CONDOS & TOWNHOMES

All Neighborhoods

Whether you seek a large building with resort-style amenities or the boutique elegance of a small, full-service site, Palm Beach Island offers an expansive range of options just steps from shorelines, shops, restaurants and more. Palm Beach townhomes are ideal for those who seek the convenience of a condo but crave the spaciousness of a house.

Q4 Summary: Condominiums and Townhomes

Transaction volume in Q4 was down -60% YOY, due to a -53% decline in In-Town transactions and a -65% decline in South End transactions.

Total sales value was down -49% YOY.

This was the first quarter where we saw a decline in PPSF, which was down-7% YOY for In-Town condos and townhomes and -3% decline for South End condos and townhomes.

Most Recent Condo and Townhome Sales

Inventory: Active Listings

In Q4 2022, inventory was up +37% YOY. The same period in 2021 averaged 73 active listings per month, whereas Q4 2022 averaged 100 active listings per month.

Sale to List Ratio

The sale to list ratio for condos and townhomes hovered right around 90% for Q4 2022. This was down -5% compared to last quarter and the previous three quarters. 90%

Days on Market

136 DAYS

The number of days on market was up +14% compared to the same period last year. During Q4 2022, condos and townhomes took an average of 136 days to sell.

Condominiums & Townhomes Transactions

2022 closed out the year with a total of 513 condo and townhome transactions. This represented a -38% decline, compared to 2021. As we saw with the single family home asset class, the downward trend with condos and townhomes was only in comparison to 2021 behavior; it was still above or of similar volume to pre-2020 levels.

Condominiums & Townhomes Total Sales Value

Total sales value in 2022 for condos and townhomes was down -14%, closing out the year at $831M. The breakdown was split fairly evenly between In-Town ($395M) and South End sales ($408M).

Condominiums & Townhomes Average Sale Price ($)

Average sale price was up +39% YOY, with In-Town average sale price was up +58% YOY and South End average sale price up +24% YOY.

Condominiums & Townhomes Price Per SF

PPSF grew YOY across both In-Town and South End condos. In-Town grew +59% YOY to $2,169 PPSF and South End grew +30% to $698 PPSF. Note, Q4 was the first quarter we saw a decrease in PPSF across both In-Towns and South End condos, which is something to watch as we enter 2023.

Compounding Annual Growth Rate (CAGR)/ Price Appreciation

CAGR for the Palm Beach In-Town condo and townhome asset class over the last 40 years sits at 6.5%, largely impacted by stellar growth in the last several years.