We are excited to share the latest edition of Coastal Confidential, your insider's guide to real estate activity along South Florida’s beautiful coast. This week, we focus on the period from September 21 to September 27, 2024.
In the past week, 31 contracts were reported signed, reflecting a 6% decrease week-over-week and a 52% drop year-over-year. Single-family contract activity remained steady compared to last year but saw a significant 47% increase from the previous week. In contrast, transactions for condos, co-ops, townhouses, and villas fell to their lowest weekly total of the year, with just nine contracts reported.
Contract activity in the $1M to $5M range plummeted 74% year-over-year, largely due to last year's high figures that included several new development sales at Amrit Ocean Resort & Residences. The highest-priced contract last week was for 1140 Powell Drive, a stunning four-bedroom waterfront home with a dock on Singer Island, listed at $5.95M.
Notably, 418 North Atlantic Drive on Hypoluxo Island closed during this period for $3.6M, brokered by the esteemed Earl A. Hollis Inc., representing a strong waterfront sale for a home spanning just over 4,000 square feet.
There has long been a connection between the Manhattan and Palm Beach real estate markets. When Manhattan thrives, it often drives activity in Palm Beach and its surrounding areas. According to the Corcoran Report, “The Manhattan market is finally showing signs of a comeback, with demand indicators improving for the first time since 2022. We saw a rise in both closings and signed contracts, and deals are moving faster—marketing times are the quickest they've been in over two years.” — Pamela Liebman, President & CEO of Corcoran.
In addition, CNBC has ranked Florida’s economy as the strongest in the nation for the second consecutive year in its 'Top States for Business' report. Florida also placed second in both workforce and access to capital, securing the fifth spot overall. These positive indicators set a promising stage as we approach the upcoming season and New Year.
