🇺🇸❤️🇮🇹 South Florida Market Stats for Palm Beach for the Month of June 2024

[Jacopo Iasiello]

Palm Beach Real Estate: A Closer Look at June 2024

Single Family Homes: A Dynamic Market

Closed Sales: Palm Beach experienced 1,269 closed sales of single-family homes in June 2024, an 11.13% drop from June 2023's 1,428 sales. This dip is part of the natural ebb and flow of the market, reminding us that real estate always has its highs and lows.

% Paid in Cash: Cash sales accounted for 43.1% of transactions, slightly up from last year's 42.9%. This shows that almost half of buyers still prefer the confidence and speed that cash offers bring to the table.

Median Sale Price: Here’s some uplifting news—median sale prices climbed by 5.60%, reaching $659,999. This growth reflects strong demand for single-family homes in Palm Beach.

Dollar Volume: The total dollar volume decreased by 5.1%, coming in at $1.45 billion. While this might seem like a setback, it offers savvy buyers a chance to find value and negotiate better deals.

% of Original List Price Received: Sellers received 95% of their original list prices, down slightly from last year. This minor dip suggests there’s a bit more room for negotiation.

Median Time to Contract: Homes are taking longer to sell, with a median of 35 days to contract compared to 26 days last year—a 34.62% increase. This indicates buyers are taking their time to make decisions.

Median Time to Sales: The total median time to sales rose by 9.59%, from 73 days to 80 days. Deals are taking a bit longer to close, reflecting a more deliberate market.

Active Inventory: Active inventory surged by 47.84%, with 5,170 homes available compared to 3,497 last year. This increase provides more choices for buyers and encourages competition.

Months Supply of Inventory: Inventory supply jumped by 50%, from 3.0 to 4.5 months. This boost indicates a stabilizing market with ample opportunities for buyers.

Townhomes & Condos: Shifting Trends

Closed Sales: The townhome and condo market saw a significant decline, with 868 closed sales—a 27.9% drop from last year's 1,204. This shift may signal changing buyer preferences or market adjustments.

% Paid in Cash: Cash purchases made up 60.0% of sales, down slightly from 61.4%. Despite this small drop, the strong presence of cash buyers reflects continued confidence in the market.

Median Sale Price: Prices held steady at $325,000, showing resilience in the condo and townhome market.

Dollar Volume: The total dollar volume decreased by 30.2% to $462.39 million, suggesting fewer high-value transactions compared to last year.

% of Original List Price Received: Sellers received 92% of their original list prices, down from last year's 96%, indicating minor shifts in negotiating power.

Median Time to Contract: The median time to contract increased by 76.9%, from 26 days to 46 days. This longer period may reflect more buyer deliberation or a cooling market.

Median Time to Sales: The total median time to sales rose by 25.4%, from 71 days to 89 days, reinforcing the trend of longer decision-making periods.

Active Inventory: Inventory levels soared by 81.6%, with 6,522 units available compared to 3,592 last year. This substantial increase offers more choices for buyers, fostering a competitive market.

Months Supply of Inventory: The supply of inventory nearly doubled, jumping by 97.2%, from 3.6 months to 7.1 months. This rise points to a more balanced market with ample opportunities for buyers.

Practical Advice and Actionable Insights

For Buyers:

• Leverage Inventory Increases: With more homes on the market, buyers have a wealth of options. Use this advantage to find the perfect property and negotiate favorable terms.
• Consider Cash Offers: Even with a slight dip, cash transactions remain strong. If possible, making a cash offer can provide an edge in negotiations and speed up the closing process.

For Sellers:

• Price Competitively: To attract buyers in a competitive market, ensure your property is priced right. Competitive pricing can lead to quicker sales.
• Highlight Unique Features: With increased inventory, make your property stand out by showcasing unique features and upgrades that appeal to buyers.

Market Outlook:

• Stability and Growth: The market shows stability with moderate growth in single-family home prices and significant increases in active inventory. This indicates a healthy environment for both buyers and sellers.
• Adapting to Trends: The longer time to contract and sales for townhomes and condos suggests a more thoughtful buying process. Stay informed and patient to navigate these trends effectively.

Concluding Message

The Palm Beach real estate market is brimming with opportunities for both buyers and sellers. Every market shift brings new possibilities, so embrace these changes with optimism and confidence. As Zig Ziglar famously said, "You don't have to be great to start, but you have to start to be great." Let's move forward with determination and seize the opportunities that lie ahead.