February 2023 Palm Beach County Market Update

February 2023 Palm Beach County Market Update

SUPPLY OF INVENTORY INCREASES AS PALM BEACH COUNTY SEES MORE ACTIVE LISTINGS

Exciting news! The latest February 2023 reports from Florida Realtors® have just been released, offering a comprehensive analysis of recent real estate activity. These reports provide a year-over-year comparison, specifically focusing on single-family homes. Let's delve into the key statistics:

Palm Beach County continues to experience a significant climb in inventory, with an impressive 126.6% increase compared to 2022, resulting in 4,027 active listings. This surge in inventory provides prospective buyers with a wide range of options to choose from. Furthermore, the county's supply of inventory has expanded to 3.3 months, marking a substantial increase from the 1.1 months recorded in 2022. This extended supply offers buyers more flexibility and time to make informed decisions.

In terms of pricing, Palm Beach County has also seen a positive growth, with the median home sale price increasing by 2.7% to reach $549,500. This rise reflects the sustained demand and value in the local real estate market, making it an opportune time for buyers and sellers alike.

Chris Krzemien, President of Broward, Palm Beaches & St. Lucie Realtors®, notes the ongoing increase in inventory within Palm Beach County. With numerous options available, Krzemien emphasizes the importance of seeking the expertise of a Realtor® to navigate the current marketplace. By doing so, consumers can benefit from dedicated expertise and guidance, enabling them to make the best decisions regarding their most significant investment.

Another significant statistic is the median time to contract, which has experienced a remarkable 200% increase, averaging at 39 days in Palm Beach County. This extended timeframe suggests potential delays in the contracting process. To navigate these complexities successfully, it is crucial to contact a local Realtor® who understands that each transaction is a unique consumer experience. Realtors® stay up to date with the latest trends, laws, and regulations specific to the local communities, ensuring a seamless and informed home buying or selling process.

To benefit from the current market conditions and stay informed, it is highly recommended to reach out to a trusted local Realtor® today. Their expertise and knowledge will be invaluable in guiding you through the dynamic real estate landscape of Palm Beach County.

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Barry is a resident of Delray Beach and a Realtor for William Raveis South Florida. He works with buyers and sellers of Luxury Properties & Residential Real Estate with focus on Delray Beach in Palm Beach County. Frette was born and raised in Miami but left in 2004 is now a proud resident of Delray Beach, Florida. He is available 24/7 and goes the extra mile to take care of his clients. For commercial, he specialize in Retail, Office, Industrial and Land Properties. He has a strong network of buyers and sellers, as well as access to the national and local databases. Barry can help you find a site or property to purchase, choose a building or space to lease for your business, market your property to find a tenant, or leverage the Raveis marketing team to help you divest of your property. When assisting residential clients, he relishes developing long-lasting relationships, and takes the time to fulfill the goals of his clients. Whether looking for the perfect home to buy or rent, or when you are selling, Barry takes his time to get the job done efficiently and this will be reflected the first day he begins working with you on your journey. Selling a Real Estate Asset on your own can be an overwhelming task. There's advertising to plan and budget for, private showings to arrange, purchase offers to negotiate, contract contingencies to worry about, and complicated paperwork to fill out. Make it easy on yourself by putting your property in the hands of seasoned professionals. We have extensive experience marketing properties and showing them to their best advantage.

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