Video of Current Housing Market Update
November 2023 Real Estate Market Video With October 2023 Stats
Video by BeachesMLS and Realtors Association of the Palm Beaches
South Florida Palm Beaches Homes Condos
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The Martin Group of Realtors®
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2023 Real Estate Market Reports
November 2023 Report of Palm Beach County, Florida
Scroll down to view several different reports with images, charts and video.
The Palm Beach County November Report has an increase in months supply of inventory during October 2023 compared to October 2022, currently at 3.6 months supply. There were 4,224 active listings in October, which is a 1.4% decrease from this time last year.
Palm Beach County is a wonderful place to live year-round and own property and one of the most sought after regions to purchase real estate in the United States. Contributing factors are: great beaches, nice weather (especially during the winter months), lots of great shopping, gourmet restaurants, plus close to two interstates, a nice airport and cruise ships.
Palm Beach County Housing Market At A Glance
November 2023 Report Compares the Stats of October 2023 with October 2022
Homes
Sales: +3.5%
Median Price: +9.3%
Months Inventory: +12.5%
Condos
Sales: +4.2%
Median Price: +8.6%
Months Inventory: +68.0%
Beaches MLS Real Estate Market Snapshot
Palm Beach County – Updated Monthly
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 is released around the 21st of each month. Therefore, the CURRENT October 2023 Market Report shows stats from the data of the previous full month of October 2023.
Current Real Estate Market Summary
Palm Beach County saw 1,086 closed sales in October compared to 1,049 in the previous year, a 3.5% increase. The months supply of inventory has also increased to 3.6 months, a 12.5% increase from 2022.
Palm Beach County experienced a 3.5% increase in closed sales this month at 1,086 and inventory in the county reached 4,224 active listings.
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 3.6 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 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.
Freddy Mac Historical Interest Rates Chart
Mortgage Rates today (11-22-2023) are LOWER than in 1971!!
Interest Rates from April 1, 1971 (7.33%) to November 22, 2023 (7.29%)
30 Yr FRM = 30 Year Fixed Rate Mortgage – Highest Mortgage Rate was 18.39% on October 21, 1981
30 Yr FRM = 30 Year Fixed Rate Mortgage – Highest Mortgage Rate was 18.39% on October 21, 1981
Freddie Mac Historical Mortgage Rates from April 1, 1971 to September 21, 2023
– 30Y FRM – 15Y FRM – Recessions
– 30Y FRM – 15Y FRM – Recessions
What Market Stats Mean For You
Sales⬆️ Prices⬆️ Inventory⬆️
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 for single family homes went down this month in Palm Beach County with 4,224 active listings, a -1.4% decrease from 2022. The county’s supply of inventory reached 3.6 months compared to 3.2 months in 2022. The median home sale price of $622,733 down from last month this year, but up 9.3% from 1 year ago.
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 decreased -25.0% with 21 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, but without the bidding wars we had earlier.
What this means for Sellers:
With prices stabilizing, this is a great time for you to sell, especially during the winter season when snowbirds are here.
What this means for Buyers:
You have opportunities for purchasing real estate since the number of listings is higher in condos and the inventory is at about 2.9 months supply for homes and 3.6 months supply for condos, longer than it has been. Plus interest rates are still much lower than 52 years ago when they were 18.39% and lower than in 1971 at 7.33% with Freddie Mac’s historical track of interest rates for home loans!
The Martin Group of Realtors® can help you sell/ buy a home with numbers that work for you fulfilling your real estate needs. Text or call our office: 561-339-1779 for more info.
How’s the Real Estate Market in My Community?
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 11 month time period… gradually going from a strong seller’s market in June 22, 2022 (the highest point in the last 1-1/2 years) to a slight seller’s market on November 22, 2023.
Slight Seller’s Market Nov 22, 2023 Palm Beach Gardens, FL
The number of sales in the Palm Beach Gardens real estate market has been cooling off a bit in October 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 stayed the same number as in August. It may take a few more weeks or months of less demand of homes for prices to begin dropping lower with any significance.
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.`
Example of a City Market Report
Palm Beach Gardens
November 2023 Report with October 2023 Stats
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?
Monthly Market Details by Florida Realtors®
ALL Zip Codes are Combined in These Palm Beach County Reports.
November 2023 Report with October 2023 Stats - Palm Beach County, Florida
Single Family Homes
Condos & Townhouses
Search Condos & Homes in SE Florida
Get Current Market Value of Your Home
SOLD Home Values have gone up 11%-29% during 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.
The Martin Group of Realtors®
Helping you reach your real estate goals
Local Expertise Global Reach
Doug Martin
Realtor® Emeritus Broker
561-339-3299
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Jason Martin
Realtor® Residential Agent
561-624-4544
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