Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for April 2023. Read on to learn more about the real estate market in South Palm Beach County:
National Trends
According to the National Association of REALTORS® (NAR), the number of homes sold in the US decreased by 2.4% compared to the previous month. This is a reversal from the 14.5% increase in sales that occurred in February. The decrease in sales is due to changes in mortgage interest rates, which have caused buyers to be more hesitant. Pending sales, which are sales that are under contract but not yet closed, also dropped by 5.2% compared to the previous month.
The median price of homes sold also declined for the second consecutive month, falling by 0.9% nationally compared to the same time last year. This is the largest year-over-year decline since January 2012, according to NAR.
Housing inventory remains limited across the country, with only 980,000 units available for sale in April, which is a 5.4% increase compared to the previous year. However, the number of homes for sale is still lower than the same period in 2019, before the pandemic. The limited inventory continues to impact home sales, and there is strong competition for available properties, especially in certain price ranges. According to NAR, about a third of properties receive multiple offers.
South Palm Beach County Trends
There was a significant decrease in the number of new listings for both single-family homes (27.6%) and townhouses/condos (12.6%). Pending sales also decreased for single-family homes (5.1%) and townhouses/condos (15.7%). However, there was an increase in inventory for single-family homes (27.1%) and townhouses/condos (95.1%).
The median sales price increased for single-family homes (2.6% to $641,000) and townhouses/condos (6.9% to $298,250). The time it takes for a property to go under contract increased significantly for both single-family homes (271.4%) and townhouses/condos (177.8%). The months' supply of inventory, which measures how long it would take to sell all available homes at the current pace of sales, increased substantially for single-family homes (64.7%) and townhouses/condos (169.2%).
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