April 2024 Market Report – By Amy Snook

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April 2024 Market Report – March 2024 Data

Tune in to the news, and you’ll likely catch discussions about the impact of high-interest rates on the real estate scene. However, here in Palm Beach, Florida, nearly 50% of our property transactions are cash-based, painting a different picture from what’s typically portrayed on your evening news. Sellers, take note: while half of our market involves financing, leading to appraisal considerations, pricing remains a crucial factor.

Many inquire or rather assert, that prices are on the decline in Palm Beach County. Contrary to popular belief, our prices have actually risen compared to the same period last year. Interestingly, both median and average prices have increased. It’s worth noting that the average surpasses the median due to the prevalence of higher-end homes in our county.

For those who’ve been following our market reports over recent months, you might recall my mention of a significant rise in inventory from last year, bringing us closer to healthier pre-pandemic levels. However, March 2024 numbers show a decrease in total inventory from the previous month. Why? Although closed sales are up, the rate of new listings entering the market has slowed compared to the prior month of 2024.

We’ve slipped below the $600,000 price point, transitioning back into a seller’s market. Sellers should bear in mind that we still have more inventory than this time last year, meaning competition remains stiff. Hence, pricing, staging, and every detail must be meticulously addressed.

In the $600,000 to $999,000 range, we’re once again in a balanced market, with neither sellers nor buyers holding a significant advantage. Precision in pricing and contract drafting is paramount here, making the choice of your real estate partner more crucial than ever.

In the luxury market, there’s positive news for sellers: we’ve decreased from an average of 12 months of inventory, indicative of a strong buyer’s market earlier in the year, to 8.1 months, slightly favoring buyers. However, many overpriced listings still linger, prompting a reevaluation of comparables and pricing strategies. It might even be time to reassess your listing’s marketing approach, as a scarcity of homes amidst high demand could draw more attention to your property.

We’d be delighted to sit down with you and delve deeper into the current market conditions.

Total months of inventory have decreased across all categories, despite a slowdown in listings, with list prices holding steady.

 

Amy Stark Snook