Palm Beach County Luxury Condominium Market Update – $5 Million+ – July 2026

Tom Dunphy Realtor | Fulton Grace Realty
Licensed Florida Real Estate Sales Associate
TomDunphySellsRealEstate.com

Thomas J. Dunphy III
Florida State-Certified Residential Real Estate Appraiser – RD8755
APPRAIS

Palm Beach County Luxury Condominium Market Update – $5 Million+ – July 2026

Palm Beach County's luxury condominium market includes oceanfront and Intracoastal high-rises, newer condominium developments, boutique buildings, penthouses, and other upper-tier residences throughout some of Southeast Florida's most recognized coastal communities.

For purposes of this market analysis, the luxury condominium market is defined as condominium units priced at $5,000,000 or more.

The July 2026 data shows increased transaction activity compared with the earlier reporting periods. Settled sales and the monthly absorption rate increased, while active inventory also increased during the current three-month period.

Months of housing supply increased from the immediately preceding period but remains below the level reported during the prior seven-to-twelve months. Median sale prices have fluctuated within a relatively narrow range considering the price level and diversity of this market.

Overall, the available data supports a stable luxury condominium market with several indicators reflecting increased market activity.

Market Overview

Settled Sales

There were:

  • 23 settled sales during the prior seven-to-twelve-month period

  • 21 settled sales during the prior four-to-six-month period

  • 24 settled sales during the current three-month period

The current three-month period recorded more settled sales than the entire prior seven-to-twelve-month reporting period, despite covering only half as much time.

This reflects increased transaction activity during the current period.

Absorption Rate

The monthly absorption rate increased throughout the periods analyzed:

  • 3.83 sales per month — prior seven-to-twelve months

  • 7.00 sales per month — prior four-to-six months

  • 8.00 sales per month — current three months

The current period therefore represents the fastest monthly sales pace among the three periods analyzed.

Active Inventory

Active $5 million-plus condominium listings increased from:

  • 55 listings — prior seven-to-twelve months

  • 60 listings — prior four-to-six months

  • 82 listings — current three months

Buyers currently have more units available to consider.

The increase in inventory is an important counterpoint to the increase in transaction activity and should be considered when evaluating overall market conditions.

Months of Housing Supply

Months of housing supply was approximately:

  • 14.35 months — prior seven-to-twelve months

  • 8.57 months — prior four-to-six months

  • 10.25 months — current three months

Housing supply increased during the current three-month period compared with the immediately preceding period.

However, the current 10.25 months remains below the 14.35 months reported during the prior seven-to-twelve-month period.

This is one reason I would characterize the overall market as stable rather than interpret any single indicator independently.

Median Sale Price

Median comparable sale prices were:

  • $6,600,000 — prior seven-to-twelve months

  • $6,500,000 — prior four-to-six months

  • $7,047,500 — current three months

The current median is modestly above the two earlier periods.

However, Palm Beach County's $5 million-plus condominium market contains considerable variation in building, location, floor level, views, unit size, renovations, age, amenities, and other characteristics.

For that reason, I view the pricing data as generally stable, rather than concluding that the change in the current median represents a uniform increase in condominium values throughout the county.

Marketing Time

Median days on market for settled sales was:

  • 206 days — prior seven-to-twelve months

  • 66 days — prior four-to-six months

  • 114 days — current three months

The current median marketing time increased from the immediately preceding period but remains substantially below the prior seven-to-twelve-month period.

A marketing period of approximately 114 days places the current median within an approximate three-to-six-month range.

Listing Activity

Median list prices were:

  • $7,500,000 — prior seven-to-twelve months

  • $8,782,500 — prior four-to-six months

  • $8,428,950 — current three months

Current median list pricing remains above the prior seven-to-twelve-month period but declined modestly from the prior four-to-six months.

Median listing days on market declined throughout the periods analyzed:

  • 218 days

  • 193 days

  • 144 days

The combination of increased active inventory and elevated asking prices makes property-specific pricing particularly important.

Sale-to-List Price Ratio

The reported median sale-to-list price ratio remained approximately 100% throughout all three periods.

Individual listing histories should still be examined because some units may have experienced prior price changes before ultimately selling.

Understanding the $5 Million+ Luxury Condominium Market

Countywide statistics are useful for understanding broad market activity, but luxury condominiums are particularly property-specific.

A $5 million-plus oceanfront condominium in one building may not compete directly with a similarly priced unit several miles away.

Even units within the same building can have substantial differences.

