March 2024 - Market Update

Local Update - Palm Beach County, Florida

March showed a drop in “months supply of inventory“

Feb = 5.55 months supply

March = 5.17 months supply

This change was spurred by an uptick in closings. Not by a shortage of listings. This shows that the market demand remains and is increasing at a healthy pace for this time of year.

*Remember, “months supply of inventory“ is an indicator of market demand. Less than 5 months of inventory 🏡 indicates a seller‘s market. More than 5 months of inventory indicates a buyer’s market

SUPPLY

A 6% decrease in inventory has contributed to an increase in sales prices. Buyers paid 2.5% more per sqft in March than they did in February.

DEMAND

With a 95.6% list to sold price percentage, homes are selling quickly and at competitive prices. This shows that amidst rising prices, market demand is healthy and growing for the spring season.

CONCLUSION

The metrics collectively paint a picture of a competitive real estate market with limited inventory, healthy sales, and strong seller's influence on pricing. Buyers should be prepared to offer reasonably competitive offers. Sellers today benefit from the current market conditions to maximize their returns.