Yearly Market Detail - 2022
Single-Family Homes
Palm Beach County
Cash Sales
The number of Closed Sales during the year in which buyers exclusively paid in cash
Economists' note : CashSalescanbeausefulindicatoroftheextentto whichinvestorsareparticipatinginthemarket. Why? Investorsare farmorelikelytohavethefundstopurchaseahomeavailableupfront, whereasthetypicalhomebuyerrequiresamortgageorsomeother formoffinancing. Thereare,ofcourse,manypossibleexceptions,so thisstatisticshouldbeinterpretedwithcare.
Cash Sales as a Percentage of Closed Sales
The percentage of Closed Sales during the year which were Cash Sales
Economists' note : Thisstatisticissimplyanotherwayofviewing CashSales. TheremainingpercentagesofClosedSales(i.e.thosenot paidfullyincash)eachyearinvolvedsomesortoffinancing,suchas mortgages,owner/sellerfinancing,assumedloans,etc.
ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD.
40.9% 29.4% 34.9% 0.6% 2020 2019 2018 2017 2021 31.6% -3.1% 32.6% -5.8% 34.6% -0.9% Percent of Closed Sales Paid in Cash Percent Change Year-over-Year 2022 45.4% 11.0% Year 39.0% 6,019 0.1% 6,014 -1.1% 1.1% -5.7% 2021 2020 2018 2017 5,740 2019 5,676 7,978 Year Cash Sales Percent Change Year-over-Year 6,865 -14.0% 2022
0% 10% 20% 30% 40% 50% Pct. of Closed Sales Paid in Cash 2017 2018 2019 2020 2021 2022 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Cash Sales 2017 2018 2019 2020 2021 2022
Single-Family Homes
Palm Beach County
Median Sale Price
The median sale price reported for the year (i.e. 50% of sales were above and 50% of sales were below)
Economists' note : MedianSalePriceisourpreferredsummary statisticforpriceactivitybecause,unlikeAverageSalePrice,Median SalePriceisnotsensitivetohighsalepricesforsmallnumbersof homesthatmaynotbecharacteristicofthemarketarea. Keepinmind thatmedianpricetrendsovertimearenotalwayssolelycausedby changesinthegeneralvalueoflocalrealestate. Mediansalepriceonly reflectsthevaluesofthehomesthat sold eachyear,andthemixofthe typesofhomesthatsellcanchangeovertime.
Average Sale Price
Economists' note : Usually,wepreferMedianSalePriceoverAverage SalePriceasasummarystatisticforhomeprices. However,Average SalePricedoeshaveitsuses—particularlywhenitisanalyzed alongsidetheMedianSalePrice. Forone,therelativedifference betweenthetwostatisticscanprovidesomeinsightintothemarketfor higher-endhomesinanarea.
ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD.
2017 $505,205 7.1% 2018 $549,925 8.9% 2020 $683,102 26.0% 4.1% 2021 $926,303 35.6% 2019 $542,174 -1.4% 2017 $329,900 7.5% Year Average Sale Price Percent Change Year-over-Year 2022 $964,179 2019 $354,900 2.9% 2018 $345,000 4.6% Year Median Sale Price Percent Change Year-over-Year 2020 $389,500 9.7% 2022 $571,000 20.2% 2021 $475,000 22.0% Yearly Market Detail - 2022
2017 2018 2019 2020 2021 2022 $0K $100K $200K $300K $400K $500K $600K Median Sale Price $0K $200K $400K $600K $800K $1000K $1200K Average Sale Price 2017 2018 2019 2020 2021 2022
The average sale price reported for the year (i.e. total sales in dollars divided by the number of sales)
Yearly Market Detail - 2022
Palm Beach County
Single-Family Homes Inventory (Active Listings)
The number of property listings active at the end of the year
Economists' note : Thereareanumberofwaystodefineandcalculate Inventory. Ourmethodistosimplycountthenumberofactivelistings onthelastdayoftheyear,sinceitisthemostcurrent. Inventoryrises whenNewListingsareoutpacingthenumberoflistingsthatgooffmarket(regardlessofwhethertheyactuallysell). Likewise,itfalls whenNewListingsaren'tkeepingupwiththerateatwhichhomesare goingoff-market.
Months Supply of Inventory (Year-End)
An estimate of the number of months it will take to deplete the current Inventory given recent sales rates
Economists' note : MSIisausefulindicatorofmarketconditions. The benchmarkforabalancedmarket(favoringneitherbuyernorseller)is 5.5monthsofinventory. Anythinghigheristraditionallyabuyers' market,andanythinglowerisasellers'market. Thereisnosingle acceptedwayofcalculatingMSI. Acommonmethodistodivide currentInventorybythemostrecentmonth'sClosedSalescount,but thiscountisausuallypoorpredictoroffutureClosedSalesdueto seasonalcycles. Toeliminateseasonaleffects,weusethe12-month averageofmonthlyClosedSalesinstead.
ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD.
