September 2024
West Palm Beach Market Stats
The real estate market in West Palm Beach continues to evolve, reflecting the broader trends seen across South Florida. The latest data for September 2024 shows a dynamic shift in single-family homes and townhouses/condos, with noticeable changes in sales activity, inventory, and pricing.
West Palm Beach Single-Family Home
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Closed Sales: 72, up 24% from a year ago, indicating a rebound in buyer interest and increased transaction volume.
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Median Sales Price: $507,750, a 9.9% increase from last year, showcasing ongoing demand and rising home values.
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Active Inventory: 406, up 16% from last year, suggesting more sellers are entering the market, offering more options for buyers.
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Months Supply of Inventory: 5.7 months, up from 5.0 months a year ago, pointing to a more balanced market where buyers have more negotiating power.
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New Listings: 103, down 21% from last year, indicating a potential slowdown in fresh listings.
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New Pending Sales: 56, down 25% from last year, hinting at a cooling in buyer urgency.
This snapshot of single-family homes reveals increased market activity, with rising inventory providing more opportunities. However, the decline in new listings and pending sales could indicate a more cautious market sentiment among sellers and buyers.
West Palm Beach Townhouses and Condos
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Closed Sales: 50, down 50% from last year, suggesting a significant drop in transaction volume.
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Median Sales Price: $302,500, down 9.7% from last year, indicating a cooling trend in pricing.
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Active Inventory: 654, up 54% from last year, signaling more availability and options for buyers.
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Months Supply of Inventory: 9.3 months, up from 4.7 months a year ago, reflecting a shift towards a strong buyer’s market.
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New Listings: 114, down 10% from last year, showing a slight decline in seller activity.
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New Pending Sales: 47, down 38% from last year, further emphasizing a slowdown in buyer engagement.
The townhouse/condo market in West Palm Beach is experiencing a pronounced shift, with lower sales and increased inventory leading to a more favorable environment for buyers. The rise in months of supply signals that buyers may have greater negotiating power in this segment.
The West Palm Beach real estate market in September 2024 is marked by contrasting trends between single-family homes and townhouses/condos. While single-family homes see a resurgence in sales and prices, the townhouse/condo market is experiencing more inventory and longer selling times, providing more options for buyers. Whether you're a buyer, seller, or investor, staying informed is key to making strategic decisions in this evolving market.
