The December 2024 real estate market in Palm Beach County revealed significant trends across single-family homes and townhomes/condos. Here’s a comprehensive analysis of the data, highlighting key changes and their implications for buyers and sellers.

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Single-Family Homes

Key Statistics:

• Closed Sales: 1,032 (up 6.5% YoY)
• Median Sale Price: $622,500 (up 7.3% YoY)
• Average Sale Price: $1,066,261 (up 14.6% YoY)
• Dollar Volume: $1.1 billion (up 22.1% YoY)
• Median Time to Contract: 41 days (up 41.4% YoY)
• Months Supply of Inventory: 5.1 months (up 27.5% YoY)

Analysis:

The single-family home market remains competitive, with a notable increase in both median and average sale prices. The rise in inventory (+27.5%) provides more options for buyers, but the extended median time to contract suggests buyers may have more negotiation power compared to last year. However, with closed sales up 6.5%, demand remains robust.

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Townhomes and Condos

Key Statistics:

• Closed Sales: 654 (down 18.4% YoY)
• Median Sale Price: $317,500 (up 4.1% YoY)
• Average Sale Price: $472,486 (down 7.1% YoY)
• Dollar Volume: $309 million (down 24.1% YoY)
• Median Time to Contract: 55 days (up 77.4% YoY)
• Months Supply of Inventory: 8.8 months (up 79.6% YoY
  
  Analysis:

The townhome and condo market is experiencing a slowdown in closed sales (-18.4%), but median sale prices are holding steady with a modest 4.1% increase. The significant rise in inventory (+79.6%) and longer time to contract (55 days) signal a shift toward a buyer’s market. Sellers should focus on competitive pricing to stand out in this environment.

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Overall Trends and Takeaways

1. Market Transition: While the single-family home market continues to show strong demand, the condo/townhome sector is shifting toward a more buyer-friendly market with higher inventory levels and slower sales.
2. Price Resilience: Median sale prices have increased across both sectors, reflecting steady demand despite rising inventory.
3. Opportunities for Buyers: The increase in inventory, particularly in townhomes and condos, offers more choices and potential leverage during negotiations.
4. Advice for Sellers:
   • Single-Family Homes: Leverage the rising prices and strong demand but be prepared for slightly longer sale times.
   • Townhomes and Condos: Ensure your property is priced competitively and consider minor upgrades or staging to attract buyers in a more saturated market.

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Are You Ready to Buy or Sell in Palm Beach County? Whether you’re looking to capitalize on rising prices or navigate the increased inventory, I’m here to help. Contact me today for expert advice and personalized guidance!

Tov Charm
Beachfront Properties
561.288.0868
Tov@beachfrontproperties.us