“In Q2 2024, Palm Beach’s real estate market faced headwinds as overall sales dipped and the condo/co-op market saw most metrics fall. Still, the area’s resilience shone through, with single-family home median price soaring to $12.1M, a robust 5% year-over-year increase that underscores the persistent demand for high-end properties in this exclusive enclave.
Most communities close to Palm Beach saw an overall rise in sales and price metrics, particularly Hypoluxo Island to Highland Beach, which experienced a staggering 48% spike in sales and a 37% jump in median prices. As we start Q3, discerning investors continue to be drawn to this highly sought-after coastal haven. I strongly encourage prospective buyers to take advantage of any opportunity to call the Palm Beaches home.”
– Pamela Liebman, Corcoran’s President & CEO
Palm Beach Highlights
In the Second Quarter of 2024, the Palm Beach market saw sales down annually across both product types. Yet, the median price for single-family homes hit $12.1M, a 5% increase from the previous year, highlighting the strength and demand of Palm Beach’s luxury real estate market.
- Sales in Palm Beach were down for both single-family homes and condo/co-ops this quarter, with condo/co-ops down 17% year-over-year, mostly due to a 41% drop in sales in town.
- Single-family average price hit a new record high this quarter due to two nine-digit closings, including the most expensive home sale in the country: 10 Tarpon Island for $150M.
- Condo/co-op pricing metrics experienced double-digit annual declines this quarter due to a 10% increase in the market share of closed sales priced under $1M, mostly concentrated on the South End of the island.
Inventory for single-family homes continues to rise in the Town of Palm Beach for single-family homes. However, the condo/co-op market was more constrained with another quarter of an annual decline in listed inventory.
- Single-family inventory rose 16% year-over-year, with 73 homes available at the end of June.
- Due to a drop in active listings in the South End of the Island, condo/co-op inventory fell 18% year-over-year to 165 available homes.
- Average days on market for single-family homes declined 40% YOY, down to 100 days from 168. Conversely, condo/co-ops listings were marketed for an average of 98 days, a 21% YOY increase.
Outside Palm Beach
Throughout most of Palm Beach’s adjacent markets, single-family sales and price metrics were on the rise, with the area from Hypoluxo Island to Highland Beach being a standout, with a 48% increase in sales and a 37% increase in median price. For condos and co-ops, sales prices declined in all submarkets. Still, with inventory increasing — and in Delray Beach, doubling — buyers have no reason to shy away from pursuing their search for a new home in this highly coveted slice of paradise.
In the area from Jupiter Island to Singer Island, single-family home sales and condo/co-op sales both saw annual increases of 7% and 17%, respectively.
- Single-family pricing metrics declined by double-digits year-over-year, as there was an 8% increase in the market share of sales under $1M this quarter. In addition, fewer $10M sales versus a year ago drove pricing metrics downward.
- Condo/co-op pricing metrics declined annually due to a 5% annual drop in the market share of closings under $2M versus a year ago.
- Inventory across both product types displayed notable year-over-year increases, with condo/co-op listings experiencing a substantial surge of 86% annually to 379 available residences at the end of June.
In the area from West Palm Beach to Lake Worth, pricing metrics diverged between product types this quarter, with the average and median prices for single-family homes experiencing annual increases. Meanwhile, condo/co-op pricing metrics declined versus a year ago.
- With triple the number of closings over $3M compared to a year ago, single-family median and average price rose 4% annually and 12%. However, as there was a 13% drop in the market share of closings above $2M, condo/co-op median and average price were down 26% and 4%, respectively.
- Closings also diverged this quarter, as sales of single-family homes rose 36% annually while condo/co-op sales dropped 10% year over year.
- As of the end of June, single-family inventory rose by 12% year over year to 296 available listings. Condo/co-op inventory surged by 45% annually to 318 available listings.
- These gains mark the eighth consecutive quarter that both product types displayed annual increases in active listings.
The area from Hypoluxo Island to Highland Beach saw double-digit increases in single-family homes and condo/co-ops. Single-family sales jumped 48% year over year, and condo/co-op sales increased 35%.
- Median and average price for single-family homes spiked 37% and 68%, respectively, due to nearly quadruple the number of high-end transactions above $10M compared to last year.
- Conversely, condo/co-op price metrics fell by double digits year over year, as there was a 14% increase in the market share of sales under $1M and zero sales over $4M.
- Inventory for condos/co-ops increased 51% year-over-year to 189 available residences, while single-family home inventory increased 7% year-over-year to 76 available residences.
Delray Beach saw single-family home sales rise 21% annually this quarter, while condo/co-op sales doubled, up 100% annually to 46 closings.
- Average price for single-family homes rose 2% year over year, reaching a new record high, fueled by luxury sales, including triple the number of trades over $10M.
- However, median price experienced a 16% annual decline, attributed to a higher market share of single-family closings under $1M, which accounted for nearly one-third of all transactions in Second Quarter 2024.
- With 60 available listings recorded at the end of June, condo/co-op inventory rose 100% versus last year. Single-family home inventory was also on the rise, up 33% year-over-year.
- As there were 154 available listings at the end of the quarter, Second Quarter 2024 marks the fourth consecutive quarter of inventory exceeding 100 homes.
Townhouse sales increased by 22% year over year, marking the highest number of closings since First Quarter 2022.
- The median sale price increased a modest 5% annually to $895K, but the average price fell a slight 2% year over year to $1.2M.
- Closed sales volume rose by 20% year over year to $121M, the highest townhouse sales figure since First Quarter 2023.
- With 60 available listings recorded at the end of June, condo/co-op inventory rose 100% versus last year. Single-family home inventory was also on the rise, up 33% year-over-year.
- Townhouse inventory was up 81% annually, with prospective buyers having their choice of 132 available homes as of the end of the quarter.