Residential Real Estate News
Luxury Palm Beach Area Home Sales Spike 34 Percent Annually in April
According to the Miami Association of Realtors, Palm Beach County total home sales climbed 5.2% year-over-year in April 2024, from 2,441 to 2,568.
Palm Beach County single-family home sales increased 11.1% year-over-year in April 2024, from 1,262 to 1,402. Yet, Palm Beach County condo sales decreased 1.1% year-over-year, from 1,179 in to 1,166.
In the luxury housing segment, total luxury home sales in Palm Beach County ($1M or more) increased 34.4% year-over-year in April 2024, from 375 to 504. Luxury condo sales ($1M or more) also increased 20.91% in April 2024, from 110 to 133. Single-family home transactions increased 40%, from 265 to 371.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That's down from 7.09% the previous week but up from 6.39% one year ago.
Palm Beach County total new listings increased 23.2% year-over-year in April 2024, from 2,957 to 3,643. Yet, total inventory is down 28.5% from the historical average for Palm Beach County. The monthly historical average for Palm Beach County existing inventory is 16,196 and current inventory is at 11,582. Total active listings at the end of April increased 54.5% year-over-year, from 7,497 to 11,582.
Inventory of single-family homes increased 37.8% year-over-year in April 2024 from 3,642 active listings last year to 5,017 last month. Condominium inventory increased 70.3% year-over-year from 3,855 to 6,565 listings during the same period in 2023.
Months' supply of inventory for single-family homes is 4.4 months, which indicates a seller's market. Inventory for existing condominiums is 6.9 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Palm Beach County single-family home median prices increased 11.1% year-over-year in April 2024, increasing from $585,000 to $650,000. Condo median prices also increased 12.2% year-over-year from $303,000 to $340,000.
Palm Beach County total dollar volume totaled $2.3 billion in April 2024. Single-family home dollar volume increased 28.07% year-over-year to $1.6 billion. Condo dollar volume increased 8.04% year-over-year to $696 million.
Only 0.5% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.5% in April 2023.
Short sales and REOs accounted for 0.07% and 0.4% year-over-year, respectively, of total Palm Beach County sales in April 2024.
Palm Beach County's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in April 2024, virtually unchanged from last month and the prior year.
The median percent of original list price received for single-family homes was 94.3% in April 2024. The median percent of original list price received for existing condominiums was 92.7%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 37 days, down from 30 days last year. The median time to sale for single-family homes was 80 days, from 74 days last year.
The median number of days between the listing date and contract date for condos was 42 days, up from 30 days. The median number of days to sale for condos was 84 days, up from 73 days.
Cash sales represented 56.3% of Palm Beach County closed sales in April 2024, compared to 53.8% in April 2023. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics.
A further breakdown of Palm Beach county cash sales show 65.4% of all Palm Beach County existing condo sales were in cash, and 48.7% of single-family transactions were purchased in cash.
