Real estate sales in Palm Beach County have experienced a noticeable decline. According to the Miami Association of Realtors, single-family home sales have dropped by 8%, from 914 to 841 transactions. Condominium sales saw a more significant decline, falling by 25.2%, from 781 to 584. Overall, total sales in the county decreased by 15.9%, from 1,695 to 1,425.
The median sale price for single-family homes has remained steady at $600,000, while the price for existing condos has slightly increased by 0.5%, rising from $308,500 to $310,000.
Active Listings and Inventory Levels
Active listings have surged by 42%, climbing from 9,304 to 13,213. The inventory of single-family homes has increased by 27.6%, from 4,568 to 5,828. Meanwhile, condominium inventory has grown by 55.9%, from 4,736 to 7,385 listings.
The months’ supply of inventory for single-family homes has reached 5.3 months, indicating a buyer’s market. For condos, the supply has increased to 8.8 months, representing a balanced market, typically characterized by 6 to 9 months of inventory.
Dollar Volume and Distressed Sales
The total dollar volume of real estate transactions in Palm Beach County has reached $1.2 billion. Single-family home dollar volume has risen by 6.94%, reaching $905 million, while condo dollar volume has decreased by 25.31%, to $294 million.
Distressed sales have remained low, accounting for just 0.9% of all closed residential sales. Short sales made up 0.07%, and REO properties (bank-owned) represented 0.9% of the sales.
Pricing and Market Timing
Homes in Palm Beach County have sold for an average of 94.6% of their original list price for single-family homes and 93% for condominiums. Single-family homes have taken a median of 37 days to go under contract, while the total time to sale has increased to 82 days.
Condominiums have experienced a median of 52 days from listing to contract, while the total time to sale has grown to 90 days.
Cash Sales
Cash transactions have accounted for 45.7% of closed sales in Palm Beach County, slightly down from 54.4% previously. This figure remains significantly higher than the national average, where approximately 25% of sales are made in cash. Cash sales have comprised 57% of condo transactions and 37.9% of single-family home sales.
The high percentage of cash buyers reflects South Florida’s appeal to foreign investors and individuals relocating from pricier U.S. markets, using cash from previous real estate gains.
