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Palm Beach County Year Over Year Market Statistics Comparisons
Comparing yearly real estate market statistics provides insight into real estate performance and trends. It helps identify changes in prices, inventory levels, and other key metrics, which is crucial for informed decision-making. Tracking these statistics can help homeowners, investors, and real estate professionals stay ahead and make smart choices in Palm Beach County.
Single-Family Homes Statistics
Palm Beach County
March 2024
Median Sale Price
$640,000
11% Yoy
Dollar Volume
$1.5 billion
13% Yoy
New Listings
1,777
2% Yoy
Active Inventory
5,066
2% Yoy
Pending Sales
1,463
-8% Yoy
Closed Sales
1,226
-16% Yoy
Mar 2023 - Mar 2024 13%
How long does it take to sell a home in South Florida? What is the average number of days it will take? Here is a great guide with up to date and total local facts.
Mar 2024 Palm Beach County
Days on Market
Single-Family Homes, All Price Tiers, All Sale Types
How long does it take to sell a home in South Florida? What is the average number of days it will take? Here is a great guide with up to date and total local facts. DOM stands for Days On Market. Days on Market is an important statistic to follow as it measures how healthy the housing market is and can project future upturns and downturns.
The national average for how long a home for sale takes to sell has dipped from historical data nationwide for a few reasons. The first is lack of inventory. This is especially true in South Florida as land to build on is unavailable and population demand has continued to outweigh supply. The second change has been seasonality. It's true that homes take longer to sell in the off-season summer and fall months in South Florida.
Mar 2023 - Mar 2024 -8%
How Many Homes are Under Contract in South Florida Right Now? In Real Estate, Pending Sales refers to homes that are under contract but have not yet closed.
Mar 2024 Palm Beach County
Pending Sales
Single-Family Homes, All Price Tiers, All Sale Types
How Many Homes are Under Contract in South Florida Right Now? In Real Estate, Pending Sales refers to homes that are under contract but have not yet closed. A seller has accepted a buyer's offer. Furthermore, unlike a 'contingent' status, it normally means that all the contingencies have been worked out between the two parties, the contract has been signed, and all that's left is for the deal to move through the final stages. It is still possible for another buyer to make an offer on the property, however often the seller has signed a contract that says they can't cancel the agreement if they receive a better offer. Take a look at our helpful guide to contracts here. Pending Sales are a good indication of upcoming Closed Sales, however the amount of time it takes for a property to move from Pending to Closed can vary.
Mar 2023 - Mar 2024 -16%
Find out how many homes sold last month or last year in South Florida.
Mar 2024 Palm Beach County
Closed Sales
Single-Family Homes, All Price Tiers, All Sale Types
Find out how many homes sold last month or last year in South Florida. The Closed Sales figure indicates the number of properties that have gone through the entire sales process and have completed the transfer of ownership from the Seller to the Buyer. All the conditions have been met, the documents have been signed and filed, and the payment has been made and cleared. The Closed Sales figure is a great indicator for the health of the general Real Estate market and the wider Economic factors too. This figure is the one that will be most widely used when analyzing the Real Estate market, both locally and nationwide. At the end of the day, regardless of how many people are listing their homes for sale, it's the amount of properties that actually sell/close/complete that really matters.
Mar 2023 - Mar 2024 31%
What homes are for sale in South Florida?
Mar 2024 Palm Beach County
Active Inventory
Single-Family Homes, All Price Tiers, All Sale Types
What Homes are For Sale in South Florida!? Active Inventory is a very important and interesting statistic to consider when it comes to buying or selling a home. Meaning Homes For Sale, or Active Listings, it's the number of properties that are marked as 'Active' and are For Sale, On The Market, right now. It's the active supply of properties that are on the market, and available for buyers to make an offer on. This really gives us a good indication of supply and demand for properties in the area. At the time of writing, nationwide inventory is very low. A healthy market should have around 2 million homes listed as Active Inventory. In 2007, there were over 4,000,000.
