Market Report: North Palm Beach County, January 2024

Monthly Indicators – NORTH PALM BEACH COUNTY – January 2024

Data courtesy of floridarealtors.org

North Palm Beach County

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings increased 5.4 percent for Single Family homes and 22.0 percent for Townhouse/Condo homes. Pending Sales decreased 3.0 percent for Single Family homes and 13.7 percent for Townhouse/Condo homes. Inventory decreased 0.9 percent for Single Family homes but increased 32.7 percent for Townhouse/Condo homes.

Median Sales Price increased 6.7 percent to $680,000 for Single Family homes and 13.3 percent to $344,500 for Townhouse/Condo homes. Median Time to Contract decreased 11.8 percent for Single Family homes but increased 36.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 2.2 percent for Single Family homes and 44.7 percent for Townhouse/Condo homes.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

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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
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