MIAMI — Palm Beach County total home sales increased year-over-year as $1 million-and-up total sales surged double digits, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS).
Palm Beach County total home sales climbed 5.2% year-over-year in April 2024, from 2,441 to 2,568.
“The real estate market in Palm Beach County and throughout South Florida remains highly attractive to buyers originating from states with higher tax burdens and greater population densities,” JTHS-MIAMI President Courtney Smitheman said.
Total Palm Beach County Home Sale Transactions Rise
Total Palm Beach County sales increased 5.2% in April 2024, from 2,441 to 2,568. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Palm Beach County single-family home sales increased 11.1% year-over-year in April 2024, from 1,262 to 1,402. Palm Beach County existing condo sales decreased 1.1% year-over-year, from 1,179 in to 1,166.
Total Palm Beach County $1M & Up Transactions Jump 34.4%
Total Palm Beach County $1M & up home sales increased 34.4% year-over-year in April 2024, from 375 to 504.
Condo $1M & up transactions increased 20.91% in April 2024, from 110 to 133. Single-family home transactions increased 40%, from 265 to 371.
MIAMI Chief Economist: South Florida’s Strong Job Growth, Migration Boosting Market
“We’re seeing a South Florida housing market that is amazingly defying the gravity of rising interest rates, particularly in Miami-Dade, Broward, and St. Lucie,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Strong job growth, elevated migration, and more cash buyers are mitigating the blow of higher mortgage rates.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That’s down from 7.09% the previous week but up from 6.39% one year ago.
Palm Beach County New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options
Palm Beach County new listings are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.
Palm Beach County total new listings increased 23.2% year-over-year in April 2024, from 2,957 to 3,643.
Palm Beach County Inventory is Still Down 28.5% From Historical Average
Total inventory is down 28.5% from the historical average for Palm Beach County. The monthly historical average for Palm Beach County existing inventory is 16,196 and current inventory is at 11,582.
Total active listings at the end of April increased 54.5% year-over-year, from 7,497 to 11,582.
Inventory of single-family homes increased 37.8% year-over-year in April 2024 from 3,642 active listings last year to 5,017 last month. Condominium inventory increased 70.3% year-over-year from 3,855 to 6,565 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 6.9 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 April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.
Palm Beach County Real Estate Home Price Appreciation
Palm Beach County single-family home median prices increased 11.1% year-over-year in April 2024, increasing from $585,000 to $650,000.
Existing condo median prices increased 12.2% year-over-year from $303,000 to $340,000.
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 SEFMLS 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 County Real Estate Posts $313 Million Local Economic Impact in April 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 County sold 2,568 homes in April 2024 for a local economic impact of $313 million.
Palm Beach County total dollar volume totaled $2.3 billion in April 2024. Single-family home dollar volume increased 28.07% year-over-year to $1.6 billion. Condo dollar volume increased 8.04% year-over-year to $696 million.
Palm Beach County Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.5% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.5% in April 2023.
Short sales and REOs accounted for 0.07% and 0.4% year-over-year, respectively, of total Palm Beach County sales in April 2024.
Palm Beach County’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in April 2024, virtually unchanged from last month and the prior year.
State and National Statistics
In Florida, closed sales of single-family homes statewide totaled 24,682 in April 2024, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9%. 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 – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).
The statewide median sales price for single-family existing homes was $429,900, up 4.9% 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 $330,000, up 3.1% 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 April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains.
Palm Beach County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.3% in April 2024. The median percent of original list price received for existing condominiums was 92.7%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 37 days, down from 30 days last year. The median time to sale for single-family homes was 80 days, from 74 days last year.
The median number of days between the listing date and contract date for condos was 42 days, up from 30 days. The median number of days to sale for condos was 84 days, up from 73 days.
Palm Beach County Cash Sales Double National Figure
Cash sales represented 56.3% of Palm Beach County closed sales in April 2024, compared to 53.8% in April 2023. About 28% 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 65.4% of all Palm Beach County existing condo sales and 48.7% of single-family transactions.
To access April 2024 Palm Beach County 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 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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