Real Estate

Palm Beach County Condo Sales Drop to $439M in May, Down from $489M in April

Palm Beach County condo sales drop to $439M in May, down from $489M in April.

By Doug Elli

6/11, 09:54 EDT

Key Takeaway

  • Palm Beach County condo sales dropped to $439 million in May from $489 million in April, with 779 units sold.
  • The priciest sale was a Bristol unit at $12 million, while the cheapest was a Southport unit at $42,500.
  • Median sale price remained steady at $290,000; median price per square foot slightly decreased to $247.

Decline in Palm Beach County Condo Sales

Palm Beach County's condo market experienced a notable decline in both sales volume and dollar value in May, marking the end of a bustling season. According to data from the Multiple Listing Service (MLS) provided by Redfin, condo sales totaled $439 million, a drop from April's $489 million. The number of closed sales also fell to 779 from 838 in April and 682 in March. This downturn is reflective of broader market trends and seasonal fluctuations, with the priciest sale being a $12 million unit at the Bristol in West Palm Beach.

Detailed Breakdown of May Sales

The range of sale prices in May varied significantly, from $42,500 to $12 million, with a median sale price holding steady at $290,000. The price per square foot ranged from $30 to $3,055, with a median of $247 per square foot. Notably, the highest price per square foot was achieved by a unit at Winthrop House, selling for $3,055 per square foot. The most expensive sale was a unit at the Bristol, which sold for $2,786 per square foot after 164 days on the market. On the other end of the spectrum, the least expensive sale was a unit at Southport at Hunters Run in Boynton Beach, selling for $42,500 or $30 per square foot.

Comparative Analysis with Miami-Dade County

In contrast, Miami-Dade County saw a different trend in May. While the dollar volume of condo sales dropped to $780 million from $849 million in April, the number of closed sales actually increased to 989 from 979. The median sale price in Miami-Dade was higher at $410,000, with a price per square foot of $444. The priciest sale in Miami-Dade was a $17.8 million unit at Continuum On South Beach, selling for $3,727 per square foot. This comparative analysis highlights the varying dynamics within South Florida's condo markets, with Miami-Dade showing resilience in sales volume despite a drop in dollar value.

Market Dynamics and Broader Implications

The decline in Palm Beach County's condo sales can be attributed to several factors, including seasonal market adjustments and broader economic conditions. The steady median sale price suggests a stable demand for mid-range properties, while the significant range in price per square foot indicates a diverse market catering to both luxury and budget-conscious buyers. The data from Miami-Dade County provides a useful contrast, showing that while dollar volumes can fluctuate, the number of transactions can remain robust, reflecting underlying demand.

Expert Commentary and Market Outlook

From my perspective, the current trends in Palm Beach County's condo market underscore the importance of understanding seasonal patterns and economic influences. The drop in sales volume and dollar value is not necessarily indicative of a market downturn but rather a natural ebb and flow. The steady median prices and high-end sales at properties like the Bristol and Winthrop House suggest that the luxury segment remains strong. Looking ahead, it will be crucial to monitor how these trends evolve, particularly in the context of broader economic conditions and potential interest rate changes.