q3 2020)

$473 Average PPSF (up 13% from Q3 2020)

5.1% Average Discount

2.2 Months Supply Single Family (down 54% from Q3 2020)

5.1 Months Supply Condo

 

Beverly Hills:

$3,535,000 Average List Price (up 1.4% from Q3 2020)

39 Total Recorded Sales Q3 2021 (up 2.6% from Q3 2020)

60 Average Days on Market (down 21.1% from Q3 2020)

2% Average Discount to List Price (up 2.3% from Q3 2020)

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Contact

Nest Seekers Palm Beach
401 South County Road Palm Beach
Florida 33480
609-517-3071
erins@nestseekers.com

Erin Sykes, REALTOR - FL & NY, LEED A.P.

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