T
he Palm Beach County condo market is experiencing a significant downturn, with sellers facing tough conditions. According to the latest Elliman Report from Miller Samuel Real Estate Consultants and Appraisers, newly signed contracts for condos have plummeted 43.8% year-over-year in February 2025 compared to the same period in 2024.

    This decline is widespread across various price ranges: a 46.7% drop for condos valued between $200k and $299k, 65% for those between $300k and $399k, and 69% for condos priced between $400k and $599k. Even luxury condos in the $3M to $4.99M range saw an 8.3% decline.

    New listings are also showing negative growth, with a 20.5% drop in condo listings compared to a 13.2% increase in single-family home listings. The overall number of new contracts for houses and condos combined has declined annually for the first time in three months, according to John Miller of Miller Samuel.

    The situation is even more dire in Broward County, where newly signed contracts for houses dropped 55.3% year-over-year, and condo contracts plummeted 58.6%. Listings are also down, with a 38% drop in new house listings and a 45.8% decline in condo listings.