Page 7 - IPRE Luxury Report

PALM BEACH COUNTY
FLORIDA’S PLAYGROUND FOR THE WEALTHY
Palm Beach County had encouraging year-over-year jumps in both luxury single-family and condo activity. High-end condo sales climbed by 21.3% from the third quarter of 2022 to the third quarter of 2023 (194 completed transactions), while $1 million-and-up single-family sales increased by 5.7% in the same span (739 sales). The average luxury condo sales price also had a notable year-over-year gain in the third quarter, rising 23.6% to $2.43 million. The average price per square foot followed suit, jumping 20.3% year-over-year to $1,055. The Boca Raton/Delay Beach submarket posted a year-over-year increase in luxury single-family transactions, with an 8.5% rise to 307 sales in the third quarter. Other submarkets with year-over-year gains in high-end single-family sales include Boynton Beach/Ocean Ridge (47.2%), Jupiter (20.5%) and Palm Beach Gardens/North Palm Beach (27.0%). West Palm Beach had a whopping 400.0% year-over-year surge in luxury condo transactions to 55.
Single Family Homes
SINGLE FAMILY HOMES
Number of Sales
Average Sales Price
Median Sales Price
Average Square Footage
Price Per Square Foot
Average DOM
Sales Sold at Original List Price
Top Sale Price
Total Sale Volume
2022 Q3
699
$2,538,700
$1,650,000
3,613
$687
43
103
$29,000,000
$1,774,551,506
2023 Q2
971
$2,755,175
$1,700,000
3,628
$718
73
90
$27,489,375
$2,675,275,220
2023 Q3
739
$2,452,623
$1,599,999
3,577
$662
74
91
$50,000,000
$1,812,488,434
2023 Q3
194
$2,426,903
$1,826,500
2,347
$1,055
91
55
$16,000,000
$470,819,261
% CHANGE (YEAR)
▲5.7%
▼3.4%
▼3.0%
▼1.0%
▼3.6%
▲71.7%
▼11.7%
▲72.4%
▲2.1%
% CHANGE (YEAR)
▲21.3%
▲23.6%
▲12.4%
▲1.0%
▲20.3%
▲106.5%
▲120.0%
▲6.7%
▲49.8%
% CHANGE (QUARTER)
▼23.9%
▼11.0%
▼5.9%
▼1.4%
▼7.8%
▲1.0%
▲1.1%
▲81.9%
▼32.3%
% CHANGE (QUARTER)
▼47.6%
▲5.6%
▲1.0%
▲0.2%
▲7.8%
▲40.1%
▼28.6%
▼11.1%
▼44.6%
Condos & Townhomes
CONDOS/TOWNHOMES
Number of Sales
Average Sales Price
Median Sales Price
Average Square Footage
Price Per Square Foot
Average DOM
Sales Sold at Original List Price
Top Sale Price
Total Sale Volume
2022 Q3
160
$1,964,274
$1,624,500
2,324
$877
44
25
$15,000,000
$314,283,900
2023 Q2
370
$2,297,440
$1,808,750
2,342
$979
65
77
$18,000,000
$850,052,778
ILLUSTRATED PROPERTIES | IPRE.COM