The most frequently asked question in Palm Beach County this year is whether the housing market is crashing. The data suggests a different narrative: two separate markets operating within the same ZIP codes, each moving at its own pace. Single-family homes remain in seller's territory, while condos have shifted toward a buyer's market, according to Loodmy Jacques, a real estate agent who leads The Jacques Team at Keller Williams Reserve in West Palm Beach.
Jacques points out that the gap between the two segments is evident not just in price but in time and leverage. Single-family homes in the county carry roughly 3.5 months of supply, a level still associated with a seller's market. Condos, by contrast, sit closer to 6.7 months of supply. The median single-family home goes under contract in about 40 days, compared with about 69 days for condos. Single-family homes typically close near 95 percent of their original list price, while condos close at roughly 93 percent. That extra month on the market carries weight, as each additional week tends to invite lower offers. Multiple offers still occur on well-priced houses but are uncommon on condos unless the building is newer or fully funded.
Condo prices have not collapsed, however. Jacques estimates the median condo price is up about 5 percent year over year. Much of the pressure on older condos traces to reforms Florida adopted after the 2021 Surfside collapse. For years, associations could choose not to fund reserves, and many did. Buildings three stories or taller must now complete a Structural Integrity Reserve Study and set money aside for the repairs it identifies. "Owners in older buildings are now paying for decades of delayed repairs all at once," Jacques says. That cost arrives as higher monthly dues, special assessments, or both. Financing has tightened alongside it. Jacques estimates that only about 21 of roughly 2,400 South Florida condo buildings are approved for FHA loans, and more than half of condo purchases in Palm Beach County are now paid in cash.
The single-family side faces the opposite problem. Many owners holding low-rate mortgages are staying put, and Jacques estimates the county has about 24 percent fewer single-family homes available than a year ago. Buyer preference is shifting too, toward owning land without association rules and toward simpler financing. That does not make it 2021 again. Buyers remain price-sensitive, and homes that are priced in line with the market tend to move quickly while those that are not can sit.
The county-wide condo figure can mislead. A headline showing condo prices up 5 percent blends newer, well-funded buildings with older ones that may be flat or declining. For an individual unit, Jacques says, the building's reserve study and financial health matter more to price than the county median does. That makes the buyer's side of the process increasingly about documents rather than square footage.
The county's housing story heading into the fall is less about direction than divergence. Single-family homes are being priced against a shortage. Condos, as Jacques puts it, "are a building-by-building decision." For buyers and sellers, this means that understanding the specific dynamics of each property type is crucial. Single-family home sellers may still enjoy favorable conditions, but condo sellers must navigate a more complex landscape shaped by reserve requirements and financing constraints. As the market continues to evolve, staying informed about these divergent trends will be key to making sound real estate decisions.
