Palm Beach island’s first quarter of 2026 closed with single-family home sales up 36 percent year over year, according to a market analysis by Keyes Company and Illustrated Properties released April 23. The average sale price rose 18 percent to $19.6 million. Average price per square foot increased 18 percent to $3,674. Average days on market fell to 136. Those four numbers, read together, describe a market that is compressing supply, accelerating absorption, and resetting its price floor simultaneously — exactly the profile a tight, wealth-migration-driven island market produces at the close of a strong season.
The season’s most significant transaction came off-market in February, when Anthony Lomangino purchased the historic estate known as Villa Flora for $76.7 million — a deal that did not appear on the open market and that, by itself, anchors the island’s ultra-luxury tier for the remainder of the year. Off-market volume of this scale is characteristic of Palm Beach: the island’s most consequential transactions frequently move through private channels before any MLS entry, which means the public-facing data understates the total velocity at the top of the market.
The condominium segment produced its own signal. Condo sales grew 39 percent year over year to 110 transactions in the first quarter, though average sale prices in the condo market fell 14 percent to $2.4 million as inventory at the mid-tier refreshed. The $1 million-plus condo tier, however, tracked the single-family market directionally — active, compressed, and cash-heavy. Market data shows that 90 percent of transactions above $3 million on the island closed in cash during the first quarter. That figure is consistent with the demographic reality of the Palm Beach buyer pool: private wealth, family offices, and institutional family capital that does not carry financing contingencies.
The $30.82 million close at 1246 North Lake Way on April 22 — Mosie Miller’s newly-built lakefront spec that printed a 43 percent three-year premium — is a recent data point that sits comfortably within the Q1 context: new construction at the lakefront is pricing at a premium over the average, the premium is expanding, and buyers are willing to pay it without extended negotiation cycles.
As the social season formally closes — Worth Avenue’s landmark transactions having reset the corridor’s institutional price floor earlier this spring — the island’s market heads into the summer in a structurally tighter position than it entered the year. The combination of off-market ultra-luxury volume, single-family sales acceleration, and condominium absorption growth creates a market that is, by any prior-cycle comparison, running ahead of its own seasonal norms.
The Keyes and Illustrated Luxury Report data, in aggregate, is the first full-quarter accounting of what has been visible in individual deal data throughout the spring: Palm Beach island in 2026 is not experiencing a cyclical peak so much as a structural repricing — one that appears likely to hold through the summer and set the terms for a 2026–2027 season that will begin, in October, from a materially higher floor than any season in recent memory. For national luxury market context, see the U.S. luxury market rebound analysis on Borro.