Residential Real Estate News
Palm Beach Area Residential Sales Uptick in August
Based on new data from the Miami Association of Realtors, greater Palm Beach County total residential sales increased year-over-year in August 2023.
Greater Palm Beach area total residential sales increased 0.2% year-over-year in August 2023, from 2,310 transactions in August 2022 to 2,315 in August 2023.
Palm Beach single-family home sales decreased 3.3% year-over-year, from 1,292 in August 2022 to 1,249 in August 2023, yet Palm Beach existing condo sales increased 4.7% year-over-year, from 1,018 in August 2022 to 1,066 in August 2023.
The monthly historical average for Palm Beach existing inventory (this doesn't include new construction) is 16,196 and current inventory is at 6,953. Total inventory is down 39.8% from pre-pandemic (August 2019), from 11,546 to 6,953
Total active listings at the end of August increased 4.8% year-over-year, from 6,633 to 6,953.
Inventory of single-family homes decreased 11.9% year-over-year in August 2023 from 3,865 active listings last year to 3,405 last month. Condominium inventory increased 28.2% year-over-year from 2,768 listings to 3,548 during the same period in 2022.
New listings of Palm Beach single-family homes decreased 13.3% from 1,709 to 1,481 year-over-year. New listings of condominiums decreased 0.2%, from 1,376 to 1,373 year-over-year.
Months' supply of inventory for single-family homes is 2.9 months, which indicates a seller's market. Inventory for existing condominiums is 3.6 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Palm Beach County single-family home median prices increased 7.1% year-over-year in August 2023, increasing from $565,000 to $605,000. Existing condo median prices increased 4.8% year-over-year from $291,000 to $305,000.
Historically, a market with less than 6 months of supply will have appreciating prices. Palm Beach single-family homes and existing condos are at 2.9 and 3.6 months, respectively.
Only 0.7% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.6% in August 2022.
Short sales and REOs accounted for 0.1% and 0.6% year-over-year, respectively, of total Palm Beach sales in August 2023.
Palm Beach's percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented 1% of sales in August 2023, virtually unchanged from last month and the prior year.
The median percent of original list price received for single-family homes was 95.9% in August 2023. The median percent of original list price received for existing condominiums was 95.6%.
The median number of days between listing and contract dates for Palm Beach single-family home sales was 24 days, up from 18 days last year. The median time to sale for single-family homes was 70 days, up from 58 days last year.
The median number of days between the listing date and contract date for condos was 28 days, up from 17 days. The median number of days to sale for condos was 71 days, down from 56 days.
Cash sales represented 48.9% of Palm Beach closed sales in August 2023, compared to 48.2% in August 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash sales accounted for 56.1% of all Palm Beach existing condo sales and 42.8% of single-family transactions.
