Video of Current Housing Market Update
Palm Beach County, Florida October 23, 2024 Update Report with September, 2024 Stats
Video by BeachesMLS and Realtors Association of the Palm Beaches
South Florida Palm Beaches Real Estate
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Martin Group of Realtors®
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2024 Real Estate Market Reports
Palm Beach County, Florida October 2024 Report
Scroll down to view several different images, reports, and a video.
Beaches MLS Real Estate Market Snapshot
Summary of Single Family Homes' Report
The changing seasons in south Florida is bringing unusual seasonal opportunities for buyers due to falling mortgage rates and increased inventory. In Palm Beach County, the months supply of inventory currently sits at 4.7 months, a 62.1% increase from this time last year with 5,257 active listings.
Palm Beach County closed 1,113 sales in August, with the median time to contract being 40 days as buyers sift through options. More listings are hitting the market each month, with the county seeing 1,597 new listings in August. The median sale price stayed consistent with this time last year at $617,500.
How these reports are made: Statistics are compiled by Realtors Association of the Palm Beaches using the BeachesMLS from the FULL previous month of properties. The sold data was released September 19, 2024 and shows the data and stats from the previous full month of August.
Palm Beaches Market Stats by Type of Home
Now lets view the August stats of Palm Beach County by separating the Single Family Homes from the Condos and Townhouses.
Single Family Homes
Palm Beach County Single Family Detached Homes September 2024 Report with August Data.
Condos, Townhomes, and Villas Combined
Palm Beach County Condos, Townhouses, and Villas September 2024 Report with August Data.
Freddy Mac Current + Historical Interest Rates Chart
April 1, 1971 to September 19, 2024 – Mortgage Rates today are LOWER than in 1981
Lowest Mortgage Rate was 2.79% on Jan 14, 2021
Highest Mortgage Rate was 18.63% on October 9, 1981
The chart is based on a 30Y FRM = 30 Year Fixed Rate Mortgage
Buyers: Mortgage Rates dropped .5% Current average rate on September 19th was 6.09!
To view the latest update on mortgage rates and to see the 30 year chart, go to:
Freddie Mac Primary Mortgage Market Rates.
Summary of Palm Beach County's Sold Properties
Home Sales
Home Prices Home Inventory
Condo Sales
Condo Prices Condo Inventory
The Martin Group of Realtors® can help you sell or buy a home with numbers that work for you and fulfill your real estate needs. Text or call our office: 561-339-1779 for more info.
How’s the Real Estate Market in My Community?
Graphics below give a quick visual and answer the question of “How’s the Market?” by comparing the rate of sales versus inventory. The examples are for Palm Beach Gardens over a 20 month time period… gradually going from a very strong point of the seller’s market in June 22, 2022 (highest point in the last 2 years for Palm Beach Gardens) to a very slight seller’s market on August 22, 2024, down 22 points.
Housing Market Action Index for Palm Beach Gardens
Slight Seller’s Market August 22, 2024 Palm Beach Gardens, FL
This week the median list price for Palm Beach Gardens, FL is $1,250,000 with the market action index hovering around 31. This is an increase over last month’s market action index of 30. Inventory has decreased to 311.
Inventory and sales are the key indicators! The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone.
Watch for a persistent up-turn in Market Action to signal prices rising again. Get the Housing Market Action Index for your city or zip code below.
What Do You Think Your Home Is Worth Now in 2024?
Example of a City Market Report
August, 2024 Report with July, 2024 Stats
The Martin Group of Realtors®
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Jason Martin
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