Palm Beach Area Home Sales, Prices Both Down in April

Palm Beach Area Home Sales, Prices Both Down in April

Residential News » Palm Beach Edition | By Michael Gerrity | May 22, 2023 8:35 AM ET

Yet total local residential listings inventory doubles in size

Based on new data by the Miami Association of Realtors, Palm Beach total home sales decreased 17.4% year-over-year in April 2023, from a historic 2,956 transactions in April 2022 to 2,441 in April 2023, because of rising mortgage rates, the recent banking crisis and overall economic uncertainty.

Palm Beach single-family home sales decreased 15% year-over-year, from 1,484 in April 2022 to 1,262 in April 2023 because of its comparison to a historic month and the current market has lower inventory in specific price points and higher rates.

Palm Beach existing condo sales decreased 19.9% year-over-year, from a historic 1,472 in April 2022 to 1,179 in April 2023, due to lack of inventory and rising mortgage rates.

Palm Beach County single-family home median prices decreased 2.7% year-over-year in April 2023, increasing from $560,000 to $575,000. Existing condo median prices increased 3.2% year-over-year, from $293,500 to $303,000.

Total active listings at the end of April increased 97% year-over-year, from 3,805 to 7,497.

Inventory of single-family homes increased 69% year-over-year in April 2023 from 2,155 active listings last year to 3,642 last month. Condominium inventory increased 133.6% year-over-year to 3,855 from 1,650 listings during the same period in 2022.

New listings of Palm Beach single-family homes decreased 27.8% to 1,481 from 2,052 year-over-year. New listings of condominiums decreased 16.4%, from 1,729 to 1,446 year-over-year.

Months' supply of inventory for single-family homes increased 121.4% to 3.1 months year-over-year, which indicates a seller's market. Inventory for existing condominiums increased 245.5% to 3.8 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory at the end of April was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million). Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.

Only 0.5% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.6% in April 2022.

Short sales and REOs accounted for 0.2% and 0.3% year-over-year, respectively, of total Palm Beach sales in April 2023.

Palm Beach's percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented 1% of sales in April, unchanged from last month and the prior year.

Cash sales represented 53.8% of Palm Beach closed sales in April 2023, compared to 45.8% in April 2022. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales accounted for 62.4% of all Palm Beach existing condo sales and 45.8% of single-family transactions.

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