MIAMI — Palm Beach County $1-million-and-up home sales increased double digits year-over-year, according to February 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Palm Beach County total $1M+ home sales increased 20.8% year-over-year in February 2024.
“Home buyers from high-density, high-taxed states such as New York, California and New Jersey continue relocating to Palm Beach County,” JTHS-MIAMI President Courtney Smitheman said.
New data highlighting South Florida: Miami ranked No. 1 for Highest Appreciating U.S. housing Market in 2023 via latest CoreLogic S&P CoreLogic Case-Shiller Indices and Miami ranks No. 1 in the U.S. in international migration via new Census numbers.
Palm Beach County Single-Family Home Sales Increase
Total Palm Beach County sales decreased 1.8% in February 2024, from 1,794 to 1,762. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Palm Beach single-family home sales increased 5.2% year-over-year in February 2024, from 975 to 1,026. Palm Beach existing condo sales decreased 10.1% year-over-year, from 819 in February 2023 to 736 in February 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
Palm Beach New Listings at Pre-Pandemic Level, Giving Buyers More Options
Palm Beach new listings are significantly rising year-over-year because they are being compared to a low bar— new listings in South Florida and all of Florida were abnormally low through late 2022 and early 2023. New listings fell in 2022-23 from the shock of rising interest rates.
Palm Beach new listings have increased for five consecutive months and are at pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.
Palm Beach total new listings increased 27.26% year-over-year in February 2024, from 3,092 to 3,935. New listings in February 2020 were 3,917.
MIAMI Chief Economist: Buyers Have More Choices for Seasonal Spring Market Upswing
MIAMI REALTORS® analyzed sales data from 2012 to 2019 in the Southeast Florida counties of Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie to understand the best time to buy and sell a home. Home sales start ramping up from January and peak in May for most counties.
“In the single-family market, the robust demand and more home listings provide a healthy springboard for the seasonal spring market upswing,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Single-Family home prices amazing continue to appreciate at a double-digit price pace in Miami-Dade County through Martin County, reflecting the housing market’s strength, underpinned by strong job growth and a rising population. More new home listings give buyers more choices at this more competitive time of the market.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.74% as of March 14. That’s down from 6.88% the prior week but up from 6.60% one year ago.
Palm Beach County Inventory is Still Down 30.1% From Historical Average
Total inventory is down 30.1% from the historical average for Palm Beach. The monthly historical average for Palm Beach existing inventory is 16,196 and current inventory is at 11,322.
Total active listings at the end of February increased 41.5% year-over-year, from 8,000 to 11,322.
Inventory of single-family homes increased 26.1% year-over-year in February 2024 from 4,027 active listings last year to 5,080 last month. Condominium inventory increased 57.1% year-over-year from 3,973 to 6,242 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 4.4 months, which indicates a seller’s market. Inventory for existing condominiums is 6.3 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
Palm Beach Real Estate Continues to Appreciate
Palm Beach County single-family home median prices increased 11.9% year-over-year in February 2024, increasing from $549,500 to $615,000. Existing condo median prices increased 4.7% year-over-year from $300,000 to $314,000.
South Florida’s Incredible Wealth Migration
With elevated levels of out-of-state migration into Southeast Florida and its strong economy that has attracted business expansions and relocations, the share of million-dollar homes to total sales has steadily climbed since 2019. In 2023, the share of million-dollar homes to total single-family sales listed on the MIAMI MLS rose to 17% in 2023 (6% in 2019); for condos/townhomes, the share rose to 9% (5% in 2019).
Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market’s top feeder states.
Palm Beach Real Estate Posts $214 Million Local Economic Impact in February 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $122,000, according to NAR. Palm Beach sold 1,762 homes in February 2024 for a local economic impact of $214 million.
Palm Beach total dollar volume totaled $1.4 billion in February 2024. Single-family home dollar volume increased 19.20% year-over-year to $1 billion. Condo dollar volume decreased 11.93% year-over-year to $371 million.
Palm Beach Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.5% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.8% in February 2023.
Short sales and REOs accounted for 0.2% and 0.3% year-over-year, respectively, of total Palm Beach sales in February 2024.
Palm Beach’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 3% of sales in February, virtually unchanged from last month and the prior year.
Palm Beach Outperforming State, National Price Appreciation
In Florida, closed sales of single-family homes statewide totaled 19,040 in February 2024, up 2.2% year-over-year, while existing condo-townhouse sales totaled 7,471, down 2.5%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).
The statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $325,000, up 3.2% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four U.S. regions posted price increases.
Palm Beach Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.4% in February 2024. The median percent of original list price received for existing condominiums was 94%.
The median number of days between listing and contract dates for Palm Beach single-family home sales was 38 days, down from 39 days last year. The median time to sale for single-family homes was 78 days, down from 81 days last year.
The median number of days between the listing date and contract date for condos was 44 days, up from 36 days. The median number of days to sale for condos was 83 days, up from 73 days.
Palm Beach Cash Sales Nearly Double the National Figure
Cash sales represented 55.1% of Palm Beach closed sales in February 2024, compared to 53.4% in February 2023. About 33% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 66% of all Palm Beach existing condo sales and 47.3% of single-family transactions.
To access February 2024 Palm Beach Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents over 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 260 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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