Sales volume surged in Palm Beach County’s luxury hubs, particularly in its namesake island market, in the first quarter.
The number of single-family home sales in Palm Beach grew 36 percent, year-over-year, according to the Corcoran Group and Brown Harris Stevens. Average days on market fell to 136, and average price per square foot ballooned 18 percent to $3,674. The average sale price jumped 18 percent to $19.6 million.
The picture was more mixed for Palm Beach’s condo market. Sales grew 39 percent, year-over-year, to 110 deals in the first quarter. But average days on market rose to 137, and the average sale price fell 14 percent to $2.4 million. Average price per square foot dipped slightly to $1,243, down from $1,267 in the first quarter of last year.
A closer look at condo sales by neighborhood shows the average condo sale price on the island’s South End increased 19 percent to $1.5 million. In-town condos saw a 14 percent drop in average sale price to $3.7 million.
A slew of ultraluxury closings helped to buoy the island’s price growth early in the quarter. In February, “Trash kingpin” and Trump appointee Anthony Lomangino bought the historic estate known as Villa Flora for $76.7 million in an off-market deal. In another off-market deal in January, Michael Chu, the executive chairman and co-founder of private equity giant L Catterton, and his wife, Elizabeth Chu, sold their oceanfront house for $58.3 million.
Palm Beach County’s other luxury hubs showed sales and price growth as well. In the markets spanning between Hypoluxo Island and Highland Beach, which includes Manalapan, the average sale price for single-family homes rose 9 percent to $8.3 million. The average sale price for condos rose 8 percent to $1.2 million. Sales surged 36 percent to 118 deals, Corcoran’s report shows.
The reports used different methodologies to assess the West Palm Beach market, but both showed a significant uptick in single-family home prices. Brown Harris Stevens’ report identified 140 single-family home sales, the same as last year, and shows the average sale price grew 52 percent, year-over-year, to $1.9 million. The average price per square foot increased 25 percent to $725.
Corcoran’s report identified 153 sales of single-family homes, a 21 percent increase, year-over-year, and a 49 percent spike in average sale price to $2 million.
