We are pleased to present our Coastal Confidential summary on real estate contract activity in Palm Beach County from July 27 to August 2, 2024.

During this period, 65 contracts were signed, marking a 55% increase week-over-week and a 14% increase year-over-year.

Contracts priced under $1M decreased by 18% compared to last year, while those priced over $1M surged nearly 80%. Notably, contracts in the area from Jupiter to Singer Island, particularly Jupiter Island, more than doubled annually, driven by 14 reported contracts at Amrit Ocean Resort & Residences.

The highest-valued contract last week was for 101 Jungle Road, an oceanfront single-family home in Palm Beach’s Estate Section, listed at $54.9M. This represents the sixth contract exceeding $50M on Palm Beach Island in 2024.

Additionally, a $3.331M sale of a renovated condo penthouse at 50 East Road Unit 11G in Delray Beach was completed last week. Michelle Yales from Douglas Elliman represented the buyer.

Delray Beach is set to become even more vibrant, with seven new fine-dining restaurants opening around Atlantic Avenue. These include a modern Greek restaurant that transitions into a European dancehall by night, a barbecue spot from a James Beard Award semifinalist, a quirky Asian tiki speakeasy, a high-end steakhouse, and a retro-funky disco bar. This influx of establishments is enhancing downtown Delray Beach’s reputation as a sophisticated dining destination.

Mortgage rates are currently at their lowest in over a year. After peaking at 8% in October 2023, rates are now below 6.5% for a 30-year fixed mortgage. We will monitor the data closely to observe how this shift affects housing demand in the coming weeks.