The housing market in Palm Beach County, Florida, is not crashing but diverging, with single-family homes and condos operating as separate markets within the same zip codes. According to Loodmy Jacques, a real estate agent who leads The Jacques Team at Keller Williams Reserve in West Palm Beach, the gap is evident in supply, speed, and leverage. Single-family homes remain in seller's territory, while condos have tipped toward buyers, creating distinct challenges and opportunities for both sides.
On the single-family side, inventory is tight. Jacques estimates the county has about 24 percent fewer single-family homes available than a year ago. This shortage, driven by owners holding low-rate mortgages and staying put, has kept supply at roughly 3.5 months—a level associated with a seller's market. As a result, the median single-family home goes under contract in about 40 days and closes near 95 percent of its original list price. Multiple offers still occur on well-priced houses, but buyers are price-sensitive, and homes that are not priced in line with the market can sit.
Condos present a different picture. Supply sits closer to 6.7 months, favoring buyers, and the median condo takes about 69 days to go under contract, closing at roughly 93 percent of list price. This extra month on the market often invites lower offers. However, condo prices have not collapsed; Jacques puts the median condo price up about 5 percent year over year. The pressure on older condos traces to reforms Florida adopted after the 2021 Surfside collapse. Buildings three stories or taller must now complete a Structural Integrity Reserve Study and fund reserves for identified repairs. “Owners in older buildings are now paying for decades of delayed repairs all at once,” Jacques says, leading to higher monthly dues or special assessments. Financing has tightened, with only about 21 of roughly 2,400 South Florida condo buildings approved for FHA loans, and more than half of condo purchases in the county now paid in cash.
For buyers, the condo market requires scrutiny of building financials rather than just square footage. Jacques notes that a unit's building reserve study and financial health matter more to price than the county median does. On the single-family side, buyer preference is shifting toward owning land without association rules and simpler financing. This divergence means that county-wide medians can mislead, blending newer, well-funded condos with older ones that may be flat or declining. As Jacques puts it, condos “are a building-by-building decision.”
The implications for the market are significant. Sellers of single-family homes may still command favorable terms, but overpricing risks extended time on market. Condo sellers, especially in older buildings, must address reserve and assessment issues to attract buyers. For buyers, the single-family market offers limited inventory, while the condo market provides more options but demands due diligence. This split signals a more nuanced real estate landscape in Palm Beach County, where local building conditions and financial health increasingly drive value. More information about Loodmy Jacques and his team can be found at loodmyjacques.com.
