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surge in single-family property and condominium sales has been reported in Palm Beach, with more homes changing hands compared to the same period last year. However, prices fetched by these sales fell short of those recorded in 2024, when four transactions exceeded $60 million. This year, only three single-family sales topped $35 million, according to reports from real estate agencies operating in the area.

    The Corcoran Group reported a 32% increase in single-family home sales compared to the same quarter in 2024, while condominium and co-operative unit sales saw a smaller rise of around 12%. Brown Harris Stevens noted that properties spent more time on the market before selling than they did a year ago, but still found buyers.

    Inventory levels have improved, with a 20% increase in available single-family homes, condos, and co-ops compared to the same months last year. However, this remains below pre-pandemic levels. The median single-family price rose annually, while prices paid for single-family homes "remain elevated," according to Frisbie Palm Beach Real Estate.

    On the condominium front, sales showed strong double-digit annual gains, with a notable increase in units sold above $5 million. Sotheby's International Realty reported that overall sales volume rebounded to $192 million year-over-year, with renewed confidence and upward momentum in the sector.

    The second quarter marked the fourth consecutive quarter of double-digit single-family sales growth, according to the Corcoran Report. However, prices fetched by these sales were not as dramatic as those recorded last year, when two transactions exceeded $150 million. This year's highest dollar sales included an oceanview house at 516 S. Ocean Blvd., which sold for $51.42 million, and a direct-beachfront house at 1519 N. Ocean Way, which brought $48.5 million.

    The relative lack of stratospheric sales led to a nearly 35% drop in the single-family average sales price, according to the Elliman Report. Despite this, prices paid for single-family homes remain elevated, with 65% of second-quarter sales exceeding $10 million, according to Frisbie's analysis.