Palm Beach County Real Estate Market Update: July 2024

📈Palm Beach County Real Estate Market Update: July 2024📊

The real estate market in Palm Beach County has been experiencing dynamic changes over the past few months, reflecting shifts in buyer demand, inventory levels, and pricing. Whether you’re looking to buy, sell, or simply stay informed, understanding these trends can provide valuable insights into the local housing market. Let’s dive into the key highlights from the July 2024 market data for single-family homes and townhouses/condos. (The following bullet points explain this graphic)

Single-Family Homes Market Overview 🏡

Closed Sales: A slight increase to 1,174 closed sales, up 0.9% from July 2023.
Median Sale Price: Rose further to $644,500, marking a 7.4% increase from $600,000 in July 2023.
Original List Price Received: Dropped by 2.1% to 94.1%, suggesting a slight decrease in negotiating power for sellers.
Median Days to Contract: Continued to lengthen, with properties taking 35 days to go under contract, up 59.1% from 22 days last year.
Inventory (Active Listings): Inventory remained high at 5,159, up 50.4% compared to July 2023.
Months Supply of Inventory: Increased to 4.5 months, up 55.2% from last year, reflecting more options for buyers.

Townhouses/Condos July 2024 Market Overview 🏡

Closed Sales: Dropped by 6.9% to 880 from 945 in July 2023.
Median Sale Price: Increased modestly by 1.6% to $320,000, up from $315,000 last year.
Original List Price Received: Declined to 93.4%, a 2.2% decrease from 2023.
Median Days to Contract: Continued to rise, taking 48 days to secure a contract, up 71.4% from last year.
Inventory (Active Listings): Increased to 6,331, up 79.4% from July 2023.
Months Supply of Inventory: Nearly doubled to 7.0 months, indicating a continued buyer’s advantage.

What Do These Trends Mean for Buyers and Sellers?

The current market trends in Palm Beach County suggest a shift towards a more balanced or even buyer-favored market. The increase in inventory levels and months of supply indicates that buyers have more options than in previous years. This could mean more negotiating power and potentially more favorable prices for buyers, especially in the townhouse/condo market.

For sellers, the increase in median days to contract and slight decrease in original list price received could mean that pricing competitively and being prepared for a longer time on the market may be necessary strategies. However, the rising median sale prices for both single-family homes and townhouses/condos reflect ongoing demand and potential opportunities to capitalize on market conditions.

Conclusion

The Palm Beach County real estate market is experiencing notable shifts, with inventory levels rising and the pace of sales slowing. Whether you’re looking to buy or sell, staying informed on these trends and working with a knowledgeable real estate professional can help you navigate the market effectively.

Stay tuned for more updates and feel free to reach out if you have any questions or need personalized advice!

You’ll Always Have the A+ Advantage with Me, Your Trusted Realtor & Former Teacher ✏️🍎🔑🏡