Palm Beach County Real Estate: April 2025 Market Report
The Palm Beach County residential real estate market has experienced a significant slowdown, as highlighted by recent data from the Miami Association of Realtors. April 2025 marked a notable decline in total residential sales, with a 9.4% decrease compared to the previous year.
Key Market Highlights
- Total Residential Sales:
- April 2024: 2,568 transactions
- April 2025: 2,326 transactions
- Single-Family Home Sales:
- Decrease of 5.28%: From 1,402 to 1,328 transactions
- Condominium Sales:
- More substantial dip of 14.41%: Falling from 1,166 to 998 transactions
Price Adjustments in Housing
The median sales prices across both housing types witnessed modest declines:
- Single-Family Homes:
- Median Price: $645,000 (down 0.77% from $650,000)
- Condominiums:
- Median Price: $320,000 (down 5.88% from $340,000)
Inventory Trends
Interestingly, despite the drop in sales, active listings have surged:
- Total active residential listings: Increased by 28.6%, now standing at 14,896, compared to 11,582 a year ago.
- Single-Family Homes: Listings rose 29.62% to 6,503.
- Condos: Inventory grew 27.84% to 8,393 units.
Note: Overall inventory remains below pre-pandemic levels.
Market Dynamics
- Single-Family Homes: Favoring sellers with 5.9 months of supply—close to the balanced market range of 6 to 9 months.
- Condominiums: Shifting towards a buyer’s market with 10.4 months of supply.
Sales Volume and Distressed Sales
Despite the decline in transactions, total dollar volume remained relatively stable:
- Total sales volume: Down 1.74% year-over-year to $2.26 billion.
- Single-Family Volume: $1.61 billion (down 1.8%)
- Condo Volume: $685 million (down 1.6%)
Distressed sales, representing 0.4% of all closed transactions, are minimal and below the national average of 2%.
Time on Market
Homes are taking longer to sell:
- Single-Family Homes:
- Median time from listing to contract rose to 41 days (up from 37 days).
- Total time to close: 83 days (up from 80 days).
- Condominiums:
- Median days to contract increased to 55 days (from 42 days).
- Time to sale: 93 days (up from 84 days).
Sellers are experiencing a slight decrease in sale prices relative to their original asking prices:
- Single-Family Homes: 94% of list price.
- Condos: 91% of list price.
Cash Sales Remain Strong
Cash transactions continue to dominate the market, making up 51.7% of closed sales—albeit down from 56.3% a year prior. Breakdown of cash sales:
- Condominiums: 63.6% of sales
- Single-Family Homes: 42.8% of sales
Nationally, cash purchases account for approximately 25% of home sales according to the National Association of Realtors.
Conclusion
Despite market fluctuations and economic challenges, Palm Beach County’s housing market showcases resilience. By adapting to shifting buyer dynamics and increasing inventory levels, the market continues to offer opportunities for both buyers and sellers.
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