Beaches MLS Real Estate Market Snapshot
Palm Beach County – Updated Monthly
Scroll down the page to view several different reports for today’s real estate market with images, charts & video.
Palm Beach County, is one of the most sought after regions to purchase real estate in the United States, a wonderful place to live year-round and own property in this area. Contributing factors are: great beaches, nice weather (especially during the winter season), lots of great shopping areas, great restaurants or cafes, plus close to two interstates, a nice airport and cruise ships.
Palm Beach County – Updated Monthly
The Palm Beach County Market Reports of Single Family Homes and Condos for May 2023, with Stats and SOLD Housing Trends, was updated on May 18, 2023.
Homes in Palm Beach County are experiencing a 69% increase of inventory year-over-year with 3,642 active listings. The county’s supply of inventory reached 3.1 months compared to 1.4 months in 2022, a 121.4% increase.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
Median Supply of Inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is about 5.5 months of inventory. Anything higher is traditionally a buyer’s market, and anything lower is a seller’s market. Therefore, a 2.9 months supply of listings means we are still in a strong seller’s market, yet gradually going slightly closer to a buyers market.
With moving season quickly approaching and Florida experiencing a high influx of new residents, it’s never been more of an important time to contact a REALTOR® to navigate the current marketplace.
Buyers and sellers both can text or call 561-339-1779 to schedule a complimentary consultation with Doug or Jason Martin. Or if you would rather, you can Email the Martin Group. w
May 2023 Report Compares the Stats of April 2023 with April 2022
Median Price: -2.7%
Months Inventory: +121.4%
Median Price: +3.2%
Months Inventory: +245.5%
Comparison of Interest Rates from April 2, 1971 (7.33%) to March 23, 2023 (6.42%)
30Y FRM = 30 Year Fixed Rate Mortgage
Video by BeachesMLS and Realtors Association of the Palm Beaches
ALL Zip Codes of Palm Beach County Are Combined in this Summary.
Summary of Palm Beach County’s Sold Homes
The inventory of homes year-over-year continues to climb in Palm Beach County with 3,642 active listings, a 69% increase from 2022. The county’s supply of inventory reached 3.1 months compared to 1.4 months in 2022. The median home sale price of $585,000 is down 2.7%.
Inventory is the number of property listings that are active at the end of the month. The months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory based on recent sale rates.
The median time to contract in Palm Beach County increased 233.3% with 30 median days of going to contract. More listings are entering the real estate market, but there is still competition among buyers for the available listings without the bidding wars we had earlier.
What this means for Sellers: With prices stablizing, this is a great time for you to sell, especially during the summer season. Buyers are even more active now, viewing the current listings!
What this means for Buyers: You have more opportunities for purchasing real estate since the number of listings is higher and the inventory is at about 3.1 months supply for homes and 3.8 months supply for condos. Plus interest rates went down slightly this past week, plus they are still much lower than 52 years ago!
Infographics 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 an ten month time period… gradually going from a strong seller’s market in June 2022 to a slight seller’s market on May 18, 2023.
The number of sales in the Palm Beach Gardens real estate market has been cooling off a bit in the first quarter of 2023, as home prices have increased slightly, fewer number of homes have sold, less buyers in the market… plus taking longer to sell.
However, the market is still notably in the Seller’s zone and up one point from last month. It may take a few more weeks or months of less demand of homes for prices to begin dropping lower.
Inventory and sales are the key indicators! This month’s inventory of listings increased and closed sales decreased. 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.
ALL zip codes for the city are combined in this report.
SOLD PRICES in Palm Beach County Have Increased 11%-29% in 2022-2023!
What Do You Think Your Home Is Worth Now?
ALL Zip Codes are Combined in These Palm Beach County Reports.
Get Current Market Value of Your Home
SOLD Home Values have gone up 11%-29% in 2022-2023. Curious as to what your home’s current value might be? Just insert a home’s address and get a quick estimate of its value in the current real estate market.
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