September 2024
Palm Beach Gardens Market Stats
In September 2024, the Palm Beach Gardens real estate market experienced mixed trends for single-family homes and townhouses/condos. Both sectors showed increased inventory but a drop in closed sales compared to the previous year, reflecting a more balanced market. Here's a detailed breakdown:
Palm Beach Gardens Single-Family Homes
The market for single-family homes in Palm Beach Gardens showed signs of a slower pace. Here's how it performed:
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Closed Sales: 52, down 22% from a year ago, indicating lower buyer activity compared to September 2023.
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Median Sales Price: $850,290, down 7.4% from last year, suggesting a slight decline in home values.
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Active Inventory: 276, up 17% year-over-year, showing more homes available for buyers.
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Months Supply of Inventory: 4.2 months, up from 4.0 months last year, indicating a shift toward a more balanced market.
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New Listings: 88, down 19% from the previous year, suggesting fewer new homes entering the market.
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New Pending Sales: 68, down 2.9% from a year ago, signaling a slight decrease in buyer commitment.
These stats reveal a cooling trend, with lower buyer demand but more options for potential homebuyers.
Palm Beach Gardens Townhouses and Condos
The townhouse and condo market in Palm Beach Gardens also experienced varied performance:
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Closed Sales: 25, down 24% year-over-year, reflecting slower transaction volume.
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Median Sales Price: $393,000, down 26% from a year ago, showing significant price adjustments.
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Active Inventory: 238, up 71% from last year, offering more choices for buyers.
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Months Supply of Inventory: 5.4 months, up from 3.0 months a year ago, indicating a more balanced market environment.
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New Listings: 59, down 11% compared to last year, pointing to reduced new inventory.
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New Pending Sales: 49, up 14% from the previous year, reflecting an increase in buyer interest.
With substantial inventory growth and adjusted prices, townhouses and condos appear to offer more favorable buying opportunities than last year.
In September 2024, Palm Beach Gardens' real estate market leaned toward a more balanced state, with increased inventory levels and declining closed sales across both single-family homes and townhouses/condos. Buyers now have more options and negotiating power, while sellers might need to adjust pricing to stay competitive.
