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

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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.

 

1623 N Ocean Breeze, Lake Worth

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Delray: Xmas Gifts Needed for Underserved Kids or Adopt a Class for Xmas

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Delray: Xmas Gifts Needed for Underserved Kids or Adopt a Class for Xmas

NOVEMBER 6, 2024

The Achievement Centers for Children & Families, which has served the Delray Beach and southern Palm Beach County communities since 1969 and helps underserved children reach their full potential, is asking the community to consider adopting a class, adopting a program, or participating in the organization’s annual toy drive for the holidays.

Members of the community can make a one-time, annual donation of $1,500 to adopt a classroom, which goes towards school supplies; curriculum materials, arts and crafts supplies, snacks, enrichment activities, in-class field trips, and more. Or, for that special person who has everything, an “Adopt-a-Class” gift is perfect. It is the gift of making a meaningful difference in a child’s life and being a part of a child’s educational journey. The recipient will receive a personalized note from the classroom, a thank-you video, and an invitation to tour and visit his or her adopted class. Additionally, as a special holiday touch, he or she can enjoy a 30-minute thank-you party to meet some of the children and teachers the gift is supporting.

Achievement Centers for Children & Families has four toddler classrooms and four pre-school classrooms. All classroom sponsors receive invitations to special events; name recognition on a plaque in the adopted classroom; a special thank you at the end of the school year, and quarterly classroom updates.

For those who would like to donate towards the organization’s annual toy drive, toys are being collected now.

“The holidays can be a difficult time for some Achievement Centers families who have few resources, so every year the organization strives to help its families by collecting toys for children from one to eighteen,” said Stephanie Seibel, CEO for the Achievement Centers.

Current drop-off locations include A Little Wyld & Perna, American Heritage, Andie DeVoe, LLC, Bella Mar Delray Beach, Death by Pizza, Delfina Pilates, Lang Realty – Amy & Noreen Team, Northern Trust, Purlife, SOFA, Worthing Place, Vincent’s Hairstyling for Women & Men, and Young Dentistry.

Another way to support the children of Achievement Centers is through the Adopt-A-Program opportunity. Achievement Centers’ Platinum Steppers and Drum Line welcome youth from our after-school programs! Students in these programs perform at Achievement Centers’ events and throughout the community. The programs promote healthy living; self-respect; respect for others; leadership skills; parental involvement; teamwork; and good sportsmanship. Through Adopt-a-Program, supporters can directly support the Platinum Steppers and our Drumline. Donations go towards uniforms and costumes; new equipment; transportation; snacks and more!

Donations for Adopt-A-Class and Adopt-A-Program can be made here: www.tinyurl.com/AchieveAdopt

To learn more about these initiatives, please contact [email protected].

About Achievement Centers for Children & Families
At Achievement Centers for Children & Families, children are involved in Early Learning (Toddler and Preschool), After School, Teen and Summer Camp programs that help prepare them for academic and social success and inspire them to discover their talents. Our families are served through our Family Support and Economic Stabilization services which benefit the community by stabilizing families in crisis; supporting them to serve as the foundation of their child’s growth. Family strengthening services are embedded within our four core programs of Early Learning, After School, Teen and Summer Camp. Achievement Centers currently serves over 700 local children and families annually from three locations in Delray Beach: Nancy K. Hurd Campus, Village Academy, and Pine Grove Elementary. Achievement Centers for Children & Families is located at 555 NW Fourth St., Delray Beach. For more information, call (561) 266-0003 or visit www.achievementcentersFL.org.

Thank you citybiz for the mention.

To check out the article on citytbiz website click this link: https://www.citybiz.co/article/623163/delray-xmas-gifts-needed-for-underserved-kids-or-adopt-a-class-for-xmas/

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

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October 2024 Market Report – September 2024 Data

I held off on writing the October market report until after the election. Why? Many potential buyers and sellers adopt a “wait-and-see” approach during election periods, creating what we call the “Great Pause”—typically a 30-day lull leading up to election day. This pause often brings a temporary dip in activity, but here’s an interesting fact: historically, election cycles have shown no long-term impact on real estate values. Over the last ten election cycles, we’ve seen no dramatic market drops or spikes, just this brief pause in momentum.

So, how did October’s report—reflecting September’s numbers—shape up? In my view, the results show that this year was no exception to the trend.

Fortunately, Palm Beach County was spared from hurricanes this season. However, the uncertainty surrounding potential storms often impacts the real estate market, as buyers and sellers delay decisions while monitoring weather developments. Additionally, the holiday period around Labor Day brings non-productive days that can also influence activity. While these factors played a role in shaping recent numbers, they don’t entirely capture the story behind this month’s market results.

Closed sales in Palm Beach County saw a significant drop, down nearly 15%, with cash sales slipping by 20%. Meanwhile, inventory has risen across all price points, creating a more competitive landscape. In the luxury market—properties over one million dollars—we now have over ten months of inventory, signaling a strong buyer’s market.

