Luxury Home Market Update: Palm Beach County Sees Significant Drop in Signed Contracts
Palm Beach County’s luxury real estate market has hit a notable slowdown, reflecting changing buyer behavior during the summer months. According to a recent market report by the Eklund-Gomes team at Douglas Elliman, contract signings for luxury homes have sharply decreased.
Current Market Performance
Between June 23 and June 29, only seven contracts were signed for luxury properties in the region, a stark decline from the previous week’s total of 12 contracts. Here are the key statistics from this period:
- Total asking volume: $43.2 million
- Average days on market: 177 days
- Comparison to the prior week: $73.6 million in asking volume
This report specifically tracks single-family homes and condominiums priced at $3 million and above within the Beaches MLS. Notably, there are currently 1,093 active listings and 25 new listings available on the market.
Breakdown of Contracts
Among the properties that went into contract during this week:
- Single-family homes: 6
- Condominium: 1 (priced at $5.6 million, or $1,722 per square foot, and had been on the market for 277 days)
The total asking volume for single-family homes that were contracted stood at $37.7 million, with these properties averaging 77 days on market.
Noteworthy Properties Under Contract
Two luxury properties stood out in terms of their asking price:
-
Admirals Cove Mansion in Jupiter
- Size: Nearly 8,200 square feet
- Asking Price: $10 million
- Seller: Kathy Horwitz, widow of Don Horwitz (Southern Services Corporation owner) who passed away in 2023.
- Property Features:
- 5 bedrooms, 5 bathrooms, and 2 half-bathrooms
- 100 feet of waterfront, complete with a dock
- Additional amenities include a swimming pool, theater, and library
- A guest house with 2 bedrooms and 2 bathrooms
- Original Listing Price: $13.5 million in February
- Barcelona Road Home in West Palm Beach
- Size: 3,800 square feet
- Asking Price: $8 million
- Seller: Stephen Baumer, Chief Technology Officer at GoPro
- Property Features:
- Built in 1925, consists of 4 bedrooms and 3 bathrooms, plus one half-bathroom
- Includes a pool and a guest house with 1 bedroom and 1 bathroom
- Original Purchase Price: $1.5 million in 2014
Market Outlook
The decrease in signed contracts reflects the broader trends in the South Florida real estate market, particularly during the summer when buyers often take vacations. For more information on the current trends within the luxury real estate sector, visit ZIllow.
Conclusion
As luxury home buyers in Palm Beach County take a step back for the summer, market observers will be closely watching how activity picks back up in the fall. With ample listings available and significant properties entering the market, the future of this luxury segment remains dynamic.
For further insights into the real estate market dynamics, check out our detailed analysis on South Florida Housing Trends.