Palm Beach Highlights
Single-family home demand was active in Palm Beach. However, sales fell 44% annually versus a record-breaking 2Q and have returned to historical pre-pandemic levels.
In 2Q 2022, the Town of Palm Beach market continued to be one of the top performing real estate markets in South Florida. Pricing for single-family homes and condos/co-ops set new record highs.
- Average prices for both single-family and condo/co-op jumped significantly—up 53% and 87%, respectively.
- A remarkable 60% of single-family closings sold for over $10M, pushing median price to an all-time high of $14.9M—an 81% year-over-year increase.
- Ultra-luxury buyers are still out in force in the Palm Beach market, making 2Q 2022 the sixth consecutive quarter with five or more single-family homes closing for over $30M.
Even as prices climb and buying in Palm Beach remains incredibly desirable due to low taxes and the live-work lifestyle balance, the market shows signs of stabilization as the number of sales returned to pre-pandemic levels.
- Compared to a record-breaking 2Q 2021, in 2Q 202, sales for single-family homes and condo/co-ops both fell by 44% year-over year.
- Although condo/co-op sales fell annually, 2Q 2022 was the eighth consecutive quarter with 100+ apartment sales, and sales volume reached $347M, a 5% uptick due to increasing prices.
- While not quite achieving 2Q’s 2021’s record high, single-family sales volume still skyrocketed a remarkable 123% versus last quarter to $1B.
Outside Palm Beach
Similar to the Town of Palm Beach, the adjacent markets are seeing sales numbers retreat to pre-pandemic levels, and inventory is starting to rise. However, as buyers are lured to Palm Beach because of its desirable lifestyle, they continue to expand their search for a home into its bordering areas, pushing prices to record highs.
In the area from Jupiter Island to Singer Island, single-family home sales fell 47% year-over-year to 56 closings, and condo/co-op closings dropped 42% versus last year.
- Condo/co-op average price reached an all-time high of $1M, due to the market share of sales over $500K increasing 22% annually.
- For single-family homes, the average sales price decreased 30% annually; however, the median price increased 10% as the market share of homes under $1M fell.
- Inventory for both single-family homes and condos/co-ops saw a quarter-over-quarter increase—rising 103% and 44%, respectively.
In the area from West Palm Beach to Lake Worth, single-family homes sales fell 21% from 2Q 2021, while condo/co-op deal activity decreased 41% year-over-year to 177 closings.
- Despite the annual sales decline, 2Q 2022 was the sixth consecutive quarter each product type saw over 150 closings, indicating healthy and consistent demand.
- Single-family average price and median price reached record highs, each rising nearly 30%, annually. Condo/co-op median price also hit an all-time high, climbing over 60% YOY.
- Inventory for both single-family homes and condo/co-ops both increased by over 100% quarter-over-quarter.
The area from Hypoluxo Island to Highland Beach saw an annual decline in single-family home and condo/co-op closings year-over-year, yet prices remain strong.
- The average single-family home price spiked 86% to $10.6M, driven in part by the record-breaking $173M sale of 2000 South Ocean Boulevard.
- The market share of condo/co-op closings over $1M grew 17% annually, resulting in all pricing metrics increasing over 30%.
- Across the board for all product types and price points, average days-on-market fell year-over-year. For single-family homes priced between $500K and $1M, the average was five days, while for condo/co-ops over $2M, the average fell below 12 days—a remarkable decline of over 80%.
Delray Beach saw an annual decline in single-family home and condo/co-op sales due to extremely low inventory, even though availability did increase from last quarter.
- Single-family median sales price rose to a record high of $1.9M, up 25% year-over-year.
- The average price for condos/co-ops rose 49% from last year, as the market share of sales under $500K continued to decline. In 2Q 2022, there were zero sales under $250K.
Townhouse sales overall fell 31% YOY due to the record-high number of closings in 2Q 2021. Closings remained level quarter-over-quarter.
- Annually, average sale price increased 28% to $1.3M. The growing market share of sales over $2M was a substantial factor. This also led to the median price increasing 37% YOY.
- Days-on-market fell by 24% annually, with an average of 36 days.