October 2024
West Palm Beach Market Stats
The real estate market in West Palm Beach experienced notable shifts in October 2024 compared to the same time last year. With significant changes in closed sales, inventory levels, and median prices, these trends are shaping the opportunities for buyers and sellers alike. Below is a detailed breakdown of the market dynamics for single-family homes and townhouses/condos.
West Palm Beach Single-Family Home
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Closed Sales: 52, representing a significant decline of 34% from October 2023.
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Median Sales Price: $570,000, an increase of 7.8%, indicating a resilient price trend despite fewer transactions.
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Active Inventory: 427, up by 12%, offering more options for prospective buyers.
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Months' Supply of Inventory: 6.2 months, up from 5.4 months a year ago, signaling a slight shift toward a more balanced market.
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New Listings: 106, a decline of 14%, potentially limiting fresh opportunities for buyers.
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New Pending Sales: 53, a sharp decrease of 24%, reflecting slower market activity.
West Palm Beach Townhouses and Condos
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Closed Sales: 43, a steep decline of 39% compared to October 2023.
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Median Sales Price: $344,000, down slightly by 5.6%, suggesting a modest correction in prices.
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Active Inventory: 660, up by a striking 43%, providing buyers with significantly more options.
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Months' Supply of Inventory: 9.7 months, up from 5.1 months last year, indicating a strong lean toward a buyer’s market.
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New Listings: 131, down by 13%, reflecting reduced seller activity.
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New Pending Sales: 47, a dramatic drop of 43%, pointing to slower transactional momentum.
The October 2024 market data paints a mixed picture. For single-family homes, the median sales price increase highlights ongoing demand for this property type, even as sales activity slows. Meanwhile, the townhouse/condo segment shows a growing inventory and declining sales, creating favorable conditions for buyers seeking these property types.
As inventory grows and sales slow, both segments appear to be moving toward a more balanced market. Sellers may need to adjust expectations as buyers gain more negotiating power, particularly in the townhouse/condo market. These trends underscore the importance of strategic pricing and preparation for sellers and diligent market research for buyers in West Palm Beach.
