South Ocean Boulevard Condominium Market Q1 Update
The Q1 2025 sales data presents a mixed outlook.
Palm Beach showed a strong increase in total sales volume due to three notable sales, rising by 93.17% from Q1 2024, totaling $62,978,025. The average sale price in Palm Beach rose by 55.78% to $2,031,549.
South Palm Beach, however, saw a decline in sales volume of 47.84%, with total transactions generating only $5,611,500. The average sale price in South Palm Beach decreased by 26.96%, reflecting a cooling market.
A significant increase in inventory was observed due to rising costs, including building insurance, property taxes, maintenance assessments, special assessments, and mandatory reserves. Additionally, economic uncertainty related to tariffs, inflation risks, and potential recession concerns have impacted buyer confidence.
Many properties above $2,500,000 have received limited inquiries, indicating a shift in market dynamics away from ultra-luxury condominiums.
The South Ocean Boulevard condominium market is adjusting, with price reductions becoming common. However, buyer hesitation remains, with many waiting for further market stabilization.
Historically, real estate cycles take several years to balance, and we expect opportunities to arise for buyers as conditions evolve and they now hold more negotiating power.
South Ocean Boulevard’s Industry Leaders
Since 1983, Scott Gordon has been one of Palm Beach’s leading experts for luxury oceanfront and lakefront condominium sales along Palm Beach’s magnificent stretch known as South Ocean Boulevard.
Scott and his wife Mindy recognize the importance of having your property expertly listed. They are constantly developing new insight and direction so clients always have the luxury of knowing the marketing and sale of their property is being placed in the hands of the area’s most capable Realtors®.
Clients are personally updated on current inquiries, upcoming showings, and strategic marketing plans designed exclusively for their property. With proven results, Scott and Mindy’s knowledge, creativity, skill, and continuous effort demonstrate their commitment to you.
You can be confident that the luxury properties you list with Scott & Mindy at Douglas Elliman Real Estate will receive the best exposure on the market.
Conclusion
The Q1 2025 market shows a resilient luxury sector in Palm Beach while South Palm Beach faces more significant challenges. Understanding these trends is crucial for buyers, sellers, and brokers as the market enters a phase of recalibration.
Patience, strategic pricing, and market adaptability will be key in the coming months.
View the full Q1 2025 South Ocean Boulevard Condominium Sales Report below:
The Next Move Is Yours
Ready to take the next step? Contact Scott & Mindy Gordon today to discuss how we can help you find your perfect home.
Scott Gordon
Email: [email protected]
Phone: (561) 346-4141
Mindy Gordon
Email: [email protected]
Phone: (561) 302-3133
