BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2025 MetroDesk Media, LLC) — The local housing market surged with activity in August as the number of newly signed contracts skyrocketed while the inventory of homes for sale tightened, creating an increasingly competitive landscape for buyers. According to the August 2025 Elliman Report, signed contracts for single-family homes jumped a remarkable 176% compared to the same month last year, with the condo market seeing a similar 138.5% spike in buyer demand.
The report, prepared by Miller Samuel Real Estate Appraisers & Consultants, highlights a significant market shift. For the first time since spring, the number of new listings has decreased annually. New listings for single-family homes fell by 19.2%, while new condo listings dropped by 11.8%. This combination of soaring demand and shrinking supply points to a robust seller’s market heading into the fall season.
Drilling down into the single-family home market, the surge in activity was most pronounced in the mid-range price brackets. Contracts for homes priced between $500,000 and $999,000 soared by over 218%. In total, 938 single-family homes went under contract in August 2025, a massive increase from the 338 contracts signed in August 2024.
The condominium market mirrored this intense activity, with signed contracts climbing from 335 to 799 year-over-year. The most dramatic increase occurred in condos priced between $400,000 and $599,000, which saw an astonishing 287.8% jump in new deals. At the same time, fewer owners put their condos on the market, particularly in the upper price ranges, with new listings for condos over $6 million falling by more than 56%.
This data signals a clear trend: more buyers are actively signing deals than there are new homes coming onto the market to replace them. For prospective buyers in Palm Beach County, this environment likely means fewer options, faster sales, and increased competition for the most desirable properties.
(Reported with assistance from Gemini. If we missed an error, let us know).
