Palm Beach Area Total Residential Sales Uptick in November

Palm Beach Area Total Residential Sales Uptick in November

Residential News » Palm Beach Edition | By Michael Gerrity | December 27, 2023 9:49 AM ET

Greater Palm Beach Area Inventory is Still Down 43 percent From Historical Average

According to the Miami Association of Realtors data, Palm Beach County total residential sales increased 2.9% year-over-year to 1,695 sales in November 2023. November transactions came to terms in October when mortgage rates hit a peak of 7.8%, but Palm Beach buyers primarily used cash as all-cash deals accounted for 54.5% of all transactions, which is double the national figure.

Palm Beach single-family home sales decreased 0.7% year-over-year, from 920 in November 2022 to 914 in November 2023. Palm Beach single-family home sales still has a lack of inventory in key price points as elevated mortgage rates have impacted buyers looking to finance.

Palm Beach existing condo sales increased 7.6% year-over-year, from 726 in November 2022 to 781 in November 2023.

"Palm Beach County real estate continues to be a top destination for individuals relocating from high-tax, high-density states such as California and New York," JTHS-MIAMI President Martha Gillespie-Beeman said.

Palm Beach new listings increased 15.48% year-over-year in November 2023, from 2,674 to 3,088. 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 12.57% while Palm Beach condo new listings jumped 19.67% year-over-year.

Total inventory is down 42.6% from the historical average for Palm Beach. The monthly historical average for Palm Beach existing inventory is 16,196 and current inventory is at 9,304.

Total active listings at the end of November increased 21.5% year-over-year, from 7,656 to 9,304.

Inventory of single-family homes increased 5.7% year-over-year in November 2023 from 4,322 active listings last year to 4,568 last month. Condominium inventory increased 42.1% year-over-year from 3,334 to 4,756 listings during the same period in 2022.

Months' supply of inventory for single-family homes is 3.9 months, which indicates a seller's market. Inventory for existing condominiums is 4.7 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Palm Beach County single-family home median prices increased 6.2% year-over-year in November 2023, from $565,000 to $600,000. Existing condo median prices increased 6% year-over-year from $291,000 to $308,500.

Palm Beach total dollar volume totaled $1.2 billion in November 2023. Single-family home dollar volume increased 2.25% year-over-year to $846 million. Condo dollar volume increased 25.92% year-over-year to $394 million.

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

Short sales and REOs accounted for 0.05% and 0.6% year-over-year, respectively, of total Palm Beach sales in November 2023.

Palm Beach's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 1% of sales in November 2023, virtually unchanged from last month and the prior year.

The median percent of original list price received for single-family homes was 95.6% in November 2023. The median percent of original list price received for existing condominiums was 95%.

The median number of days between listing and contract dates for Palm Beach single-family home sales was 24 days, down from 32 days last year. The median time to sale for single-family homes was 64 days, down from 75 days last year.

The median number of days between the listing date and contract date for condos was 34 days, up from 29 days. The median number of days to sale for condos was 73 days, up from 71 days.

Cash sales represented 54.5% of Palm Beach closed sales in November 2023, compared to 52.6% in November 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales accounted for 63.4% of all Palm Beach existing condo sales and 46.8% of single-family transactions.

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