Palm Beach Market Update

"Palm Beach County Real Estate Update: August 2023"

In the sunny paradise of Palm Beach County, the real estate market is buzzing with activity. Let's dive into the latest updates and trends that are shaping the housing landscape in this beautiful coastal region.

Steady Supply with a Hint of Growth

Palm Beach County's real estate market is showing remarkable resilience. The months supply of inventory remained steady from July to August, standing firm at 2.9 months. This stability is a testament to the region's robust housing market. In comparison to August 2022, we've witnessed a 7.4% increase in available homes. This uptick in inventory is great news for prospective buyers looking to find their dream home in this coveted area.

Rising Median Sale Prices

For those eyeing an investment in Palm Beach County, the median sale price is an important indicator. In August 2023, the median sale price reached $605,000, reflecting a substantial 7.1% increase from the previous year. This rise in property values showcases the county's enduring desirability and the potential for a solid return on investment.

Increased Realtor® Activity

Realtors® are the driving force behind Palm Beach County's dynamic real estate market. This month, Realtors® closed more than 7% more transactions compared to the previous month. This surge in activity suggests that both buyers and sellers are actively engaging in the market.

Patience Pays Off

Buyers in Palm Beach County are taking their time to find the perfect property. The median days to contract have steadily increased year over year, now standing at 24 days. This patient approach is indicative of buyers carefully considering their options amidst the diverse inventory available in the area.