“Palm Beach’s real estate market showcased its resilience and diversity in the First Quarter 2024. Despite a decline in the average price of single-family homes compared to the previous year, Palm Beach’s luxury segment demonstrated its enduring strength, with an average price surpassing $11M for three consecutive years. This consistency not only underscores the allure of Palm Beach’s high-end market but also promises stability amidst evolving trends. As inventory levels climbed in Palm Beach and its adjacent communities, prospective buyers are now greeted with more options, ushering in a new era of possibilities in South Florida’s coveted paradise.”
– Pamela Liebman, Corcoran’s President & CEO
Palm Beach Highlights
Price metrics in Palm Beach fluctuated across different product types in the First Quarter of 2024. Particularly, the average price for single-family homes experienced a significant 25% decline compared to the previous year. Nevertheless, at $15.6M, this marks the third consecutive year with an average price exceeding $11M, highlighting the enduring prestige of Palm Beach’s luxury market.
- Sales in Palm Beach also varied across product types. Single-family homes had a modest annual uptick of 6%, while condo/co-op sales saw a double-digit drop, down 17% from last year.
- Median price for single-family homes increased 54% YOY to $12.5M. This was the second-highest figure on record.
- One metric that aligned across product types is sales volume, as both saw double-digit drops: single-family home sales volume fell 17%, and condo/co-op sales volume dropped 25%.
Inventory levels continue to climb across Palm Beach, giving motivated buyers access to a wealth of options in this highly valued market.
- Single-family inventory rose 22% annually, with 96 homes available at the end of March. Much of the inventory is concentrated in town and within the North End.
- The condo/co-op market had 299 available listings at the end of March, an increase of 29% versus last year.
- Average days on market for single-family homes declined 17% YOY, down to 160 days from 193. Condo/co-op listings were marketed for an average of 109 days, a 31% YOY jump.
Outside Palm Beach
In the First Quarter of 2024, each Palm Beach adjacent neighborhood has its own story, with varied metrics in single-family home and condo/co-op sales and prices. However, a shared trend emerges: a notable increase in inventory. This surge, sometimes doubling, offers ample opportunities for new buyers to embrace South Florida’s sunny days in their own homes.
In the area from Jupiter Island to Singer Island, single-family home sales and condo/co-op sales both saw annual increases of 36% and 13%, respectively.
- As the market share of sales under $3M increased, median price of single-family homes fell 2% year over year. With fewer luxury sales over $5M, average price followed with a 5% annual drop.
- The condo/co-op median price rose to$695K and has hit its third-highest level on record in 1Q 2024. This surge is attributed to high-priced closings at Amrit Ocean Resort and Residences on Singer Island.
- Inventory surged across both product types this quarter, with condo/co-op inventory skyrocketing 71% annually to over 400 available homes at the end of March and single-family inventory up 41% annually to 120 available homes.
In the area from West Palm Beach to Lake Worth, pricing metrics for both product types diverged this quarter, with the average and median prices for single-family homes hitting an all-time high of $1.4M and $705K, respectively.
- As no sales exceeded $10M this quarter compared to two last year, condo/co-op pricing declined.
- Closings also diverged this quarter across both product types, as sales of single-family homes rose 9% annually, while condo/co-op sales dropped 18% year over year.
- Inventory for single-family homes was up 9% versus last year, while the number of available condos/co-ops increased to 353, a 60% annual gain. 1Q 2024 is the seventh consecutive quarter of inventory increasing annually for both product types.
The area from Hypoluxo Island to Highland Beach saw a 54% annual increase in condo/co-op sales and a 7% YOY increase in single-family home sales.
- With increased sales over $10M, single-family median price jumped 22% to $3.4M.
- Condo/co-op price metrics increased annually as there were more closings over $1M this quarter compared to last year, including one oceanfront condo that sold for $7.2M.
- Inventory for condos/co-ops increased 68% YOY to 202 available residences, while single-family home inventory stayed flat annually with 87 available homes.
Delray Beach experienced a marginal 2% annual decline in single-family home sales, while condo/co-op closings jumped 23% compared to last year.
- Single-family median price fell 9% YOY due to a higher market share of closings under $1M. Conversely, average price hit a new record-high of $2.6M, fueled by luxury sales, including one closing for $29M.
- Condo/co-op average and median prices decreased by 32% and 22%, respectively. 1Q 2024 was the third consecutive quarter of annual decline in pricing metrics.
- With 66 active listings, condo/co-op inventory more than doubled versus last year.
- Single-family home inventory also increased, up 13% to 159 active listings, making 1Q 2024 the third consecutive quarter of 100+ available homes.