Important considerations may include:

  • Building and location

  • Oceanfront or Intracoastal location

  • Direct ocean, Intracoastal, city, or other views

  • Floor level

  • Unit orientation

  • Living area and floor plan

  • Balcony and outdoor space

  • Interior condition and renovations

  • Ceiling height

  • Parking and garage accommodations

  • Private elevators or entry features

  • Building age

  • Building amenities

  • Security and concierge services

  • Association fees

  • Special assessments

  • Building inspections and structural requirements

  • Reserve funding and association financial condition

For those reasons, a countywide median provides market context but should not substitute for analysis of the individual unit and condominium project.

Appraiser’s Perspective

Thomas J. Dunphy III
Florida State-Certified Residential Real Estate Appraiser – RD8755

From an appraisal perspective, the Palm Beach County $5 million-plus luxury condominium market is best characterized as stable, with several indicators reflecting increased market activity.

Settled sales increased during the current six months. The current three-month period recorded 24 settled transactions compared with 23 during the entire prior seven-to-twelve-month period.

The monthly absorption rate increased from 3.83 to 7.00 and then to 8.00 sales per month.

Active inventory also increased, reaching 82 listings during the current three-month period.

Months of housing supply increased from 8.57 months during the prior four-to-six-month period to 10.25 months currently. However, current housing supply remains below the 14.35 months reported during the prior seven-to-twelve-month period.

Median sale prices were approximately $6.6 million, $6.5 million, and $7.05 million throughout the respective periods. Given the variation in building, location, floor level, views, living area, condition, amenities, and individual unit characteristics, the available data supports generally stable pricing rather than a uniform directional change throughout the entire market.

Median sale marketing time increased from 66 to 114 days during the current period but remains below the 206 days reported during the prior seven-to-twelve months.

Median listing days on market declined from 218 to 193 and then to 144 days.

Taken together, the increased pace of sales, increased absorption, generally stable pricing, and reduced marketing times compared with the earlier portion of the year are positive indicators. The increase in active inventory and the current 10.25 months of housing supply provide counterbalancing factors.

Overall, the available data supports a stable market with several increasing indicators.

Individual valuation within this segment requires analysis of the specific condominium project and unit, including building location, floor level, views, living area, condition, renovations, amenities, association characteristics, and the most relevant competing sales.

Tom the Realtor’s Perspective

Tom Dunphy Realtor | Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

With a $5 million-plus condominium, I would look beyond the unit itself.

At this price level, the condominium project can be just as important as the residence.

The building's condition, inspections, assessments, reserves, financial position, amenities, association fees, and future obligations can all affect a buyer's decision.

If I Were Representing a Buyer

The first step would be determining what the buyer actually wants.

Oceanfront? Intracoastal? A particular community? Newer construction? A penthouse? Direct ocean views? A particular floor level, unit size, amenity package, or building?

I would establish a focused property search around those requirements and closely monitor new listings.

The current median sale marketing time is approximately 114 days, so buyers generally have some time to evaluate available alternatives. However, the absorption rate has increased to 8 sales per month, so I would still want to remain attentive when a unit meeting the buyer's specific criteria becomes available.

Once we identified a property of serious interest, I would want to analyze both the unit and the building.

For the unit, I would review the most relevant comparable sales, preferably beginning within the same project when appropriate. Floor level, view, orientation, living area, condition, renovations, balcony space, parking, and other characteristics would be considered when developing an offer strategy.

For the condominium project, due diligence becomes particularly important.

I would want to understand applicable building inspections and structural requirements, including milestone or similar inspections where applicable, and whether any identified work has been completed or remains outstanding.

I would also want information concerning:

  • Current or anticipated special assessments

  • Whether existing assessments have been paid

  • Association financial information

  • Reserve funding

  • Association fees

  • Pending or planned building projects

  • Insurance considerations

  • Building rules and restrictions

  • Parking and storage

  • Amenities and services

Special assessments can also become part of the negotiation.

If an assessment remains outstanding, we need to understand how much is owed, when it is due, and how responsibility for that obligation will be addressed in the transaction.

And regardless of whether the building is older or newer, I would recommend an appropriate professional inspection of the individual unit as part of the buyer's due diligence.

Once we understand the unit, the building, the comparable sales, and the competition, we can develop a competitive offer strategy based on the specific property rather than the Palm Beach County median alone.

If I Were Representing a Seller

For a seller, I would again start with the specific unit and project.

What makes this residence different?

The building, floor level, view, orientation, living area, condition, renovations, balcony, parking, amenities, and other features all contribute to how the unit competes.

I would also want to understand the condominium's current position regarding inspections, reserves, association fees, special assessments, and any planned projects.

If an assessment exists, we should understand the amount and payment status before the property is marketed so that we can determine how it should be addressed as part of the listing and potential negotiation.

