October 2024
North Palm Beach Market Stats
The real estate market in North Palm Beach continued to exhibit dynamic shifts in October 2024, reflecting evolving trends for both single-family homes and townhouses/condos. With notable changes in closed sales, median prices, and inventory levels, the data highlights an active but changing market. Below is a detailed breakdown of the performance across property types.
North Palm Beach Single-Family Home
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Closed Sales: Up 43% year-over-year, with 10 sales recorded in October 2024.
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Median Sales Price: Down 21% year-over-year, settling at $734,000.
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Active Inventory: Down 11% year-over-year, with 31 homes available.
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Months Supply of Inventory: Decreased from 4.8 months a year ago to 3.4 months, indicating a tighter market.
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New Listings: Down 29% year-over-year, with just 10 new properties hitting the market.
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New Pending Sales: Down 33% year-over-year, with 8 contracts signed.
Despite an increase in closed sales, the declining inventory and months of supply point to a competitive environment for buyers. The drop in the median sales price could reflect changes in the mix of homes sold or a shift in buyer demand.
North Palm Beach Townhouses and Condos
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Closed Sales: Down 29% year-over-year, with 15 transactions.
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Median Sales Price: Down 15% year-over-year, reaching $292,000.
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Active Inventory: Up 38% year-over-year, with 144 units on the market.
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Months Supply of Inventory: Increased from 5.3 months a year ago to 7.6 months, suggesting a growing inventory relative to demand.
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New Listings: Down 13% year-over-year, with 26 new units listed.
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New Pending Sales: Up 7.7% year-over-year, with 14 pending contracts.
The townhouse/condo market in North Palm Beach saw a mix of trends in October. While closed sales and prices declined, the increase in inventory and months of supply may offer more opportunities for buyers. The rise in pending sales suggests a potential rebound in demand heading into the coming months.
Both market segments show unique trends that cater to different buyer and seller dynamics. Whether you're looking to buy, sell, or invest, understanding these shifts is crucial for making informed decisions.
