The Real Deal Miami

Elliman reports slower home sales in Palm Beach

The brokerage says first-quarter home sales slid by 14.3% and condo sales by 50%
Oceean view from 1695 Ocean Way in Palm Beach, which sold in March for $44 million (Credit: Sargent Architectural Photography)

Ocean view from 1695 Ocean Way in Palm Beach, a single-family home thatĀ sold in March for $44 million (Credit: Sargent Architectural Photography)

First-quarter sales of single-family homes and condos in Palm Beach dropped from the levels of last year, Douglas Elliman Real Estate reported.

“Palm Beach housing prices set new records in the first quarter of 2016, although the pace of the market cooled as inventory expanded,” the real estate brokerage said in a Palm Beach market report.

Elliman calculated that the number of condo sales in Palm Beach fell 50 percent to 45 units in the first quarter, down 50 percent from last year’s first quarter, while single-family home sales declined year over year by 14.3 percent to 24 homes.

The average sale price of a single-family home in Palm Beach increased to $7.9 million in the first quarter, up 70 percent from the same period last year, and the average price per square foot rose 37.1 percent to $1,588, a new record.

But Elliman also reported that the average sale price of a Palm Beach condo dropped to $922,822 in the first quarter, a year-over-year decline of 10.7 percent.