The Real Deal Miami

High inventory could drop Palm Beach prices

November 03, 2008 10:34AM

A recent check with the Multiple Listing Service shows Palm Beach has 120 single-family homes for sale from the North End to Sloan’s Curve that are priced between $1 million and $5 million, an unprecedentedly large number that brokers say could result in lower sale prices. According to real estate attorney Les Evans’ market survey, the average selling price for single-family homes in the estate section leapt from $8 million in the first six months of 2007 to $17.9 million in the same time frame this year. The average sale price in Midtown rose slightly from $4.8 million to $5.6 million and for houses north of Royal Poinciana Way, the average price dropped from $3.69 million to $3.65 million.