“The Palm Beach real estate market continues to demonstrate its strength, with single-family home sales soaring 30% and condo/co-op sales up 32% in the third quarter. While nearby markets like Delray Beach saw mixed results — single-family sales up 43% but a 41% drop in condo sales — overall inventory growth offers buyers an enticing range of options.

As we head toward the end of 2024, the combination of competitive pricing and diverse property offerings makes this an ideal moment to explore the Palm Beach market. For buyers, it’s a clear signal to take advantage of this opportunity and secure a piece of Florida’s coveted coastline.”

– Pamela Liebman, Corcoran’s President & CEO

Palm Beach Highlights

Sales were up across both product types in Third Quarter 2024, with single-family home sales and condo/co-op closings up 30% and 32%, respectively.

• The increase in condo/co-op sales was due to a nearly 50% annual increase in sales in the South End, as sales in Town actually declined 22% versus a year ago.
• Despite the 40% annual percentage decline in average price this quarter, single-family average price has exceeded $11M in the Town of Palm Beach every quarter since 2021.
• Condo/co-op pricing metrics experienced double-digit annual gains this quarter due to a 10% larger market share of closed sales priced over $3M versus a year ago.

Listed inventory for single-family homes and condo/co-ops continued to rise in Palm Beach this quarter.

• Single-family inventory rose 21% year-over-year, with 69 homes available as of the end of September. Condo/co-op inventory surpassed 200 active listings by the end of the Third Quarter, a 36% increase versus a year ago.
• Average days on market for single-family homes increased 37% YOY up to 198 days from 144. Condo/co-ops listings were marketed for an average of 107 days, a 27% YOY increase.

Outside Palm Beach

In Palm Beach’s adjacent markets, sales and price metrics were mixed across both product types. For example, in Delray Beach, single-family home sales rose 43% YOY as condo/co-op sales fell 41% annually, and in West Palm Beach, single-family average price rose 25% versus last year, but condo/co-op average price saw a 54% yearly drop. However, inventory increased everywhere except for the Hypoluxo Island to Highland Beach single-family market, which only saw a modest 3% decline. As we head into Fourth Quarter, buyers should feel encouraged to take advantage of more options and flexible prices in this highly desirable area.

In the area from Jupiter Island to Singer Island, single-family home sales and condo/co-op sales both saw annual increases of 4% and 26%, respectively.

• Average price for single-family homes fell 9% annually as there was an uptick in closings this quarter priced under $1M and there were fewer high-end transactions over $10M compared to last year.
• Condo/co-op prices surged this quarter with average price up 24% YOY and median price jumping 58% to a record-high of $1.1M.
• Inventory across both product types displayed annual gains, with condo/co-op listings spiking 71% YOY to 376 available residences and single-family listed inventory up 14% annually with 82 available homes on the market as of the end of the quarter.

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 gains, while condo/co-op pricing metrics declined versus a year ago.

• Single-family median and average price increased YOY as more than double the number of closings were over $5M compared to the same time period last year. Closings also diverged this quarter, as sales of single-family homes rose 6% annually, while condo/co-op sales dropped 53% year over year. The double-digit decline in condo/co-op sales was impacted by a high number of new development closings taking place last year.
• As of the end of September, single-family inventory rose by 16% year-over-year to 320 available listings, while condo/co-op inventory rose 32% to 293 available listings.
• This is the ninth consecutive quarter that both product types in this submarket displayed annual gains in listed inventory.

The area from Hypoluxo Island to Highland Beach saw an annual decline in sales for the first time since 2Q 2023, with single-family home sales down 16% YOY and condo/co-op sales down 13% YOY.

• Median price for single-family homes increased 3% YOY due to an uptick in luxury sales over $5M.
• With the sharp decline in the market share of closings under $1M compared to year ago, condo/co-op average and median price both jumped by double-digits this year.
• Median price hit a record-high of $1.1M, an annual gain of 42%, while average price jumped 50% to $1.3M.
• Inventory for condos/co-ops ballooned 87% year-over-year to 193 available homes, while single-family home inventory declined 3% YOY to 74 available homes.

Delray Beach saw single-family home sales surged 43% YOY, while condo/co-op transactions fell 41% to 16 closings, the lowest quarterly total for condo/co-ops since 3Q 2022.

• Average price for single-family homes increased 14% annually to $2.3M, due to a notable spike in sales over $5M this year and a high-end trade that ranked in the top 10 highest-priced single-family home sales in this submarket’s history.
• Condo/co-op median and average price fell annually with 28% and 6% drops, respectively, marking the fifth consecutive quarter of annual declines.
• Inventory for condo/co-ops more than doubled compared to last year, up 145% to 54 available homes — the fourth consecutive quarter of inventory doubling for this product type.
• Single-family home increased a modest 3% to 134 available homes, however inventory has now exceeded 100 available homes for five consecutive quarters.

Townhouse sales overall increased by 4% year-over-year, but dropped 45% compared to 2Q 2024’s 99 sales.

• Average sale price dropped 17% YOY due to a high figure last year that included the record sale for a townhouse on Palm Beach Island.
• At the end of September 2024, prospective buyers had a selection of 138 available homes representing a 68% annual increase.

Read the full report