Greater Palm Beach Area Residential Sales Dip in 2023

Greater Palm Beach Area Residential Sales Dip in 2023

Residential News » Palm Beach Edition | By Michael Gerrity | January 26, 2024 10:19 AM ET

Based on new data by the Miami Association of Realtors, total Palm Beach County Florida residential sales decreased 3.3% annually in December 2023, from 1,830 to 1,770 transactions.

Palm Beach single-family home sales decreased 3% year-over-year, from 831 to 801. Palm Beach existing condo sales decreased 3.61% year-over-year, from 831 in December 2022 to 801 in December 2023.

Palm Beach total new listings increased 12.57% year-over-year in December 2023, from 2,300 to 2,589. The Palm Beach market remains in a seller's market but the fresh supply of listings will give buyers more options.

Palm Beach single-family homes new listings increased 16.08% while Palm Beach condo new listings jumped 9.7% year-over-year.

Total inventory is down 41.3% from the historical average for Palm Beach. The monthly historical average for Palm Beach existing inventory is 16,196 and current inventory is at 9,515.

Total active listings at the end of December increased 26.1% year-over-year, from 7,545 to 9,515.

Inventory of single-family homes increased 13.19% year-over-year in December 2023 from 4,042 active listings last year to 4,575 last month. Condominium inventory increased 41.02% year-over-year from 3,503 to 4,940 listings during the same period in 2022.

Months' supply of inventory for single-family homes is 4.0 months, which indicates a seller's market. Inventory for existing condominiums is 4.9 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Palm Beach County single-family home median prices increased 6.42% year-over-year in December 2023, increasing from $545,000 to $580,000. Existing condo median prices increased 1.67% year-over-year from $300,000 to $305,000.

Palm Beach total dollar volume totaled $1.3 billion in December 2023. Single-family home dollar volume increased 9.35% year-over-year to $901 million. Condo dollar volume increased 2.04% year-over-year to $407 million.

Only 0.7% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.5% in December 2022.

Short sales and REOs accounted for 0.1% and 0.6% year-over-year, respectively, of total Palm Beach sales in December 2023.

Palm Beach's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in December 2023, virtually unchanged from last month and the prior year.

The median percent of original list price received for single-family homes was 95.2% in December 2023. The median percent of original list price received for existing condominiums was 94.3%.

The median number of days between listing and contract dates for Palm Beach single-family home sales was 29 days, down from 36 days last year. The median time to sale for single-family homes was 68 days, down from 77 days last year.

The median number of days between the listing date and contract date for condos was 31 days, up from 27 days. The median number of days to sale for condos was 70 days, up from 67 days.

Cash sales represented 53.7% of Palm Beach closed sales in December 2023, compared to 51.3% in December 2022. About 29% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales breakdown for Palm Beach County include 63.2% of all Palm Beach existing condo sales and 45.8% of single-family transactions in December 2023.

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