T
he Palm Beach real estate scene was marked by volatility this season, with various descriptors applicable at different times. The common thread was President Donald Trump's presence in the town, which drew international attention and influenced local market activity. After the election, real estate activity surged as buyers and sellers breathed a sigh of relief from the uncertainty surrounding the outcome. This period saw a notable increase in sales and rentals, earning the nickname "the Trump bump." However, the market sputtered after Trump's announcement of tariffs on dozens of countries, leading to increased global economic uncertainty.

    Despite this, single-family home sales rose sharply this season, with at least 60% more sales in the first quarter compared to last year. The median sales price for single-family properties reached a record high of $13.9 million in January, February, and March. Condo prices also saw an increase, but not as significant.

    The market has been mixed since Trump's announcement, with some buyers showing hesitation due to uncertainty. However, others have continued to move forward with plans to close deals after carefully weighing their options. As of April 30, there were around 12 single-family houses and three townhomes under contract, with combined asking prices totaling $217 million.

    Asking-price reductions were common this season, leading to properties selling shortly after price drops. Many active listings have also seen multiple price reductions. The once-in-a-lifetime boom sparked by the pandemic is now in the rearview mirror, but today's values are generally higher than pre-pandemic levels.

    The single-family market saw a surge in sales of houses priced between $10 million and $20 million, a mid-range category that had previously lagged. Two properties sold on Woodbridge Road, which offers conditional access to Trump's Mar-a-Lago club without an initiation fee. Across town, the North End saw six non-waterfront home sales close above $10 million.

    The inventory of single-family homes available for sale remained relatively stable compared to last season, but is still below pre-pandemic levels. The number of condos and co-op apartments for sale has increased significantly since last year, with 223 listings as of April 30.

    Real estate professionals agree that Palm Beach retains its reputation as a place where values can rise over the long term. Savvy buyers may see real estate on the island as a safe bet due to its potential for appreciation and diversification of finances. Sellers may also be taking a step back to re-evaluate their priorities, with some opting not to sell in uncertain times.