As we roll into the summer season, Palm Beach County is experiencing an increase in inventory. For single family homes, we are currently sitting at 5,017 active listings – a 37.8% increase from this time last year. For townhomes and condos, there are 6,565 active listings – a 70.3% increase. Please note, this report compares year-over-year date from April 2024 to April 2023.
In recent years, the demand for homes in South Florida has been relentless, but the emergence of rising inventory brings good news for buyers. Due to increased inventory, this spring marks the best season for buyers in the past 5 years. With more properties on the table, this is leading to increased leverage, less competition, and potentially a stabilization or eventual reduction in home prices. Buyers need to be aware that there is nothing wrong with a home if it has a price adjustment or if it has been sitting on the market longer than “normal” – this is just a result of the changing market!
For Sellers, they must adapt to a changing market where frenzied buying has slowed. Pricing competitively is crucial to generate demand and ensure timely sales, especially as bidding wars become less common. This approach not only benefits sellers but also facilitates negotiations for buyers navigating the sell/buy process.
If you're still interested in buying a property in Florida, this summer is a great time to try and secure your dream home.
Click here for the full Southeast Florida April 2024 market reports.