The winter holidays bring joy in so many ways. But this particular season is seeing a measurable return to a "normal" market, which is bringing us all a little extra joy right now. With interest rates finally below 7%, we are seeing an influx of Buyers. Palm Beach Gardens had an increase in the number of closed sales from November 2022. Median prices were up, which I believe is a reflection of more cash Buyers in the market place purchasing more expensive homes. Year to date appreciation was 6.5% over median sale prices in 2022. Percent of list price was much better at 94.3%. Inventory is beginning to go up, however at 4.4 months supply it is still considered a market benefitting Sellers more than a Buyer's market. I believe the number of Buyers in the market should increase thru 2024 with interest rates hopefully on a continued decline.
Thank you for trusting us with your real estate needs. Please reach out of you have any market questions or wish to connect a referral looking to buy or sell in South Florida. We are grateful for my clients who become dear friends and wish you a wonderful holiday week. May the new year bring good health and prosperity, and lots of happiness ahead for 2024!
Cheers!