Palm Beach County, Florida March 21, 2024 Update
Real Estate Market Report with February 2024 Stats
Video of Current Housing Market Update
Video by BeachesMLS and Realtors Association of the Palm Beaches
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Scroll down to view several different reports with images and charts.
Palm Beach County, Florida March 21, 2024 Update
Real Estate Market Report with February 2024 Stats
Video by BeachesMLS and Realtors Association of the Palm Beaches
March 2024 Report Compares the Stats of February 2024 with February 2023
Sales: +5.2%
Median Price: +11.9%
Months Inventory: +33.3%
Sales: -10.1%
Median Price: +4.7%
Months Inventory: +57.1%
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 March 21, 2024 and shows the data and stats from the previous full month of February, 2024.
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 3.9 months supply of listings means we are still in a strong seller’s market, yet gradually going slightly closer to a buyers market.
Contact a REALTOR® to help you navigate the current marketplace when buying or selling real estate. 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.
Mortgage Rates today are LOWER than in 1971!!
Lowest Mortgage Rate was 2.79% on Jan 14, 2021
Highest Mortgage Rate was 18.39% on October 21, 1981
30Y FRM = 30 Year Fixed Rate Mortgage
Quick Summary of Palm Beach County’s Sold Properties
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.
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 March 21, 2024, down 22 points.
The number of sales in the Palm Beach Gardens real estate market has been cooling off a bit in February 2024, as home prices have increased, fewer number of homes have sold, and less buyers in the market… plus taking longer to sell. Inventory has increased since last month.
However, the market is only slightly in the Buyer’s zone and two points lower than last month’s report. It may take a few more weeks or months of less demand of homes for sold 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.`
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