Residential Real Estate News
Greater Palm Beach Area Home Sales Climb as Tight Supply Fuels Prices
Palm Beach County's housing market showed renewed momentum in February 2026, with transaction volume climbing even as inventory tightened and price trends diverged between property types, according to the Miami Association of Realtors.
Closed sales of existing homes rose 9% from a year earlier to 1,847 transactions, led by continued strength in both single-family and condominium segments. Single-family home closings increased nearly 8% to 1,089 units, while condo sales advanced more than 10% to 758, underscoring sustained demand across the market.
Price growth remained uneven. The median price for single-family homes rose 4.3% year-over-year to $675,000, extending a long-term surge that has seen values more than double since 2008. In contrast, condo prices edged slightly lower, slipping 0.6% to $315,000, though still up sharply over the past decade and a half.
Shrinking inventory continues to shape market dynamics. Total active listings declined just over 10% from a year earlier to 13,072 properties at the end of February. Single-family inventory fell 8.6% to 5,749 listings, while condo supply dropped 11.4% to 7,323 units. Despite the annual decline, overall inventory remains below pre-pandemic norms, reinforcing competition among buyers.
The imbalance between supply and demand is more pronounced in the single-family segment. With 4.9 months of supply, the market continues to favor sellers, typically defined as less than six months of inventory. Condominiums, by comparison, are approaching equilibrium, with 8.9 months of supply--within the range generally considered balanced.
Distressed sales remain a negligible share of activity, accounting for just 0.5% of all transactions. Bank-owned properties and short sales represented 0.3% and 0.2% of closings, respectively, highlighting the market's underlying stability.
Buyers are still negotiating modest discounts relative to initial asking prices. Sellers of single-family homes received a median 94% of their original list price, while condo sellers achieved 92%. Properties are also taking slightly longer to move. Single-family homes spent a median of 53 days on the market before going under contract, with total time to sale extending to 91 days. Condos averaged 69 days to contract and 105 days to close, both marginally higher than a year earlier.
Cash remains a dominant force in the market. All-cash transactions accounted for nearly 55% of February sales, up from about 53% a year ago and well above the national average. The trend is particularly pronounced in the condo sector, where more than two-thirds of purchases were made in cash, compared with 47% for single-family homes.
The elevated share of cash buyers reflects South Florida's enduring appeal to international investors and domestic migrants relocating from higher-cost regions. Those buyers, often less sensitive to mortgage rates, continue to underpin demand even as financing conditions remain relatively tight.
Taken together, February's data points to a market that is still expanding, but at a measured pace--supported by strong demand and constrained supply, with notable differences emerging between property types, according to the Miami Association of Realtors.
