We are delighted to present this week's edition of Coastal Confidential, where we provide insights into the South Florida coastal real estate markets for contract activity from July 6 to July 12, 2024.

Last week, 38 contracts were signed, maintaining a consistent level week-over-week but showing a slight 3% decline compared to the same period last year (one sale less).
  
Contract activity for properties under $1M remained steady compared to the previous year, while sales above $1M saw an 11% decrease (one sale less) year-over-year.
  
Signed contracts from Jupiter to Singer Island on Jupiter Island tripled compared to the previous year. Over 80% of the contracts signed in this submarket last week were for properties priced under $1M.
  
The highest-priced contract signed last week was for an oceanfront spec house located at 1460 S Ocean Boulevard, featuring six bedrooms, a dock, and a pool, listed at $74.950M.
  
There were 5 recorded sales from Hypoluxo Island to Gulf Stream, including the sale of 1 Osprey Court, a beach block estate closed at $6.9M, listed by Val Coz of Douglas Elliman. Additionally, 414 Beach Curve on Hypoluxo Island closed at $1.62M with the buyer represented by Patricia Towle of Sotheby’s.
  
Lastly, an article in The Palm Beach Post last week, citing data from Palm Beach County Property Appraiser Dorothy Jacks, estimated the total value of Palm Beach County Real Estate to be over $514 billion, marking an impressive 10% increase from the previous year.