Residential Real Estate News
Greater Palm Beach County Residential Sales Slip in January
Based on new data by the Miami Association of Realtors, Palm Beach County overall residential sales slipped in January 2024.
Palm Beach single-family home sales increased 2.1% year-over-year in January 2024, from 794 to 811, yet Palm Beach existing condo sales decreased 8.8% year-over-year, from 694 in January 2023 to 633 in January 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
Total Palm Beach residential sales decreased 2.9% in January 2024, from 1,488 to 1,444. The statistics don't include South Florida's robust developer new construction market and volume.
Palm Beach total new listings increased 17.20% year-over-year in January 2024, from 3,466 to 4,062. The Palm Beach market remains in a seller's market but the fresh supply of listings will give buyers more options.
Palm Beach single-family homes new listings increased 12.86% while Palm Beach condo new listings jumped 21.88% year-over-year.
Total inventory is down 34% from the historical average for Palm Beach. The monthly historical average for Broward existing inventory is 16,196 and current inventory is at 10,685.
Total active listings at the end of January increased 32.9% year-over-year, from 8,042 to 10,685.
Inventory of single-family homes increased 16.6% year-over-year in January 2024 from 4,202 active listings last year to 4,900 last month. Condominium inventory increased 50.7% year-over-year from 3,840 to 5,785 listings during the same period in 2023.
Months' supply of inventory for single-family homes is 4.2 months, which indicates a seller's market. Inventory for existing condominiums is 5.8 months, which 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 5.6% year-over-year in January 2024, increasing from $582,500 to $615,000. Existing condo median prices increased 8.7% year-over-year from $299,000 to $325,000.
Palm Beach total dollar volume totaled $1.3 billion in January 2024. Single-family home dollar volume increased 10.24% year-over-year to $952 million. Condo dollar volume increased 3% year-over-year to $333 million.
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 0.5% in January 2023.
Short sales and REOs accounted for 0.1% and 0.6% year-over-year, respectively, of total Palm Beach sales in January 2024.
Palm Beach's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in January 2024, virtually unchanged from last month and the prior year.
The median percent of original list price received for single-family homes was 94.4% in January 2024. The median percent of original list price received for existing condominiums was 94.3%.
The median number of days between listing and contract dates for Palm Beach single-family home sales was 38 days, down from 41 days last year. The median time to sale for single-family homes was 82 days, down from 85 days last year.
The median number of days between the listing date and contract date for condos was 35 days, up from 30 days. The median number of days to sale for condos was 78 days, up from 73 days.
Cash sales represented 55.7% of Palm Beach County closed sales in January 2024, compared to 55.9% in January 2023. About 32% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash sales accounted for 63.9% of all Palm Beach existing condo sales and 49.3% of single-family transactions.
