According to Palm Beach Daily News, this summer has brought unexpected trends in Palm Beach’s real estate market, especially with notable activity in the higher price ranges. Between June and mid-August, 11 single-family homes sold for $10 million or more, with three of these properties exceeding $25 million each. The island’s current inventory offers more options than last year, though it's still tighter compared to pre-pandemic levels. According to a recent search of the MLS, as for now 69 single-family homes and townhouses are available, up from 52 at this time last year. However, prime properties — whether new, newly renovated, or waterfront — remain in short supply.
Prices continue to be higher than they were before the pandemic, though some sellers have adjusted their expectations, leading to price reductions over the past six months.
The MLS search also showed 13 properties being marketed in the land category. Five of those properties, however, had houses that also appeared in the single-family category.
In the condominium and co-op market, there are currently around 112 listings, up from 84 last year. The South End, Midtown, and North End areas are where most of these properties are located.
For those interested in renting instead of buying, there are approximately 155 homes, townhomes, condos, and co-ops available for rent. Rental terms and prices vary widely depending on the season.
Source: palmbeachdailynews.com
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