Highland Beach Real Estate Quarterly Market Update | (Q1 2024)

Highland Beach market update (q1, 2024)

Highland Beach is the most unique municipality we will review in this year's series of marketing updates. With only 2 registered businesses, no schools, no traffic lights, and just over a mile of area from end to end, Highland Beach is an interesting city to review. Though it is just a few feet from both Boca Raton and Delray Beach, cities that offer much in the way of arts, entertainment, and fine dining, Highland Beach residents often move here to live a serene life on perpetual vacation. All residents, whether they be condos, townhomes, or the limited single-family homes available, reside on the waterfront. With a small year-round population and significantly smaller sample size than its neighbors, the data we elucidate to you should be taken with a grain of salt, more than any other market update blog we've written. This isn't to say that there is no credibility to the data. After all, we wouldn't write this if it wasn't worth reading. However, the smaller the sample size, the more vastly results can differ with less intervention. Read on and see how we interpret these 4 key metrics.

Please note: All commentary and reflections on this blog are informed opinions, and should not constitute actionable financial, legal, or any form of advice otherwise. 

Highland Beach average listing price (q1, 2024)

Average Listing Price

  • $2,464,049 | -24.02%

This number (and the one that follows) may be a reflection of skewed results due to a few significant discrepancies in the pattern of sales. However, the month of March exclusively shows an even greater discrepancy, with a change of -40.16%. It may also be a result of a significantly larger number of listings available, with nearly 25% more on the market year-to-date. While most Highland Beach condos range near the $1 Million mark, several buildings like 45 Ocean, the Highland Beach Club, and even Coronado offer price points are much lower than seven figures.

highland beach average sale price (q1, 2024)

Average Sale Price

  • $2,638,129 | 45.63%

Compared to this time last year, there have only been three sales between $2 Million and $3 Million, while last year there were already 8. The number of sold listings is almost identical, with 29 sold this year to date and 30 last year. With such a small quantity to sample, the loss of several million in total revenue has impacted the overall average sales price. It is possible that this number could shift back and forth dramatically, especially if sales remain at an overall average of 8-12 per month. Despite all of this information, the average sale price is still nearly 50% higher than last year. As expected, research shows that three listings, including one in Boca Cove and another pending (as of this writing) on Byrd Beach, total over $100 million alone. This explains why the number is so staggeringly high despite 2023 showing many more sales in 7 figure brackets.

Highland Beach CDOM (q1, 2024)

Average CDOM

  • 75 Days | 33.93%

The slowdown that is felt nationwide is felt strongest in our beachfront condo market, where concrete restoration, major improvements, and rising insurance have given pause to otherwise eager condo buyers. The average cumulative days on the market have increased nearly 34% year-over-year. This is another number that the lack of sample size may not necessarily shift, but more so because there are significantly more condos in Highland Beach than townhouses and single-family homes. Even then, these properties are not insulated from the issues that condos are currently facing. Though residents of single-family homes do not share common spaces and management, company, all prices and days on market are impacted by insurance rates, consumer demographics, and the major assessments that some condos may be facing, though we do not have the information on which condos, if any, are dealing with financial challenges.

Highland Beach active listings

Active Listings

  • 198 | 23.8%

Following the trend in most nearby towns, Highland Beach is experiencing a surge in listings, due to buyer expectations settling to current conditions and sellers less reluctant to move forward. The March comparison is even more significant, with a 32.2% increase. Notably, there are still 119 of the 198 listed properties on the market as of today's writing, which shows that sellers are not afraid to put their Highland Beach condo or townhome on the market, but buyers are still a bit slow to the punch. Over time, we expect this number to remain and continue climbing, but buyers to make quicker decisions amidst a challenging, but seemingly settling market landscape.

Looking to learn more about Highland Beach market conditions? Visit our Highland Beach Real Estate News page.

Ready to buy or sell a home or condo in Highland Beach? Visit our Agents page and meet our experts!

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