Is Palm Beach County’s Real Estate Market Cooling or Just Gearing Up?

Is Palm Beach County’s Real Estate Market Cooling or Just Gearing Up?

🆓 FREE Buyer Guide: https://bit.ly/3ze35Ht

Is Palm Beach County’s Real Estate Market Cooling or Just Gearing Up? 🏡 In this summer 2024 market update, we break down the latest real estate trends in Palm Beach County, discussing the sharp drop in home sales, rising inventory, and a surprising boom in cash sales! 💸

The Miami Association of Realtors and MLS data show key insights you can't afford to miss—whether you're buying, selling, or investing. Discover how the market is reacting to rising interest rates and fluctuating property prices.

📊 Video Chapters with Timestamps:
00:00 - Introduction & Overview
00:47 - Sales Decline
02:03 - Condo Market Struggles
02:19 - Mortgage Rates: Peaked or Declining?
02:40 - Home Prices: Single-Family vs. Condo Trends
03:20 - Economic Impact on Market Value
03:23 - Home Sales
03:44 - Pricing
04:47 - Cash Sales

Key Market Highlights:
Total Sales: 19.5% drop (2,632 to 2,137 homes)
Single-Family Homes: 11.1% decline in sales (1,428 to 1,269)
Condos/Townhomes: 27.9% drop (1,204 to 868 units)
New Listings: Increased by 4.4% overall (5.5% rise for single-family homes, 3.3% for condos)
Median Prices: Single-family homes up 5.6% (from $625K to $659K); condos remain flat at $325K
Cash Sales: 52% of all closed deals, with condos seeing 60% cash transactions
While sales have slowed, Palm Beach remains a magnet for cash buyers—especially from high-cost markets like New York and California. 🌴 Affluent buyers are still capitalizing on the area’s attractive deals despite rising HOA fees and insurance costs.

Looking to move to South Florida? Jonathan Alexander and the team at LIV South Florida are here to assist with all your real estate needs. Feel free to reach out via text, call, or Instagram DM @mrjalexander. Whether you’re buying or selling, let’s talk strategy!

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