Market Report: North Palm Beach County, April 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings increased 16.6 percent for Single Family homes and 37.0 percent for Townhouse/Condo homes. Pending Sales increased 6.6 percent for Single Family homes but decreased 2.1 percent for Townhouse/Condo homes. Inventory increased 11.8 percent for Single Family homes and 53.8 percent for Townhouse/Condo homes.

Median Sales Price increased 11.5 percent to $724,899 for Single Family homes and 17.9 percent to $389,000 for Townhouse/Condo homes. Median Time to Contract increased 3.1 percent for Single Family homes and 32.1 percent for Townhouse/Condo homes. Months Supply of Inventory increased 14.3 percent for Single Family homes and 63.4 percent for Townhouse/Condo homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

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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