Mar 2023 - Mar 2024 38%
Are Homes For Sale running out in South Florida?
Mar 2024 Palm Beach County
Months of Inventory
Single-Family Homes, All Price Tiers, All Sale Types
Are Homes For Sale running out in South Florida? Month's supply of Inventory translates to the number of months it would take for the current number of homes on the market to sell, given the current average sales conditions. Normally, 2-4 months of supply is considered average. If there's a lower number of months' supply, you'll often find that prices can and will be pushed up more rapidly. As a rule, the higher the months of inventory, the more sellers there are than buyers. Supply is higher than Demand. When Months of Inventory is higher (over 4), this is often known as a Buyer's Market.
Mar 2023 - Mar 2024 11%
How Much is My South Florida Home Worth?
Mar 2024 Palm Beach County
Median Sale Price
Single-Family Homes, All Price Tiers, All Sale Types
How Much is My South Florida Home Worth? In Real Estate, the Median Sales Price refers to the 'middle' price of all the homes that were sold in a given time period. This means that half of the homes sold for a lower price, and half sold for a higher price. It is different to the Average Sales Price, which would take the price of all sold homes added together, then divided by the number of homes. The problem with using 'average' sales price, is that if one or two properties were sold at an incredibly high or low price, the average overall will then be skewed as a result. Therefore, it's often advised to consider the Median Sales Price as it gives a great indication of the true middle figure. When comparing this figure to historical data, you can get a comprehensive view of how the general prices of properties are rising and falling over time.
Mar 2023 - Mar 2024 13%
How Hot is the Florida Real Estate Market? Let's face it, Florida has it all!
Mar 2024 Palm Beach County
Dollar Volume
Single-Family Homes, All Price Tiers, All Sale Types
How Hot is the Florida Real Estate Market? Let's face it, Florida has it all! Whatever type of community you're looking for, you can find it here. Pickleball, Boating, Country Club, or Equestrian...Florida has a home for you whatever you're into. And how do we judge how the market is doing overall? The Dollar Volume figure refers to the total of the sales prices of all sold homes which closed that month in a particular area. When comparing this figure to historical statistics, it can be important to take into account factors such as inflation, which obviously will have a large impact of this figure. Dollar Volume is a great measure of general Real Estate market activity, as it represents the total amount of money that's being moved around at any particular time and shows a big picture view of the market itself.
Apr 2023 - Apr 2024 12%
Mortgage rates will directly impact the Housing Market and are an important factor to consider when both buying and selling.
Apr 2024 Palm Beach County
Mortgage Rate
Single-Family Homes, All Price Tiers, All Sale Types
Mortgage rates will directly impact the Housing Market and are an important factor to consider when both buying and selling. Interest rates determine how much money you will have to pay to borrow money for your mortgage. Normally, when interest rates are high or increasing, the housing market will slow down and less transactions will take place. With interest rates going up, the cost of owning a home will become more expensive because of the higher monthly outgoings. Low interest rates mean that the cost of buying a property is cheaper, which increases demand. This increase in demand, will then lead to an increase in property prices. Conversely, high interest rates will often bring property prices down, or at least slow the increase. There are many factors that contribute to the mortgage rate – primarily the state of the economy and the government's current financial policies.
2021 - 2022 1%
South Florida population growth is unlike any in the United States and has been since air conditioning was invented.
Feb 2023 Palm Beach County
Population
Single-Family Homes, All Price Tiers, All Sale Types
South Florida population growth is unlike any in the United States and has been since air conditioning was invented. Look back at 1980 and then compare to today in Palm Beach County for example. The population has nearly tripled! The pioneer phase of the prime spots in Palm Beach County is now over. Endless land and endless new developments are a thing of the past. Growth will now have to come from western Palm Beach County where land is available or up north into St. Lucie County and Martin Counties. Despite this, population density will get even hotter. There are a few reasons for this. First, there are now three times as many relative or work connections as reasons to move here. Relatives and friends drawing from the people who moved here means more exponential growth. Second, Palm Beach County has more to offer.
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