Coastal Confidential – Week Ending January 17, 2025
Palm Beach County Real Estate Market Update
Contract Activity Surge ContinuesFor the week ending January 17, 2025, Palm Beach County's real estate market saw notable activity, with 59 contracts signed, marking a 31% increase week-over-week and an 11% rise year-over-year. This was the highest weekly contract total since July 2024, signaling strong momentum in the market as we move deeper into the new year. Notably, the luxury segment also experienced a significant uptick, particularly in contracts asking over $10 million, which reached an eight-week high and showed the largest year-over-year percentage gain.
Palm Beach Island Drives High-End SalesA key contributor to the market's year-over-year growth in contract activity was the single-family sales on Palm Beach Island. The island continues to be a magnet for luxury buyers, with high-end properties fueling overall market performance.
The priciest contract signed last week was for a stunning four-bedroom home at 420 Brazilian Avenue on Palm Beach Island, listed at $16.75 million. This property, complete with a pool, exemplifies the luxury living and exclusivity the island is known for.
A $285M Listing Stuns the Market. One of the most buzzed-about listings to hit the market in recent days is a jaw-dropping $285 million estate located at 1960 S Ocean Blvd in Manalapan. Spanning an impressive 50,000 square feet, this property is set to be a masterpiece of design and craftsmanship. The listing has garnered worldwide attention, placing Manalapan even further in the spotlight as one of the most coveted luxury towns along the coast. The coverage and growing intrigue around this listing are poised to elevate the town’s reputation as a luxury destination.
Recent Closing Highlights. In other news, a modern waterfront home on Inlet Cay in Ocean Ridge sold for $5.48 million. This sleek, newly constructed property, designed by Varga Homes, is a perfect example of coastal living at its finest, offering stunning water views and high-end finishes. The successful sale further reinforces the appeal of Ocean Ridge’s luxury real estate market.
Market Outlook. With a strong start to 2025 and continued interest in both the ultra-luxury and mid-range markets, Palm Beach County’s coastal real estate scene remains as dynamic as ever. Keep an eye on Palm Beach Island, Manalapan, Hypoluxo Island and Ocean Ridge for ongoing high-end activity, and stay tuned for more updates as we move through the year
