October 2024 Market Snapshot: Palm Beach County Real Estate Trends

Welcome to the October Market Snapshot for single-family homes, townhouses, and condos in Palm Beach County! Each month, I prepare this comprehensive report to keep you informed about the key trends shaping our local real estate market. Let’s dive into the latest updates and what they mean for buyers, sellers, and investors.
 

Single-Family Homes: Steady Prices, Longer Sales Timelines

The single-family home market saw some notable changes this October compared to last year:

• Closed Sales: 1,052 sales in October 2024, slightly down from 1,083 in 2023.
• Median Price: A stable $621,000, just a hair below last year’s $622,000.
• Days to Contract: A significant increase from 21 days in October 2023 to 45 days this year—a staggering 114% rise.
• Active Listings: Inventory surged by 31%, with 5,568 homes available compared to 4,224 last year.

This increase in inventory and longer sales timeline suggests a gradual shift toward a buyer’s market, offering more options and negotiation power to buyers.
 

Townhouses and Condos: Prices Dip as Inventory Grows

The townhouse and condo market mirrors the trends seen in single-family homes:

• Closed Sales: Down from 915 in October 2023 to 742 this year.
• Median Price: A slight dip to $305,000 from $315,000 last year.
• Days to Contract: Jumped from 31 days to 52 days—a 68% increase.
• Active Listings: A dramatic 63% rise, with 6,848 units available compared to 4,211 last year.

Buyers in this segment will also find greater inventory and slower-moving properties, creating potential opportunities for more favorable deals.
 

Market Outlook: What’s Ahead?

Key indicators suggest the market may continue transitioning to a buyer’s market. As inventory grows and days on the market increase, we might see some downward pressure on asking prices. With hurricane season behind us and the presidential election now decided, potential interest rate adjustments and new loan products could further influence the market.

These factors are setting the stage for greater stability and opportunity as we approach the end of the year.
 

Support an Amazing Cause: Big Dog Ranch Rescue

At this point, I’d like to ask for your help in spreading the word about my real estate services. If you or someone you know is looking to buy or sell a home, consider referring them to my team. Not only will they receive award-winning service, but their home sale will also support an incredible mission.

We donate a portion of every referral income to Big Dog Ranch Rescue, the largest cage-free, no-kill dog rescue in America. This organization saves dogs from abuse and euthanasia, rehabilitating them and helping them find loving forever homes. Some even go on to serve as therapy or support dogs for those in need.

By working together, we can make a difference not just for our clients but for countless dogs and families.
 

Gratitude and Closing Thoughts

As we enter this season of gratitude, I want to thank you for your continued trust and support. Your referrals not only help grow our business but also allow us to contribute to meaningful causes.

Let’s make the most of these opportunities together—whether it’s finding the perfect home, securing the best deal, or supporting our community and four-legged friends.

Thank you for being part of this journey. Let’s go serve big!