Residential Real Estate News
Greater Palm Beach Area Residential Sales Rise in Early 2025
West Palm Beach Leads the Nation in All Cash Residential Purchases
According to the Miami Association of Realtors, total home and condo sales in Palm Beach County saw a year-over-year increase in January 2025. Residential sales rose by 3.3%, climbing from 1,444 to 1,491 transactions. Single-family home sales experienced a 4.81% increase, rising from 811 to 850, while condo transactions saw a modest 1.3% uptick, from 633 to 641.
"West Palm Beach leads the nation in all-cash sales, illustrating how our market remains somewhat insulated from elevated mortgage rates," said 2025 JTHS-MIAMI President Ginenne Boehm.
Home prices continued to trend upward, with the median sale price for single-family homes rising 5.69% year-over-year to $650,000, up from $615,000. Existing condo median prices also saw a 1.54% increase, reaching $330,000 compared to $325,000 last year.
Inventory levels expanded significantly, with total active listings surging 32.5% year-over-year, from 10,685 to 14,159. The supply of single-family homes grew 25.22%, reaching 6,136 listings compared to 4,900 last year. Condo inventory saw an even sharper increase of 38.69%, rising from 5,785 to 8,023 listings.
Market conditions varied across property types. The months' supply of inventory for single-family homes stood at 5.5 months, indicating a seller's market. Meanwhile, the 9.7-month supply of condominiums signaled a buyer's market. A balanced market is typically defined as having between six and nine months of inventory.
Total sales dollar volume surged 25.45% year-over-year to $1.6 billion in January 2025. Single-family home dollar volume jumped 26.74% to $1.2 billion, while condo sales volume rose 22.01% to $407 million.
Distressed sales remained minimal, making up only 1.2% of all closed residential transactions in Palm Beach County, compared to 0.7% in January 2024. Short sales accounted for just 0.2%, while REO (bank-owned) properties made up 1% of total sales. Nationally, distressed sales represented 3% of all transactions, remaining unchanged from both December and the prior year.
Sellers received a strong return on their listings, with single-family homes selling at a median 94% of the original list price. Condominiums followed closely, with a median 91% of the list price received.
The median time from listing to contract for single-family homes extended slightly to 42 days, up from 38 days last year, while the overall median time to sale increased marginally to 83 days from 82. Condos experienced a more noticeable shift, with the median time from listing to contract jumping to 62 days from 35, and the total time to sale rising to 100 days from 78.
Cash transactions remained a dominant force in the market, accounting for 56.2% of all closed sales in January 2025, up from 55.7% a year prior. This figure is nearly double the national average of 29%, according to the latest NAR statistics. Cash sales made up 67% of all condo transactions and 48% of single-family home sales in Palm Beach County.
