A
s summer's end approaches, Palm Beach's busy season is gearing up, with residents returning to the island and house hunting in full swing. Real estate agents are bracing for a hectic few months, with Premier Estate Properties' Margit Brandt predicting a "very busy season." While the market isn't yet at full speed, listings are trickling into the Multiple Listing Service, and prices continue to rise.

    The median sale price for single-family homes in Palm Beach has reached $9.3 million, according to Redfin. Agents note that the market has returned to its pre-Covid seasonal rhythm, with a boom in ultra-luxury sales driving demand. Notable deals include Australian infrastructure magnate Michael Dorrell's purchase of Tarpon Island for $152 million and media mogul Herbert Siegel's widow selling her lakefront mansion for $51.6 million.

    As the market heads into the fourth quarter, agents are keeping a close eye on interest rates and the presidential election. While uncertainty may be a concern, top agent Dana Koch notes that people often use the election as an excuse to delay purchases. Despite this, agents expect sales to pick up regardless of the outcome.

    The island's trophy hunting season has seen big deals despite the summer lull. Daren Metropoulos bought a historic oceanfront estate for $148 million in mid-June, and the Riggio family listed their oceanfront estate for $96 million in June before it went into contract by August. Agents say these high-end sales help spur activity in the sub-$30 million market.

    Palm Beach ranks as an epicenter for ultra-luxury markets, with a boom in eight- and nine-figure deals rocketing the island into the global spotlight. The number of listings over $50 million has dropped off, but agents see this as a natural consequence of the rare nature of such properties. The shrinking trophy property supply hasn't dampened demand, however, with buyers still eager for new construction.

    The stock of homes priced at $10 million to $30 million is growing, but sales in this range are slow. Agents attribute this to the challenges of building on the island and the lengthy approval processes. However, they note that affluent buyers still have money to spend and are getting more realistic with pricing, making dealmaking more doable.

    As the market heads into the final stretch of the year, agents are optimistic about a strong finish. With Wall Street thriving and people feeling wealthier, there's no shortage of demand for luxury real estate in Palm Beach.