Pricing would be based on the most relevant competitive market evidence, with particular attention to comparable units within the same project when available and appropriate.

The current market contains 82 active $5 million-plus listings and approximately 10.25 months of housing supply. Median sale marketing time is approximately 114 days.

My objective would be to position the property competitively from the beginning and, when possible, improve upon that current marketing time.

A Marketing Strategy Built Around the Seller

At this level, the marketing strategy should be tailored to both the condominium and the seller.

Some sellers want broad exposure.

Depending on the residence and building, that could include professional photography and video, digital marketing, online exposure, social media, brokerage marketing channels, targeted promotion, private showings, broker events, invitation-only presentations, or a professionally planned and catered event when appropriate.

Other sellers may prioritize privacy, discretion, security, or confidentiality.

They may not want their residence broadly promoted or may prefer a controlled marketing strategy.

In those circumstances, the approach may involve targeted communication with appropriate real estate professionals and prospective buyers, controlled private showings, private presentations, or another strategy consistent with the seller's objectives and available brokerage options.

There is no single marketing plan appropriate for every $5 million-plus condominium.

The strategy should reflect the residence, the building, the likely buyer, current competition, market conditions, and the seller's preferences regarding exposure and privacy.

Searching for a $5 Million+ Palm Beach County Condominium?

Visit TomDunphySellsRealEstate.com to search available Palm Beach County condominiums and receive notifications when new properties enter the market.

A search can be focused on the locations, buildings, price range, views, floor levels, amenities, unit sizes, and other characteristics important to you.

Considering Selling a $5 Million+ Palm Beach County Condominium?

Selling an upper-tier condominium requires understanding both the individual residence and the building in which it is located.

Pricing, project characteristics, competition, presentation, exposure, privacy, and marketing should all be considered when developing a strategy.

Whether the appropriate approach involves broad market exposure or a more discreet strategy, the marketing plan should be developed around the residence and the seller.

One of Southeast Florida Real Estate’s Best-Kept Secrets

Looking for real estate market information beyond the usual headlines?

Visit Tom’s Market Updates at TomDunphySellsRealEstate.com.

Tom’s Market Updates examine individual communities, property types, and market segments throughout Palm Beach, Martin, and St. Lucie Counties.

The reports examine actual market activity, including:

  • Settled sales

  • Absorption rates

  • Active inventory

  • Months of housing supply

  • Median sale prices

  • Marketing times

  • Listing activity

  • Sale-to-list price relationships

Explore Tom’s Market Updates and see what is happening in the Southeast Florida real estate markets that matter to you.

Why Trust This Market Report?

Many online market reports provide automated statistics without explaining what is occurring beneath the headline numbers.

These market updates are personally prepared by Tom Dunphy, drawing on more than two decades of residential real estate appraisal experience together with current experience as a Florida real estate sales associate.

The objective is not simply to report statistics.

It is to analyze what the market evidence indicates from an Appraiser’s Perspective and then separately discuss what that information may mean when representing buyers and sellers from Tom the Realtor’s Perspective.

Contact Tom Dunphy

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

TomDunphySellsRealEstate.com

For real estate appraisal services:

Thomas J. Dunphy III
Florida State-Certified Residential Real Estate Appraiser – RD8755
APPRAIS

Real estate brokerage services and appraisal services are separate professional services.

Disclaimer

This Palm Beach County Luxury Condominium Market Update is provided for general informational and educational purposes only.

For purposes of this report, the luxury condominium market is defined as condominium units priced at $5,000,000 or more.

The market statistics presented in this report were derived from data reported through the Martin County REALTORS® of the Treasure Coast MLS with an effective date of July 31, 2026.

Market statistics may be influenced by differences in building, location, floor level, views, living area, condition, renovations, amenities, association characteristics, and the types of units sold during each reporting period.

References to condominium inspections, reserves, assessments, association financial information, insurance, or other project matters are general considerations only. Requirements and circumstances vary by building and transaction and should be independently verified through the appropriate association records, professionals, governmental sources, and transaction documents.

Real estate markets change over time, and current or past market activity does not guarantee future performance. This report should not be interpreted as an appraisal, broker price opinion, comparative market analysis, legal opinion, engineering opinion, inspection report, tax advice, financial advice, investment advice, or guarantee of value.

The value and marketability of an individual condominium depend on its specific characteristics, its condominium project, and the market evidence available as of the applicable date. Buyers and sellers should obtain advice tailored to the property and transaction they are considering.

Real estate brokerage services are offered through Fulton Grace Realty. Appraisal services, when separately engaged, are provided independently through APPRAIS.