Inhabit by Corcoran

“Luxury demand continued to drive the Coastal Palm Beaches and Barrier Islands in the second quarter, even as sales activity varied by market and product type. In Palm Beach, sales over $10M and $20M each doubled year over year, pushing condo/co-op prices to record highs and single-family prices higher still. That same strength carried across the coast — sales jumped 45% from Hypoluxo Island to Highland Beach, while townhouse buyers paid a premium as $5M-plus sales doubled.

Buyers are moving fast for the right properties, and with inventory tightening almost everywhere, this region is poised for continued price strength in the months ahead.”

– Pamela Liebman, Corcoran’s President & CEO

Town of Palm Beach sales surged across the board.

• Single-family and condo/co-op closings both jumped 35% year-over-year to 50 and 139 sales, respectively.
• Condo/co-op prices hit record highs — the average up 9% to $2.4M, and the median up 2% to $1.5M — as sales over $10M doubled.
• Closings over $20M also doubled, pushing single-family average price up 11% to $17.9M and median up 18% to $15.4M.
• Inventory tightened on both fronts: condo/co-op supply fell 20% YOY, its fourth straight quarterly drop, while single-family posted its first annual decline in six quarters, down 5%.

Across the rest of the region, sales trends were mixed by market, but pricing kept climbing as luxury activity expanded and inventory tightened almost everywhere.

In the area from Jupiter Island to Singer Island, a market split by product type.

• Single-family sales rose 19% YOY, while condo/co-op sales fell 17%.
• Condo/co-op prices jumped — median up 22% to $695K, average up 31% to $1.2M — on a 15% gain in sales over $1M.
• Single-family pricing was mixed: median held flat at $2.0M, average slipped 4% to $4.3M with zero sales over $30M this quarter, compared to two a year ago — including the record-breaking $55M sale at 12032 East End.
• Inventory diverged too — condo/co-op supply edged up 1% to 445 listings, single-family fell 13% to 100 homes.

West Palm Beach to Lake Worth Beach saw four straight quarters of gains.

• Single-family median rose 7% to $763K on more $1M+ sales, while average dipped 4% to $1.4M against a skewed prior-year comp.
• Condo/co-op prices climbed on a 42% jump in $1M+ sales — median up 14% to $588K, average up 22% to $1.1M.
• Inventory hit two-and-a-half-year lows: single-family down 25%, condo/co-op down 19%.

From Hypoluxo Island to Highland Beach, closings surged across both product types.

• Single-family and condo/co-op sales each jumped 45% YOY.
• Single-family pricing was mixed — median up 14% to $5.1M, average down 6% on fewer $15M+ sales.
• Condo/co-op prices rose double digits — median up 21% to $1M, average up 13% to $1.2M — on a doubling of $1M+ sales.
• Inventory fell 10% across both product types.

In Delray Beach, mixed sales activity, with pricing gains across both types

• Single-family sales rose 5% YOY; condo/co-op sales fell 28%.
• Single-family pricing climbed — average up 18%, median up 6%.
• Condo/co-op pricing jumped — average up 27% to $656K, median up 22% to $535K — on more $500K+ closings and three sales above $1M.
• Inventory fell across both types: condo/co-op down 8% to 65 listings, single-family down 28% to 120.

Townhouse sales dipped slightly, but the top end drove pricing higher.

• Sales fell 4% YOY — the only category with a sales decline even as pricing surged.
• Median price rose 26%, average rose 20%, fueled by double the sales over $5M.
• Inventory tightened sharply to 112 homes at end of June, down 35% YOY, reinforcing how thin supply is fueling the price gains.

Read the full report