Homebuyers can find bargains in Palm Beach County as sales, prices dip in May
The number of contracts signed last month on existing homes dropped 7% to 1,334 from May 2024, with the median price finishing the month at $640,000. That's down about 1% from the previous year, according to a report by the Broward, Palm Beaches, and St. Lucie Realtors Group.
At the same time, the number of homes listed for sale was up 25%, and the months' supply of inventory was up 32% to 5.8 months — an indication of a balanced market according to Realtors who consider a 5.5 to 6 months' supply a sign that neither the seller or buyer have the upper hand.
During the supercharged pandemic market of May 2022, the supply of homes had dwindled to just 1.7 months.
'There are still buyers out there, they are just more picky because they can be,' said Jeff Silver, a broker associate with Keller Williams. 'Properties in the best condition, that require the least amount of repairs are the ones selling first.'
Silver and his wife Shayne Silver host a streaming show called 'The American Dream', which features events and properties in Palm Beach County.
Silver said some sellers are stubborn about lowering their prices, but others are willing to bargain, including offering to pay thousands of dollars in closing costs to attract buyers. He also had a buyer negotiate a new roof before finalizing a sale and is pushing clients to make upgrades before homes are listed.
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'We are not putting homes on the market with purple and yellow walls anymore, not anymore. We want neutral,' Silver said. 'As listing agents, we have our sellers doing a lot of painting. Mostly white.'
Palm Beach County homes that sold in May spent a median of 42 days on the market before getting a contract signed and 86 days before the deal closed. That's an increase of about 8% and 2%, respectively, from May 2024.
That doesn't mean some homes aren't snatched up quickly.
Realtor Keisha Moore, who specializes in homes in popular communities south of downtown West Palm Beach, said she got a contract signed before she was even able to publicly list a 1950s-era two-bedroom home east of Dixie Highway. She said the buyer is paying near the asking price which is just above $1 million.
'People are like, 'Oh, we are slow,' but at the same time we are under contract on a home that's not even listed and people are still asking to see it,' Moore said. 'The lot size matters, the location matters, the street matters.'
More: West Palm Beach home fetches record price in popular South of Southern community
Moore said that while inventory countywide has increased, she's seen the number of available homes dwindle in her neighborhoods from about 160 earlier this year to a current total of 115.
'It's just so unique where we live,' Moore said. 'There's still so much money coming here.'
The average price for a single-family home in Palm Beach County in May was $1.3 million, which is up nearly 10% from the previous year.
Realtors prefer to use the median price, which is less influenced by ultra high-end deals such as the $55 million sale last month in Manalapan of a partially-built home that is expected to be demolished. The buyer, WeatherTech founder and CEO David F. MacNeil, already owns the property next door and wants to combine them.
Statewide, the number of single-family homes that sold in May was down 6% from the previous year. The median sale price was $415,000, which is about 3% below the same time in 2024. The supply of inventory statewide was 5.6 months.
Sales of condominiums and townhomes statewide were down 20% in May from the previous year as buyers and sellers continue to wrestle with the fallout from the 2021 collapse of the Champlain Towers South in Surfside. The median price for a condo and townhome was $310,000 statewide in May, a decrease of 6%.
In Palm Beach County, the number of townhomes and condos that sold in May was down 17% from the previous year. The median price was $330,000, a 3% drop.
More: Waterfront home developed by former Florida Panthers' star Ed Jovanovski for sale
Jeff Lichtenstein, owner of Echo Fine Properties in Palm Beach Gardens, said it's possible that mortgage interest rates may inch down near the end of the year, but that will also coincide with South Florida's seasonal buying market, which could drive up prices.
As of June 18, the average interest rate on a 30-year fixed mortgage was 6.81%, according to Freddie Mac. That's down from 7.04% in mid-January.
'If I'm a buyer, I would absolutely be looking for a deal right now,' Lichtenstein said. 'The next six months will be the most opportune time because sellers are motivated during the off season.'
Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.
This article originally appeared on Palm Beach Post: Palm Beach County sales of single-family homes, condos down in May
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