Real Estate Market Update

Palm Beach County Market UpdateReal Estate Market Update

The latest Palm Beach County real estate news is out and the statistics are interesting. Buyers and sellers have been wondering what is happening and that is normal. There seems to be a lot of confusion especially if you are watching the news or listening to other people. The real estate market is very local and what is happening in other states is different from the Palm Beach County real estate market. Why is that? It is simple...there are more buyers that want to move to Florida versus the number of properties that we have for sale.  Let's take a look at how the numbers look for single family homes. 

Median Sales Price

The latest median sale price for homes was $622,000. This represents a 1.2% increase compared to the previous year. We saw a dip in prices at the start of 2023 due to uncertainty by buyers however the prices have bounced back. The market is still a seller's market at 3 months. Even though it is higher than the frenzy, the properties that get the formula right can see multiple offers. 

Listings, Pendings and Sales

New listings, pendings and sales have all decreased in Palm Beach County. Many homeowners have decided that moving with higher interest rates and prices does not make sense. That is why the number of great options of homes is limited. 

There were 1,591 new homes that came on the market in Palm Beach County. The number of new listings were down 28% compared to last year.  The number of pending sales were 1,422, which was down 5.8% year over year. The number of closed sales were down 4.4% with 1460 transactions.

Whether you are considering buying or selling a property in Palm Beach County, it is crucial to stay informed about the latest market trends and work with an experienced real estate professional who can provide personalized guidance and expertise. 

How do the latest real esate stats impact you? Let's chat!

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