Palm Beach County housing market splits between homes and condos

The real estate market in Palm Beach County has diverged into two distinct sectors: single-family homes and condominiums. While single-family homes remain a seller’s market with approximately 3.5 months of supply and a median time to contract of 40 days, the condo market has shifted toward buyers.

Condominiums currently hold about 6.7 months of supply, with a median time to contract of 69 days. Although median condo prices have seen a year-over-year increase of roughly 5 percent, buyers possess more leverage, and homes typically close at 93 percent of the list price compared to 95 percent for single-family residences.

This shift in the condo market is partly attributed to Florida legislative reforms following the 2021 Surfside collapse. New regulations require buildings three stories or taller to conduct Structural Integrity Reserve Studies and fund necessary repairs. This has led to increased monthly dues and special assessments for owners of older buildings. Additionally, financing for condos has become more difficult, with estimates suggesting only about 21 out of 2,400 South Florida condo buildings are approved for FHA loans.