Market Report: North Palm Beach County, February 2024

Monthly Indicators – NORTH PALM BEACH COUNTY – February 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings increased 25.9 percent for Single Family homes and 29.6 percent for Townhouse/Condo homes. Pending Sales increased 1.0 percent for Single Family homes and 0.4 percent for Townhouse/Condo homes. Inventory increased 5.9 percent for Single Family homes and 40.6 percent for Townhouse/Condo homes.

Median Sales Price increased 18.2 percent to $679,500 for Single Family homes and 2.3 percent to $337,000 for Townhouse/Condo homes. Median Time to Contract increased 3.3 percent for Single Family homes and 18.2 percent for Townhouse/Condo homes. Months Supply of Inventory increased 9.3 percent for Single Family homes and 52.5 percent for Townhouse/Condo homes.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

For a detailed PDF with full market stats, please request one by filling out this form:

Jupiter Dream Life
Heather E Towe, PA
Assistant Broker, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®

Real Estate Services
Residential real estate representation in Palm Beach County and surrounding areas.

(561) 247-4474
hello@jupiterdreamlife.com

Licensed to sell real estate in Florida
Paradise Real Estate International