Coastal Confidential’s latest update on South Florida’s real estate market reflects a dynamic period for luxury properties. The November 2-8, 2024, review shows a slight cooling in general contract activity with a 14% week-over-week decline and a 25% drop compared to the same period last year. However, transactions over $5 million had a notable boost, with eight contracts signed in that range—the strongest week since May.

Palm Beach Island led this surge, recording nine sales, marking its most active week since spring. The priciest transaction was a waterfront estate at 1840 S Ocean Boulevard in Manalapan, listed at $25.95 million, with eight bedrooms, a pool, and a private dock.

Political factors are also shaping South Florida’s market. With the recent election of Trump for a second term, industry experts anticipate policies favoring real estate development, such as lower interest rates, tax cuts, and regulatory easing. Florida’s robust population growth, booming tourism, and favorable fiscal outlook are expected to keep demand strong, reinforcing the state as a high-potential market for luxury property investment and development.