Palm Beach Real Estate Sets Record for Average Single-Family Sale Price in Q2

Palm Beach Real Estate Sets Record for Average Single-Family Sale Price in Q2

  • 07/30/24

According to Palm Beach Daily News, the second quarter of the year has seen a surge in significant real estate transactions in Palm Beach, including numerous off-market deals, according to recent reports. This period has highlighted the strength of private deals and the resilience of the local market.

Notably, four transactions exceeded $60 million during April, May, and June, with three being off-market. A landmark sale was the $148 million purchase of the oceanfront estate, Amado, on North County Road. This was closely followed by a record-breaking $150 million sale of Tarpon Isle, a private island estate.

Despite the impressive sales figures, the number of transactions has remained relatively low, reflecting a tight inventory, especially for newly built or renovated properties. Approximately 25% of the single-family sales in the quarter were off-market, signaling continued inventory constraints.

Overall, the second quarter's activity in Palm Beach real estate underscores the market's robust nature, driven by high-end sales and persistent demand, even amid inventory challenges.
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Source: palmbeachdailynews.com

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