Residential Real Estate News
Greater Palm Beach Area Condo, Home Sales Collapse in November
According to the Miami Association of Realtors, single-family home sales in Palm Beach County declined by 8% year-over-year in November 2024, dropping from 914 to 841 transactions. Condominium sales saw an even steeper decline, falling 25.2% from 781 to 584. Overall, total sales in the county decreased by 15.9%, from 1,695 to 1,425.
The median sale price for single-family homes remained steady at $600,000 in November 2024. In contrast, the median price for existing condos increased slightly by 0.5% year-over-year, rising from $308,500 to $310,000.
Active Listings and Inventory Levels
Active listings surged 42% year-over-year, climbing from 9,304 to 13,213 by the end of November. The inventory of single-family homes rose by 27.6%, increasing from 4,568 active listings in November 2023 to 5,828 last month. Meanwhile, condominium inventory experienced a significant jump of 55.9%, from 4,736 to 7,385 listings during the same period.
The months' supply of inventory for single-family homes reached 5.3 months, indicating a buyer's market. For condominiums, the supply increased to 8.8 months, representing a balanced market. A balanced market is typically characterized by six to nine months of inventory.
Dollar Volume and Distressed Sales
The total dollar volume of real estate transactions in Palm Beach County reached $1.2 billion in November 2024. Single-family home dollar volume rose 6.94% year-over-year to $905 million, while condo dollar volume fell 25.31% to $294 million.
Distressed sales remained low, accounting for just 0.9% of all closed residential sales in November 2024, compared to 0.6% a year earlier. Short sales represented 0.07%, and REO (bank-owned) properties made up 0.9% of total sales.
Pricing and Market Timing
The median percentage of the original list price received was 94.6% for single-family homes and 93% for condominiums.
Single-family homes took a median of 37 days to go under contract, up from 24 days in November 2023. The total time to sale increased to 82 days, compared to 64 days last year.
Condominiums experienced a median of 52 days from listing to contract, up from 34 days, while the total time to sale grew to 90 days from 73 days.
Cash Sales
Cash transactions accounted for 45.7% of closed sales in Palm Beach County, down from 54.4% in November 2023. This figure remains significantly higher than the national average, where approximately 25% of sales are made in cash.
Cash sales comprised 57% of condo transactions and 37.9% of single-family home sales.
The high percentage of cash buyers reflects South Florida's appeal to foreign investors and buyers relocating from pricier U.S. markets, leveraging cash from previous real estate gains.
