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