Greater Palm Beach Area Sees Surge in Residential Sales Early 2025

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West Palm Beach Dominates All-Cash Residential Purchases in 2025

In a remarkable trend for real estate enthusiasts, the Miami Association of Realtors has reported a positive uptick in Palm Beach County’s housing market. In January 2025, total home and condo sales in the area rose by 3.3%, increasing from 1,444 to 1,491 transactions. This growth is primarily driven by:

• Single-Family Homes: Sales surged by 4.81%, climbing from 811 to 850 properties sold.
• Condominium Sales: A modest increase of 1.3%, with transactions rising from 633 to 641.

Ginenne Boehm, President of the 2025 JTHS-MIAMI, emphasized the resilience of the West Palm Beach market, stating, “West Palm Beach leads the nation in all-cash sales, illustrating how our market remains somewhat insulated from elevated mortgage rates.”

Home prices in the region indicate a continued upward trajectory:

• Single-Family Homes Price: Median sale price increased by 5.69% year-over-year, soaring to $650,000 from $615,000.
• Condominium Prices: Existing condo median prices rose by 1.54%, reaching $330,000 compared to $325,000 last year.

Inventory is expanding significantly, with total active listings soaring by 32.5% year-over-year—from 10,685 to 14,159. This growth can be broken down as follows:

• Single-Family Homes Inventory: Increased by 25.22%, now standing at 6,136 listings versus 4,900 last year.
• Condo Inventory: Saw a sharper rise of 38.69%, up from 5,785 to 8,023 listings.

The market dynamics reveal varied conditions across property types. For single-family homes, the months’ supply of inventory is at 5.5 months, indicating a seller’s market. Conversely, the condominium market has a 9.7-month supply, signaling a buyer’s market. A balanced market typically features between six and nine months of inventory.

Total sales volume experienced a significant boost, climbing 25.45% year-over-year to $1.6 billion in January 2025. The specifics include:

• Single-Family Home Sales Volume: Increased by 26.74% to $1.2 billion.
• Condo Sales Volume: Rose by 22.01% to $407 million.

Distressed sales remain minimal, constituting only 1.2% of all closed residential transactions in Palm Beach County—up slightly from 0.7% in January 2024. Here’s the breakdown of distressed sales:

• Short Sales: Accounted for 0.2%.
• REO (Bank-Owned) Properties: Made up 1% of total sales.

In contrast, national distressed sales represented 3% of all transactions, remaining stable from December and the previous year.

Sellers in the area enjoyed strong returns on their listings. The statistics are as follows:

• Single-Family Homes: Sold for a median of 94% of the original list price.
• Condominiums: Achieved a median of 91% of the list price.

The time taken from listing to contract for single-family homes has slightly increased to 42 days, up from 38 days last year, while the overall time to sale edged up to 83 days from 82. Condominiums experienced more pronounced changes:

• Listing to Contract: Jumped to 62 days from 35.
• Total Time to Sale: Increased to 100 days from 78.

Cash transactions continue to dominate the West Palm Beach market, accounting for 56.2% of all closed sales in January 2025—up from 55.7% a year earlier. This figure is notably higher than the national average of 29%, showcasing the robust local market conditions:

• Condominium Transactions: Cash sales constituted 67%.
• Single-Family Home Sales: Cash transactions made up 48%.

As the real estate landscape evolves, West Palm Beach remains a vibrant and lucrative market for homebuyers and investors alike.

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