Sales of single-family homes in Palm Beach County increased significantly in the first quarter, with notable gains seen on the island of Palm Beach, according to reports released on Apr. 17 by Corcoran Group and Brown Harris Stevens.
The growth in luxury home sales is important as it reflects continued demand for high-end real estate in the area. This trend can influence property values and market activity throughout Palm Beach County.
Single-family home sales on Palm Beach island rose by 36 percent compared to last year. The average price per square foot also climbed by 18 percent to $3,674, while the average sale price reached $19.6 million, an increase of 18 percent. Homes spent less time on the market as well, with average days dropping to 136.
Condo sales presented a more mixed picture: transactions grew by 39 percent year-over-year to reach 110 deals during the first quarter. However, condos took longer to sell at an average of 137 days on market, and their average sale price fell by 14 percent to $2.4 million. The price per square foot for condos dipped slightly from last year’s figure.
Within condo neighborhoods, South End saw its average sale price rise by 19 percent to $1.5 million while In-town condos experienced a decrease of 14 percent in their average sale price, now at $3.7 million.
Several high-value closings contributed to these figures early in the quarter: Anthony Lomangino purchased Villa Flora for $76.7 million in February through an off-market deal; Michael Chu and Elizabeth Chu sold their oceanfront house for $58.3 million through another off-market transaction in January.
Other luxury areas between Hypoluxo Island and Highland Beach—including Manalapan—also showed growth: single-family homes averaged a nine-percent higher sale price at $8.3 million; condo prices rose eight percent to reach an average of $1.2 million; total sales surged by thirty-six percent according to Corcoran’s report.
Reports used different methods for West Palm Beach but both found strong increases in single-family home prices there as well: Brown Harris Stevens reported no change from last year’s number of sales but a fifty-two-percent jump in average sale price ($1.9 million) and a twenty-five-percent rise per square foot ($725). Corcoran identified more transactions (153), up twenty-one percent from last year with a forty-nine-percent spike bringing the average sale price up to two million dollars.
The sustained interest and rising prices indicate that demand remains robust across much of Palm Beach County’s high-end housing sector.
