With interest rates up, condominium home sales volume on South Ocean Boulevard in 2023 were down 34.2% from 2022, but we expect to see that rebound in 2024 with the interest rates anticipated to come down in by the second quarter. I’m excited for the 2024 winter season to kick off in Palm Beach. There is an excitement in the air and people are anxious to jump back into the real estate market.

Oceanfront and lakefront condominiums have seen incredible improvements being made over recent years, which not only improve the safety and recreational enjoyment of these buildings, but also positively impact property values. This is great news for buyers and sellers alike, as the past few seasons have offered little choice when it comes to finding the right property. Many listings that went on the market over the summer months are now experiencing price adjustments that reflect the current market. All in all, price points seem to be relatively stable.

In 2022 there were 338 closings of condominium units on South Ocean Boulevard. There was an average of 3% list to sale price. In 2023 there were 208 closings with an average a 6% list to sale price. In 2022 the average sale price of a condominium unit along South Ocean Boulevard was $1,156,851. There has been a strong demand for smaller units which, in 2023, led to a lower average sale price of $1,040,820.

As our residents are arriving back in town and as we enter the holiday season, we will see many more quality, well priced properties become available. As the market continues to stabilize and, with the anticipated lower interest rates, the first quarters of 2024 should prove to be more favorable for both buyers and sellers.

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