What does this mean for today’s sellers? Buyers in Palm Beach County are still moving decisively on well-priced homes, especially those that are either fully renovated and ready for move-in or, conversely, properties offering a full renovation opportunity. Homes at these two extremes continue to capture interest, underscoring the importance of strategic pricing in this market.

For all sellers, especially those not in the categories above, there are plenty of choices available. The goal? Get potential buyers through the door. For the online audience, remember that professional photography is essential. Each photo should be carefully taken and ordered to capture attention from the very first glance, highlighting the home’s best features to maximize buyer interest.

Before coming in to see your home, many potential buyers will drive by, so ensure your home shines from the street. Keep landscaping tidy, maintain cleanliness, and consider adding a pop of color for extra appeal. If allowed, a yard sign can also make a difference!

As Realtors, we’ve increased our marketing and advertising budgets for every listing, aiming to maximize visibility and bring potential buyers to your door. Our goal is to get your home noticed and, once buyers are in, to personally highlight the unique qualities of your home, neighborhood, and any features that set it apart.

Pricing, however, remains crucial. The data speaks for itself—accurate pricing is essential in today’s competitive market. We recommend dedicating time with your realtor to thoroughly review comparable properties, analyze current market trends, and understand the factors that could impact your home’s position in the market. A seasoned agent can make all the difference.

Despite increased competition, more listings, and a dip in closed sales, here’s something that may surprise many: home prices have not declined. In fact, both the average and median sales prices have seen a slight uptick. What does this mean? Many overpriced homes are simply sitting on the market.

Sellers, this is where partnering with the right agent makes all the difference. Work with someone who understands the current environment, has the resources and expertise to effectively market your home, and is committed to getting you the best possible price. Our role isn’t just to list your property; it’s to sell it at its highest value!

Buyers, this is an exceptional time to explore options. With so much on the market, a skilled agent and negotiator can help you find the right home at the right price.

In today’s shifting market, choosing the right Realtor is more important than ever. With our experience and in-depth understanding of Palm Beach County’s unique market trends, we are here to guide you through every step—whether you’re looking to sell for the best price or find the perfect home at the right value. The Amy and Noreen Team is committed to putting in the time, resources, and strategy that it takes to stand out and succeed. Let’s work together to make the most of your real estate journey and achieve the results you deserve.

Amy Stark Snook

Palm Beach County Real Estate Market Report – August 2024

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Palm Beach County Market Report – August 2024

The past month has brought significant changes to the real estate industry nationwide. With the implementation of the new “settlement agreement” regulations, buyers are now required to sign a Buyer’s Broker Agreement before viewing any properties. Additionally, agents can no longer advertise the compensation offered to a buyer’s broker in the MLS. While these changes haven’t been as disruptive as initially anticipated, I believe they are just the beginning of a broader transformation in how we conduct our business. 

Personally, I have strong opinions about the settlement’s impact on both sellers and buyers, and I believe it has introduced challenges for everyone involved. However, one positive outcome is the heightened emphasis on a Realtor’s knowledge, professionalism, and expertise. Over the past decade, we’ve seen a surge in individuals obtaining real estate licenses, yet only a smaller, dedicated group has managed to turn it into a full-time career. 

Given these developments, it’s no surprise that local agents have mixed opinions about the current market’s strength. Some feel it’s a feast or famine situation. Those who anticipated these changes stayed consistent with their marketing efforts, budgeted wisely to invest in their listings, and continually educated themselves and have positioned themselves well for both the present and future. 

In our local Palm Beach market, price sensitivity is at an all-time high, regardless of the price point. Many sellers still believe in listing high with the expectation that someone will make an offer, leading to negotiations. However, with inventory rising across all categories, there is increased competition, and buyers simply won’t engage if they perceive a property to be overpriced. 

Inventory levels have risen in nearly every price bracket, with the luxury market now seeing almost two additional months of inventory, tipping it back to a buyer’s market. Strategic pricing is crucial to attracting buyers. Equally important is ensuring your home shows well, your agent effectively highlights its attributes and everyone involved is performing at their best during showings and open houses. 

Whether you are a buyer or a seller your real estate partner matters more than ever. For those of us who understood what was coming we are ready! 

Amy Snook

Delray Beach – Atlantic Ave Living!

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✨RARE opportunity to work AND live a vibrant lifestyle directly on Atlantic Avenue!✨

🌟 This spacious 3-bedroom, 2 ½ bathroom walkup condo feels like a single-family home! Perfect for those who want to combine their home and office in one optimal space.

🚶‍♂️No need for a car! Step outside to enjoy top spots like CUT 432, Lemongrass, Winehouse Kitchen, boutique shopping, art galleries, and the Green Market. Festivals and all the best of East Delray are at your fingertips.

🌴 Experience the best in downtown living in Paradise! 🏖️

📍419 E Atlantic Ave, Delray Beach

Call us with any questions! 📲 561-571-2289
Amy Snook and Noreen Payne
Amy & Noreen Team of Lang Realty