The value of signed contracts for luxury homes in Palm Beach County rose last week, reaching a total of $117.8 million, according to a report from Douglas Elliman’s Eklund-Gomes team. The period measured was from August 11 to August 17.
Eighteen contracts were signed for properties asking $3 million or more, up from ten the previous week when the asking volume totaled $71.5 million. The average time these homes spent on the market was 111 days.
The report covers single-family homes and condos listed in the Beaches MLS. It also noted that there were 47 new listings and a total of 1,004 active listings available.
Of the properties that went under contract, sixteen were single-family homes and two were condos. The pending condos averaged an asking price of $4.3 million, or $1,613 per square foot, with an average of 73 days on the market.
Single-family homes accounted for $109.3 million in asking volume with an average listing price of $6.8 million and an average market time of 150 days.
The highest-priced home to find a buyer last week was a waterfront mansion at 311 East Key Palm Road in Boca Raton, which is listed at $17.8 million. Property records show Derek Ettinger as the seller; he purchased it for $12 million in 2021. Built in 2015 on half an acre, the home features six bedrooms, eight bathrooms, two half-bathrooms, a pool, and a dock. David Roberts with Royal Palm Properties holds the listing.
Another notable sale is a waterfront property at 989 Marble Way in Boca Raton with an asking price of $14.5 million. Sellers Lawrence and Ivy Freedman bought it for $11.9 million last year after its construction on a third-acre lot was completed. The house includes five bedrooms, five bathrooms, two half-bathrooms, a pool, dock, and 119 feet of waterfront access; Nicholas Gonzalez and Matthew Moser with Serhant have the listing.
