By Gay Cororaton, MIAMI REALTORS Chief Economist
During 2024 Q2,the dollar volume of homes sales in the JTHS Market area totaled $1.66 billion, down 9% from the same quarter one year ago. However, dollar sales volume rose 1% in the first half of 2024 to $2.92 billion. The JTHS market area accounted for 8.8% of Southeast Florida’s $33.3 billion sales in the first half of 2024[1].
Fifty-six percent of JTHS sales are all-cash. In markets where cash buyers are more dominant, closed sales rose; in markets where cash buyers are not as dominant, sales fell as mortgage rates remain elevated, hurting affordability.
Closed sales fell 3% year-over-year in 2024 Q2, some markets where cash buyers dominate the market saw higher sales growth. Among nine zip codes, closed sales rose in three areas: 33418-Palm Beach Gardens (+2.4%), 33408-North Palm Beach/Juno Beach (+15.7%), and 33477-Jupiter (+17.6%).
Cash buyers account for over half of sales in these markets: 33418-Palm Beach Gardens (56%), 33408-North Palm Beach/Juno Beach (70%), and 33477-Jupiter (75%).
In 33455-Hobe Sound where cash buyers made up 69% of total sales, sales fell (-0.7% ) but condominium/townhome sales rose (_20.0%). In 33469 -Tequesta where cash buyers accounted for 64% of total sales, total sales fell (-2.9%) but single-family sales rose (+27.1%).
Closed sales fell in 33478-Jupiter (-1.5%), 33458-Jupiter (-20.5%) and 33410-Palm Beach Gardens (- 10.6%). Cash sales account for a smaller share of sales in these markets: 33478-Jupiter (42%), 33458-Jupiter market (42%) and 33410-Palm Beach Gardens (51%).
Median Single-family Sales Prices Rose 7% While Condo/Townhome Prices Fell 2%
While transactions declined and even as active inventory increased, prices were broadly up for single-family sales, suggesting the presence of wealthy buyers purchasing high-end properties. The median sales price of single-family homes rose to $970,000, up 7.2% year-over-year, outpacing the pace of appreciation in Miami-Dade (6.6%), Broward (5.9%), and Palm Beach (6.3%). The median sales prices rose in the large areas of 33458-Jupiter (10.9%) and 33418-Palm Beach Gardens (11.1%) where inventory is below 6 months’ supply.
The median sales price of condominium/townhomes fell 2.4% to $437,500, in contrast to the price gains in Miami-Dade (2.4%), Broward (4.4%), and Palm Beach(6.3%). The areas with the largest price declines were 33455-Hobe Sound (-30.2%) and 33469-Jupiter (-7.5%) after spiking up one year ago. However, prices rose in 33410-Palm Beach Gardens (8.6%) and 33478-Jupiter (12.8%) where months’ supply is below 6 months.
Active inventory rose 55.9% to 2,096 units, equivalent to 5.9 months’ supply, up from 3.4 months’ supply one year ago. But inventory remains below 6 months’ supply in 33418-Palm Beach Gardens (4.7) and 33410-Palm Beach Gardens (4.1).
With more supply, properties typically stayed on the market for 39 days, slightly longer than one year ago (39 days). Condominium/townhome properties typically stayed longer on the market at 42 days compared to 37 days for single-family homes. The fastest days on market were in 33458-Jupiter (33 days), 33477-Jupiter (36 days), 33455-Hobe Sound (36 days) and 33450-West Palm Beach (36 days).
Despite the uptick in supply, the median percent to list price was unchanged at 94%, the same as one year ago. The lowest percent sales to list price was in 33469-Jupiter at 89% while the highest sales to list price values were in 33404-North Palm Beach and 33458-Jupiter at 95%.
[1] The Jupiter-Tequesta-Hobe Sound (JTHS) Market covers the zip codes in Palm Beach Gardens (33418, 33410), North Palm Beach/Juno Beach (33408), Singer Island (33404), Jupiter (33477, 33458, 33478), Tequesta (33469), and Hobe Sound (33455).
