Recent data from the Miami Association of Realtors indicates a 1.8% drop in total residential sales in Palm Beach County for February 2024 – from 1,794 units sold in January to 1,762 in February.
Notably, sales of single-family homes in Palm Beach saw an annualized increase of 5.2% year over year in February 2024 – from 975 units to 1,026. Additionally, luxury home sales (homes priced over $1 million) experienced an astounding 20.8% year-on-year boost.
Conversely, sales of existing condos in Palm Beach declined 10.1% year-over-year, from 819 units sold in February 2023 to 736 in February 2024. This drop is likely a result of limited units available within certain price ranges and higher mortgage rates reducing demand for these properties.
Palm Beach saw an astounding annual surge of 27.266% year-over-year new residential listings increase between February 2020 and 2024. From 3,092 listings in February 2024 to 3,935, this marked a substantial 27.26% jump year over year – above February 2020’s figure of 3,9177 listings.
Palm Beach currently boasts an inventory that is 30.1% lower than its historic monthly average of 16,196 listings; currently there are 11,322.
At the end of February, total active listings had increased by 41.5% year-on-year to 11,322, from an initial inventory of 8,000 properties to 11,322 (an increase of 26.1% for single family homes and 57% for condos respectively versus the previous year’s period).
Current months’ supply of inventory suggests a seller’s market in single-family home sales at 4.4 months’ supply; condo markets with an inventory level of 6.3 months’ supply may offer greater balance.
Median sale prices of single-family homes in Palm Beach County jumped 11.9% year-over-year to reach $615,000 in February 2024; existing condo median sale prices also experienced an increase, rising 4.7% year-on-year to reach $314,000.
Total sales volume in Palm Beach reached $1.4 billion during February 2024, with single-family home sales growing 19.200% year-over-year to $1 billion while condo sales saw a decrease of 11.93% to $371 million.
Distressed sales in Palm Beach accounted for just 0.5% of residential sales last month, which represents a decrease from 0.8% in February 2023 and falls far below the national average of 3%.
In February 2024, single-family home prices received on average 94.4 percent of their original list prices while 94% for condos. Median time from listing to contract decreased slightly compared to previous year for single-family homes at 38 days while for condos it increased slightly to 44 days.
Cash transactions accounted for 55.1% of all closed sales in Palm Beach during February 2024, which represents an above-average preference for cash purchases (national average: 33%). Of note, 66% of condo transactions and 47.3% of single-family home sales involved cash purchases.