West Palm Beach 2–3 Bedroom Condos — No HOPA (No 55+) Housing Market — August 2026

The West Palm Beach 2–3 bedroom condominium market outside of HOPA (55+) communities continues to record meaningful sales activity, while available inventory has expanded during the most recent period. This is a broad condominium segment that includes units with varying sizes, buildings, locations, views, condition levels, amenities, and association characteristics.

Appraiser’s Perspective — Thomas J. Dunphy III, State-Certified Residential Real Estate Appraiser RD8755

The total number of settled sales increased during the current six-month period. There were 303 settled sales during the current six months, compared with 265 during the prior 7–12 months, representing an increase of 38 sales. More recently, 144 sales occurred during the current three months compared with 159 during the prior 4–6 months.

The absorption rate was 44.17 sales per month during the prior 7–12 months, increased to 53.00 during the prior 4–6 months, and is currently 48.00 sales per month. Buyer activity therefore remains above the earlier period, although the current absorption rate has moderated from the prior 4–6 months.

One of the more significant indicators is the increase in available inventory. Active listings increased from 243 during the prior 7–12 months to 307 during the prior 4–6 months and most recently to 403 units. That is an increase of 96 active listings between the prior 4–6-month period and the current three-month period.

Months of housing supply has increased along with the available inventory, moving from 5.50 months to 5.79 months and most recently to 8.40 months. Buyers therefore have considerably more inventory available relative to the current pace of sales. We are also outside the primary South Florida seasonal period, which should be considered when interpreting the recent expansion in inventory.

Median comparable sale prices were $410,000 during the prior 7–12 months, $425,000 during the prior 4–6 months, and $290,000 during the current three months. However, these figures require context. This analysis includes both two- and three-bedroom condominium units across a broad range of sizes, buildings, locations, views, condition levels, and amenity packages. Changes in the overall median sale price should therefore not automatically be interpreted as the change in value of an individual condominium unit.

The median comparable sales days on market was 86 days during the prior 7–12 months, 75 days during the prior 4–6 months, and 79 days during the current three months. Units are therefore selling in approximately two and a half months, which remains within a typical 0–90-day marketing period.

Median comparable list prices have moved from $325,000 to $275,000 and most recently to $265,000. The reduction in median list prices, together with the increase in active inventory and the expansion to 8.40 months of housing supply, indicates that sellers are facing more competition for buyers.

Distressed transactions are not a meaningful factor in this market. None of the 568 closed sales during the preceding 12 months were reported as foreclosures or short sales. As of August 31, four of the 403 active listings were identified as foreclosures or short sales.

Considering the continued pace of sales, increased six-month transaction volume, substantial expansion in available inventory, rising housing supply, declining median list prices, and seasonal influences, I would characterize the West Palm Beach 2–3 bedroom No HOPA condominium market as stable with declining indicators. Current conditions appear to be leaning toward buyers.

Market data is based on Martin County Realtors of the Treasure Coast MLS with an effective date of August 31, 2026.

Tom the Realtor’s Perspective — For Buyers

For buyers, this is a market where you may have more time and more negotiating room.

There are currently 403 active listings within this broader market segment, while approximately 48 units are being absorbed per month. Buyers have more properties from which to choose, and that can create negotiating opportunities, particularly when a unit has been on the market for an extended period or is competing against several similar properties.

That does not mean every condominium should be approached the same way. A particular unit may have a renovated interior, water or city view, preferred location within the building, particular floor level, larger floor plan, or other characteristics that separate it from the broader market.

This is where my appraisal background becomes part of the buying process.

When one of my buyers identifies a condominium they are seriously considering, I can analyze the sales that actually compete with that specific unit and develop a supported range of values before we structure an offer.

In current market conditions, there may be an opportunity to make an offer toward the more conservative end of that range and negotiate from there. With expanding inventory and more choices available to buyers, we can use the market data to determine how aggressive—or patient—we want to be.

The objective is not simply to make a reduced offer. It is to understand where the particular unit fits within its competitive market and make an informed offer based on that analysis.

Tom Dunphy Sells Real Estate. Just Does More.

Tom the Realtor’s Perspective — For Sellers

For sellers, pricing and positioning are critical in the current market.

There are 403 active listings within this broader segment, compared with 307 during the prior period, while housing supply has expanded to approximately 8.40 months. Buyers have more alternatives, which means an individual condominium needs to compete for their attention.

That does not mean every unit will experience an extended marketing period. The characteristics of the individual condominium matter. A renovated unit with a particular view, location, floor level, floor plan, building, or amenity package may separate itself from competing inventory and attract a buyer relatively quickly.

For other units, pricing becomes even more important.

The median list price within this broad market segment has moved from $325,000 to $275,000 and most recently to $265,000. Because the analysis contains a wide range of two- and three-bedroom units, those figures should not be applied directly to an individual condominium. They do, however, demonstrate that asking prices within the broader segment have been adjusting.

If I were representing a seller, I would analyze the specific unit, building, recent competing sales, active competition, location, view, condition, amenities, and other relevant characteristics before establishing the initial pricing strategy.

In a market with expanding inventory, you do not want to spend months trying to catch the market through repeated price changes. If a property remains available while competing units are selling, buyers can begin asking why.

The objective is to enter the market on the offensive rather than the defensive—understand the competition from the beginning, establish a supported pricing range, and position the property accordingly.

What This Means for West Palm Beach Condo Buyers and Sellers

Buyers have not disappeared from the West Palm Beach condominium market. Approximately 48 units per month are currently being absorbed, and units sold in a median of 79 days during the current three-month period.

What has changed is the amount of available inventory.

With 403 active listings and approximately 8.40 months of housing supply, buyers have more choices, while sellers face additional competition.

For buyers, this can mean more time to analyze an individual unit, compare alternatives, and potentially negotiate.

For sellers, the individual characteristics of the condominium and the initial pricing strategy become increasingly important.

Whether buying or selling, the broader statistics are only the starting point. The next step is analyzing the specific condominium and the properties that actually compete with it.

Disclosure

This market analysis is provided for general informational and educational purposes only and is not an appraisal, broker price opinion, or guarantee of the value or future performance of any individual property. Market statistics reflect a broad segment of two- and three-bedroom condominium units and may include substantial differences in size, location, building, view, condition, amenities, association characteristics, and other factors.

Market data is based on MLS information available as of August 31, 2026. Individual condominium units and projects may perform differently from the broader market. A property-specific analysis should be completed before making a buying, selling, pricing, or valuation decision.

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

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

THE APPRAISER’S EDGE. THE RELOCATOR’S INSIGHT.

Tom Dunphy Sells Real Estate. Just Does More.