Palm Beach mansion prices bounce back

This Palm Beach mansion sold in June 2017 for $23.7 million. (Photo courtesy Andy Frame)

At the end of 2016, the town of Palm Beach’s mansion market was showing signs of trouble. As of mid-2017, however, prices had rebounded sharply.

Among the top 10 percent of single-family sales in Palm Beach, the median price was $15.8 million in the second quarter of 2017, up 56.5 percent from a year earlier, according to a report released Thursday by brokerage Douglas Elliman Real Estate.

The average price reached $18.6 million, up 39.5 percent from mid-2016.

The sharp rise would seem to indicate that last year’s downturn was temporary. Among the upper 10 percent of deals, Palm Beach prices plunged 50 percent from the fourth quarter of 2015 to the fourth quarter of 2016, according to Douglas Elliman.

Elsewhere in Palm Beach County, results were mixed. In Jupiter, average and median prices in the luxury market jumped by more than 25 percent. But in Delray Beach, the average luxury price fell 18.8 percent over the year, while the median price was off 9.5 percent.

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