Introducing this week's Coastal Confidential, offering a comprehensive overview of real estate activity across the Coastal Palm Beaches and Barrier Islands from June 1 to June 7, 2024.

Noteworthy is the continual rise in property values throughout Palm Beach County, exemplified by a median sales price of $670,000 for single-family homes in 2024, marking a notable increase from $665,975 in 2023.

In the past week, we witnessed a remarkable surge in signed contracts, with 48 reported—a 41% uptick week-over-week and a 12% rise year-over-year.

Of particular interest are the thriving transactions occurring under $750K, primarily driven by condominium sales stretching from West Palm Beach to Lake Worth. Condominiums priced below $1M have demonstrated robust sales momentum over the past two months.

Palm Beach stands out with the most significant annual increase in signed contracts, attributable to vigorous condominium activity under $1M.

Additionally, notable home sales between East Delray Beach and Manalapan have captured attention, notably the sale of 50 Coconut Lane in Ocean Ridge for $4,000,000.00. This exceptional property, occupying a double lot with nearly an acre of land, is distinguished by its iconic tennis court gracing the eastern edge of the premises. Another noteworthy sale is that of 219 NE 8th Avenue in Delray Beach, which closed for $2.1M.

Topping the charts last week was the highest-priced contract for 584 Island Drive, a luxurious waterfront single-family home on Palm Beach Island, boasting a pool and dock, with an asking price of $34.5M.