MIAMI — Palm Beach County condo $1M and up sales continued outperforming pre-pandemic data, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Palm Beach County condos selling $1M and above posted 62 sales in September 2024, up 121.4% versus the 28 sold in pre-pandemic September 2019.
“Palm Beach County offers an exceptional quality of life, from its beautiful beaches and active boating community to its emerging arts scene and luxury shopping,” JTHS-MIAMI President Courtney Smitheman said. “Contact a MIAMI REALTOR® to guide you in your homebuying journey.”
Palm Beach County Price Appreciation
Existing condo median prices increased 1.6% year-over-year in September 2024, from $309,900 to $315,000.
Palm Beach County single-family home median sale prices increased 2.5% year-over-year in September 2024, increasing from $600,000 to $615,000.
Palm Beach County Condo $1M and Up Outperform Pre-Pandemic
Palm Beach County total sales decreased 19.7% year-over-year, from 2,028 to 1,628. The decline is due to lack of inventory at key price points and mortgage rates that have stayed elevated despite the Fed’s rate cut in four years in September.
Palm Beach County condos selling $1M and above posted 62 sales in September 2024, up 121.4% versus the 28 sold in pre-pandemic September 2019.
Palm Beach County condo sales decreased 24.8% year-over-year in September 2024, from 926 to 696. Palm Beach County single-family home sales decreased 15.4%, from 1,102 to 932.
The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,374 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 23 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
Mortgage Rates Stay Elevated Despite Fed Cut
Mortgage rates have increased since the Fed’s first rate cut in four years in September. Rates were near 6.8% this week.
“Southeast Florida’s housing market has held up amazingly well despite the most challenging macroeconomic and industry conditions the real estate sector has faced in years,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Properties typically sold faster compared to the pre-pandemic pace in the tri-county area. I expect the single-family market to pick up even more and prices to continue rising to new highs as mortgage rates generally head downward despite some short-term volatility.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.44% as of October 17. That’s up from 6.32% one week ago but down from 7.63% one year ago.
Palm Beach County Condo Active Listings Remain Below Historical Average
Total inventory is still down 34.7% 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 12,028.
Total active listings at the end of September increased 59.8% year-over-year, from 7,528 to 12,028.
Inventory of single-family homes increased 44.1% year-over-year in September 2024 from 3,765 active listings last year to 5,424 last month.
Condominium inventory increased 75.5% year-over-year from 3,763 to 6,604 listings during the same period in 2023, but the total is still below the historical and pre-pandemic average.
Months’ supply of inventory for single-family homes is 4.9 months, which indicates a seller’s market. Inventory for existing condominiums is 7.6 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23.0% from one year ago (1.13 million). Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
Migration Bolstered South Florida’s Household Income by $10 Billion
Migration bolstered Southeast Florida’s aggregate household income by at least $10 billion in 2022, according to the latest most available Internal Revenue Service migration data after a new Miami Association of REALTORS® (MIAMI) analysis.
In Miami-Dade County, the average adjusted gross income of households who moved to the county (total adjusted gross income of movers divided by number of tax returns) was $175,600, which is 78% higher than the average income of households who left the county ($98,800) and 79% higher than the income of households who lived in the same county ($98,100).
Miami ranks No. 1 in the U.S. in luxury residential market price growth, via Knight Frank’s 2024 Wealth Report. The same publication also ranked Miami among the Emerging Wealth Hubs. Miami is also ranked the No. 4 U.S. City for Millionaire Growth Rate over the Past Decade (75% increase), according to Henley & Partners and New World Wealth 2024 report.
Palm Beach County Real Estate Posts $200 Million Local Economic Impact in September 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 $123,000, according to NAR. Palm Beach County sold 1,628 homes in September 2024 for a local economic impact of $200 million.
Palm Beach County total dollar volume totaled $1.3 billion in September 2024. Single-family home dollar volume decreased 10.4% year-over-year to $935 million. Condo dollar volume decreased 20.12% year-over-year to $344 million.
Palm Beach County Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.7% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales, equal to 0.7% in September 2023.
Short sales and REOs accounted for 0.06% and 0.6% year-over-year, respectively, of total Palm Beach County sales in September 2024.
Palm Beach County’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 2% of sales in September 2024, virtually unchanged from last month and the prior year.
State and National Statistics
In Florida, closed sales of single-family homes statewide totaled 18,721 in September 2024, down 12.3% year-over-year, while existing condo-townhouse sales totaled 6,655, down 20.7%. 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 – receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales waned 3.5% (down from 3.98 million in September 2023).
The statewide median sales price for single-family existing homes was $410,000, up 0.2% 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 $314,000, down 3.4% vs. last year. 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 in September was $404,500, up 3.0% from one year ago ($392,700). All four U.S. regions registered price increases.
Palm Beach County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.1% in September 2024. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 42 days, up from 24 days last year. The median time to sale for single-family homes was 85 days, down from 67 days last year.
The median number of days between the listing date and contract date for condos was 54 days, up from 33 days. The median number of days to sale for condos was 91 days, up from 78 days.
Palm Beach County Cash Sales More than National Figure
Cash sales represented 48.7% of Palm Beach County closed sales in September 2024, compared to 51.4% in September 2023. About 30% 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 58.3% of all Palm Beach County existing condo sales and 41.5% of single-family transactions.
To access September 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
###
