We are excited to present the latest edition of Coastal Confidential, offering an insider's perspective on real estate along the coast. Here’s a snapshot of contract activity for the week ending September 20, 2024.
Last week, 33 contracts were reported signed, reflecting a 14% increase from the previous week, though down 38% year-over-year. Notably, contracts exceeding $5M reached a four-week high after two weeks without any such contracts.
In positive news for our local markets, Hypoluxo Island to Delray Beach saw Highland Beach as the only submarket with an annual increase in signed contracts, driven by activity in both single-family homes and condos.
The highest-priced new contract last week was for a four-bedroom oceanfront condominium at 1901 S Ocean Boulevard #19 in Delray Beach, listed at $11.995M.
Home equity continued to rise in Q2 2024, with residential properties holding mortgages gaining a collective $1.3 trillion in equity over the past year. Although growth has begun to slow, the CoreLogic report indicates an 8% year-over-year increase, bringing total equity on mortgaged properties to over $17.6 trillion by the end of Q2 2024.
In encouraging news for the real estate market, Vanderbilt University is close to finalizing agreements with local officials for a $520 million development project in West Palm Beach. This initiative will establish a second campus for the Owen School of Management, which ranks 25th in Bloomberg Businessweek’s 2023-24 survey of top graduate business schools.
