The average sale price of Palm Beach single-family homes nearly doubled year over year in the fourth quarter of 2021, according to a residential market report from Brown Harris Stevens.

The average single-family home sales price was $7.59 million in the last quarter of 2020, and it soared to $14.17 million during the same quarter in 2021, the report said. 

Condo average sale prices increased as well, by 9% to $1.53 million.

Total transactions in Palm Beach dropped from 85 single-family homes and 142 condominiums in the fourth quarter of 2020 to just 36 homes and 125 condos last quarter, an indication of the shrinking housing inventory in the region.

The numbers showed slightly different trends in West Palm Beach, where total transactions increased, and the average sales price for condos dropped 10% year over year.

There were 191 single-family home transactions in West Palm during the fourth quarter of 2021, up from 169 the year before. Average prices increased 15% to $820,000 vs. $716,000 in 2020.

Condo transactions increased to 179 last quarter from 135 a year earlier. The average sale price dropped year over year from $687,000 to $616,000. That pricing dip may be misleading, though, because the average price per square foot increased 17% year over year.

Average days on the market for condos in Palm Beach and West Palm Beach dropped by about 2/3rds in both regions.