Residential Real Estate News
Greater Palm Beach Area Residential Sales Dip in July
According to new data from the Miami Association of Realtors, Palm Beach County, Florida, saw a 2.6% drop in total residential sales in July 2024, declining from 2,109 to 2,054 transactions. However, single-family home sales in the county rose slightly by 0.9%, increasing from 1,164 to 1,174, while existing condo sales experienced a year-over-year decrease of 6.9%, falling from 945 to 880.
The median price for single-family homes in Palm Beach County saw a 7.4% year-over-year increase in July 2024, climbing from $600,000 to $644,500. Similarly, condo median prices went up by 1.6%, from $315,000 to $320,000. Despite these price gains, total inventory is 16.8% below the historical average for the area, with the historical inventory average at 16,196, while the current figure stands at 13,471.
Total active listings at the end of July 2024 surged 65.1% year-over-year, rising from 6,959 to 11,490. Single-family home inventory increased 50.4% over the same period, growing from 3,430 to 5,159 listings. Condo inventory grew even more significantly, with a 79.4% increase, going from 3,529 to 6,331 listings. However, this remains below the historical and pre-pandemic average.
The months' supply of inventory for single-family homes is at 4.5 months, indicating a seller's market, while the 7-month supply for condos points to a balanced market. A balanced market is typically characterized by a six- to nine-month supply of inventory.
In July 2024, Palm Beach County's total dollar volume reached $1.7 billion. Single-family home sales contributed $1.3 billion, marking a 2.57% year-over-year increase, while condo sales generated $412 million, an 8.49% year-over-year decrease.
Distressed sales, including REO (bank-owned properties) and short sales, made up only 0.5% of all closed residential sales in Palm Beach County in July 2024, down from 0.7% in July 2023. Short sales accounted for 0%, and REOs made up 0.5% of total sales. The percentage of distressed sales in Palm Beach County is lower than the national average, which was 1% in June 2024.
The median percent of the original list price received for single-family homes in July 2024 was 94.1%, while for existing condos, it was 93.4%. Single-family homes took a median of 35 days to go under contract, up from 22 days last year, with a median total sale time of 80 days, compared to 66 days in 2023. Condos had a median of 48 days to contract, up from 28 days, and a median time to sale of 88 days, up from 72 days.
Cash sales represented 47.7% of all closed sales in Palm Beach County in July 2024, slightly down from 48.1% in July 2023. By comparison, about 27% of home sales nationwide are made in cash, according to the National Association of Realtors. In Palm Beach County, cash transactions accounted for 56.7% of condo sales and 40.9% of single-family home sales.
