Residential Real Estate News
Greater Palm Beach Area Residential Sales Drop 20 Percent Annually in September
According to new data from the Miami Association of Realtors, residential sales in Palm Beach County dropped by 19.7% year-over-year, decreasing from 2,028 to 1,628 units. This decline is attributed to limited inventory at key price points and consistently high mortgage rates, even after the Federal Reserve's first rate cut in four years in September.
In September 2024, condo sales in Palm Beach County fell by 24.8% year-over-year, from 926 to 696. Single-family home sales saw a 15.4% decline, dropping from 1,102 to 932.
The median price for existing condos rose 1.6% year-over-year, from $309,900 to $315,000. Single-family home median sale prices increased 2.5%, from $600,000 to $615,000.
Inventory remains down 34.7% compared to Palm Beach County's historical average. The historical monthly average for existing inventory is 16,196 units, while current inventory stands at 12,028.
Active listings as of the end of September 2024 saw a 59.8% year-over-year increase, rising from 7,528 to 12,028. Single-family home listings grew 44.1% year-over-year, from 3,765 to 5,424. Condo inventory increased by 75.5% over the same period, from 3,763 to 6,604, although it remains below historical and pre-pandemic levels.
The months' supply of inventory is at 4.9 months for single-family homes and 7.6 months for condos, both reflecting a seller's market. In a balanced market, the supply would range from six to nine months.
Nationally, total housing inventory at the end of September was 1.39 million units, a 1.5% increase from August and a 23.0% increase from a year ago, with a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
In terms of sales volume, Palm Beach County's total dollar volume for September 2024 was $1.3 billion. Single-family home dollar volume fell 10.4% year-over-year to $935 million, while condo dollar volume decreased 20.1% to $344 million.
Only 0.7% of closed residential sales in Palm Beach County were distressed in September 2024, matching the 0.7% figure from September 2023. Short sales and REOs accounted for 0.06% and 0.6%, respectively, of total sales. Nationally, distressed sales represented 2% of sales, similar to the previous month and year.
The median percent of original list price received was 94.1% for single-family homes and 93% for condos in September 2024. The median time between listing and contract dates for single-family homes was 42 days, up from 24 days the previous year, while the median time to sale was 85 days, compared to 67 days last year. For condos, the median days between listing and contract dates was 54, up from 33 days, and the median time to sale was 91 days, an increase from 78 days.
Cash sales accounted for 48.7% of closed sales in Palm Beach County in September 2024, down from 51.4% a year earlier. Nationally, cash sales constitute about 30% of home purchases, based on recent NAR data. Cash transactions represented 58.3% of existing condo sales and 41.5% of single-family home sales in the county.
