May 2023 Palm Beach County Market Update

May 2023 Palm Beach County Market Update

Florida RealtorsĀ® has recently released the much-anticipated market reports for May 2023, providing valuable insights into the current real estate landscape of Palm Beach County. These comprehensive reports analyze and compare year-over-year data, shedding light on the latest trends and developments. Let's delve into the statistics concerning single-family homes, offering a glimpse into the local housing market.

The real estate market in Palm Beach County is demonstrating noteworthy year-over-year trends, as indicated by the recently released market reports. The county has experienced a substantial increase in inventory, with 3,529 active listingsā€”an impressive 34.1% rise compared to the previous year. Additionally, the county's supply of inventory has expanded to 3.0 months, marking a significant 76.5% increase from 2022's figure of 1.7 months.

Commenting on these developments, Chris Krzemien, President of Broward, Palm Beaches & St. Lucie RealtorsĀ®, highlights that Palm Beach County's median sale price in May reached $622,500, coinciding with the rise in inventory. Given the growing number of individuals relocating to South Florida, Krzemien emphasizes the importance of partnering with a knowledgeable RealtorĀ® who can navigate the unique consumer experiences associated with each transaction, providing varying levels of support, complexity, and expertise.

Another noteworthy statistic revealed by the reports is the median time to contract in Palm Beach County, which has experienced a significant 145.5% increase since 2022. This increase generally indicates longer closing times and a potential decline in cash sales. To ensure a smooth and informed home buying or selling process, it is advisable to reach out to a local RealtorĀ® who can serve as a trusted advisor, safeguarding and guiding consumers throughout the entire journey.

Read April market reports here: April Market Report - Click Here

Need assistance with commercial, click here: Frette Commercial

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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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