Tight Inventory Sets the Stage for Palm Beach's High Season
Palm Beach has entered the high season with the fewest single-family homes on the market in years, a direct result of how active the summer turned out to be.
A recent search of the multiple listing service showed 63 single-family houses for sale on the island, compared with 75 at this time last year. Condominium and co-op inventory has tightened even further, with 96 apartments listed against 140 a year ago. Single-family sales in June, July, and August more than doubled year over year, drawing down supply during months that are traditionally the quietest of the year.
What is available does not always match what buyers want. The strongest demand remains for new, recently built, or newly renovated homes that are truly move-in ready, ideally on the water or in the island's most established neighborhoods. Many of the properties currently listed fall short of that standard, which is especially challenging for owners who purchased during the early pandemic years and are now hoping to trade up.
Pricing continues to be the deciding factor. Homes positioned in line with today's market are selling, and often quickly, while those listed on expectations from the height of the boom tend to sit. For sellers weighing a move this season, the weeks leading up to Thanksgiving have historically been when new offerings come to market, making this a meaningful window to get positioned correctly.
A significant share of activity also happens beyond the MLS. The highest-dollar sale of the summer, a newly built lakefront residence at 757 Island Drive on Everglades Island, closed privately at a recorded $93.34 million. Discreet, off-market opportunities remain an important part of how the most significant properties change hands here, and access to that network matters as much as access to public listings.
Looking ahead, the outlook is decidedly optimistic. Roughly 10 higher-value single-family homes are already under contract with combined asking prices of about $381 million, and demand continues to be driven by the qualities that have always defined Palm Beach: security, architecture, climate, a favorable tax environment, and proximity to the growing business community across the water in West Palm Beach. If more quality inventory reaches the market, this season is positioned to be a busy one.
The Next Move Is Yours
Whether you are preparing to list ahead of the season or searching for a home in a tight market, we are here to provide the clarity you need to move forward.
Scott Gordon
561.346.4141
Mindy Gordon
561.302.3133
Attribution
This blog was inspired by reporting from Darrell Hofheinz of the Palm Beach Daily News.
Read the full article here: After a busy summer, Palm Beach real estate braces for the new season
