Palm Beach County Real Estate Market Report – December 2024 – By Amy Stark Snook

 

December 2024 Market Report

Palm Beach County

Presidential elections, mortgage rates, and the holiday season are just a few of the factors that have impacted—or are perceived to have impacted—our real estate market over the past few months. We eagerly await the final numbers over the next sixty days to fully assess the condition of the Palm Beach County real estate market.

For now, we can confidently report that buyers currently have significantly more options across all price points. The days of a strong seller’s market appear to be behind us. In fact, up to the $600,000 price point, we are in a balanced market, where both buyers and sellers hold equal footing. Between $600,000 and $999,999, we are seeing 8.3 months of inventory, which slightly favors buyers due to the abundance of choices available to them.

However, what truly stands out is the luxury market, which has over 15 months of inventory—more than double the range of a balanced market. This creates a significant advantage for buyers in this segment.

That said, sellers should not panic. As mentioned earlier, several factors contributed to the market slowdown, including the cautious sentiment tied to broader economic conditions and seasonal trends. Additionally, sellers are now more optimistic about finding their next home, leading to a notable increase in new listings over the past 60 days. These factors combined explain the rise in inventory across Palm Beach County.

As Realtors, it is even more important that we understand the comparables and changes to the status of the comparables, including new-to-market listings, are crucial to monitor. Sellers, it is very important that your home’s curb appeal remains strong and that your property is show-ready for last-minute showing requests. Every showing must go off without a hitch, as buyers have many other options to consider.

Homes will continue to sell, but it will take longer, require more marketing investment, and demand greater creativity and marketing savvy from agents to ensure sellers’ homes stand out. Expect to see more creativity in contract structures, including requests for simultaneous closings and/or longer closing cycles.

While the market has shifted to offer buyers more opportunities and options, sellers who take proactive steps to prepare their homes, price competitively, and partner with experienced real estate professionals will still find success. The coming months will likely bring renewed activity as the holidays pass and confidence returns. If you’re ready to make a move, now is the perfect time to position yourself for the opportunities ahead.