The Real Deal Miami

Condo, co-op sales jump in Palm Beach

August 01, 2012 11:15AM

The total number of condominium and co-op units sold in May in Palm Beach was the highest in the past four years, according to a report from attorney Leslie Robert Evans. There were a total of 54 condo/co-op unit sales in May 2012, a 26 percent increase compared to May 2011. Average condo sales prices also rose 11.5 percent to reach $587,093, with the median sales price increasing 6.6 percent to $455,000. The town’s single-family market declined in the same period, however, with a 59.9 percent decrease in average sales prices and a 61.6 percent decrease in total sales dollars. That is likely a reflection of an increasingly-strong low to mid-range market, however, rather than a weakening of the town’s single-family sector. Indeed, the median sales price rose 2.4 percent to $2.1 million. — Alexander Britell