Dear Neighbor,
You may have noticed an increase in the volume of “Just Sold!” postcards in your mail lately … Many neighbors complain about the pesky mailbox-clogging brag sheets but it seems that despite the grumbles, everyone in Royal Palm enjoys to keeping up to date on our local real estate market activity.
All of this to say – sales volume is up and continues to be on the rise!
Inventory levels are stable while properties going into contract (pending sales) and closed sales are on the rise. We have 79 properties actively listed on the market: 35 interior (44 percent), 21 waterfront (27 percent), and five golf (36 percent). Meanwhile, we have 14 properties under contract: seven interior (50 percent), five waterfront (36 percent), and two golf (14 percent).
Closed sales during the three-month period ending April 1, 2019, have leapfrogged over the previous three month period with 15 units closed over 10 (+50 percent) with volume increase for the same period going from $48,286,500 to $75,900,000 (+57 percent).
Average selling prices are stable for the period (+5 percent) and year over year (-2 percent).
Velocity likewise is up with average days on market a surprisingly low 137 days.
Highs and Lows
Our most expensive listing on the market today is a pre-construction Intracoastal waterfront estate to be built by Bloomfield Construction on a 14,729-square foot lot. The residence will be 9,364 square feet of living space and 11,504-square feet total.
The record high sale for the previous 12 months is 1900 Royal Palm Way, an Intracoastal waterfront estate built in 2004 with 11,332 square feet of living space and 15, 179 total square footage on an ultra-premium 46,388 square foot lot. The property was originally listed for $18,000,000 in April 2017 and sold for $14,000,000 after 616 days on market. The listing agent was David W. Roberts of Royal Palm Properties and the selling agent was Joyce Marie Schneider of Castles by the Beach.
Our least expensive listing on the market today is a 96’ x 125’ buildable interior lot at 2324 Acorn Palm Road.
The record low sale for the previous 12 months is 336 E. Camino Real, a non-renovated, original era home built in 1961 on a Camino-facing interior lot purchased for a new construction build. The property was originally listed for $1,300,000 in January 2018 and sold for $980,000 after 291 days on market. The listing agent was David W. Roberts of Royal Palm Properties and the selling agent was the developer’s representative and general contractor, Marco Capoccia.