Year Inventory Percent Change Year-over-Year 2022 4,042 120.6% 2019 6,162 -16.1% 2021 1,832 -48.4% 2020 3,551 -42.4% 2017 6,849 -3.9% 2018 7,347 7.3% 2022 3.2 190.9% Year Months Supply Percent Change Year-over-Year 2017 4.8 -2.0% 2019 4.2 -17.6% 2018 5.1 6.3% 2020 2.3 -45.2% 2021 1.1 -52.2%
0.0 1.0 2.0 3.0 4.0 5.0 6.0 Months Supply of Inventory 2017 2018 2019 2020 2021 2022 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Inventory 2017 2018 2019 2020 2021 2022
Yearly Market Detail - 2022
Single-Family Homes
Palm Beach County
Closed Sales by Sale Price
The number of sales transactions which closed during the year
Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the numberofsales.
Median Time to Contract by Sale Price
The median number of days between the listing date and contract date for all Closed Sales during the year
Economists' note : LikeTimetoSale,TimetoContractisameasureof thelengthofthehomesellingprocesscalculatedforsaleswhichclosed duringtheyear. Thedifferenceis that Time toContract measures the numberofdaysbetweentheinitiallistingofapropertyandthesigning of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbersofcashsales.
ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD. $100,000 - $149,999 100 -61.1% Sale Price Closed Sales Percent Change Year-over-Year Less than $50,000 19 -40.6% $50,000 - $99,999 47 -56.9% $150,000 - $199,999 224 -59.0% $200,000 - $249,999 406 -58.3% $50,000 - $99,999 16 Days -59.0% $100,000 - $149,999 $400,000 - $599,999 4,509 -22.1% $600,000 - $999,999 4,186 8.2% 19 Days -17.4%
Sale Price Median Time to Contract Percent Change Year-over-Year Less than $50,000 45 Days 87.5% $1,000,000 or more 2,932 -3.3% $250,000 - $299,999 705 -46.0% $300,000 - $399,999 1,990 -44.4%
$150,000 - $199,999 17 Days -19.0% $200,000 - $249,999 21 Days 16.7% $250,000 - $299,999 $400,000 - $599,999 15 Days 25.0% 16 Days 14.3% $300,000 - $399,999 16 Days 23.1% $600,000 - $999,999 15 Days 15.4% $1,000,000 or more 21 Days -34.4% 0 5 10 15 20 25 30 35 40 45 50 Less than $50,000 $50,000$99,999 $100,000$149,999 $150,000$199,999 $200,000$249,999 $250,000$299,999 $300,000$399,999 $400,000$599,999 $600,000$999,999 $1,000,000 or more Median Time to Contract 2021 2022 0 5 10 15 20 25 30 35 40 45 50 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Less than $50,000 $50,000$99,999 $100,000$149,999 $150,000$199,999 $200,000$249,999 $250,000$299,999 $300,000$399,999 $400,000$599,999 $600,000$999,999 $1,000,000 or more Closed Sales 2021 2022 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Yearly Market Detail - 2022
Palm Beach County Single-Family Homes New Listings by Initial Listing Price
The number of properties put onto the market during the year
Economists' note: New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of value—and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include propertiesthatwererecentlytakenoffthemarketandquicklyrelisted, sincethesearenotreally new listings.
Inventory by Current Listing Price
The number of property listings active at the end of the year
Economists' note : Thereareanumberofwaystodefineandcalculate Inventory. Ourmethodistosimplycountthenumberofactivelistings onthelastdayoftheyear,sinceitisthemostcurrent. Inventoryrises when New Listings are outpacing the number of listings that go offmarket (regardless of whether they actually sell). Likewise, it falls whenNewListingsaren'tkeepingupwiththerateatwhichhomesare goingoff-market.
ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD. Initial Listing Price New Listings Percent Change Year-over-Year Less than $50,000 16 -20.0% $50,000 - $99,999 41 -60.6% $100,000 - $149,999 118 -50.8%
$150,000 - $199,999 222 -61.7% $200,000 - $249,999 418 -56.6% $250,000 - $299,999 864 -42.7% $300,000 - $399,999 2,546 -37.2% $400,000 - $599,999 5,712 -10.4% $600,000 - $999,999 5,959 34.6% $1,000,000 or more 5,257 42.2% Current Listing Price Inventory Percent Change Year-over-Year Less than $50,000 1 N/A $50,000 - $99,999 6 0.0% $100,000 - $149,999 11 -26.7%
$150,000 - $199,999 32 28.0% $200,000 - $249,999 51 -13.6% $250,000 - $299,999 114 34.1% $300,000 - $399,999 358 56.3% $400,000 - $599,999 906 156.7% $600,000 - $999,999 1,041 194.9% $1,000,000 or more 1,522 115.3% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Less than $50,000 $50,000$99,999 $100,000$149,999 $150,000$199,999 $200,000$249,999 $250,000$299,999 $300,000$399,999 $400,000$599,999 $600,000$999,999 $1,000,000 or more New Listings 2021 2022 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 200 400 600 800 1,000 1,200 1,400 1,600 Less than $50,000 $50,000$99,999 $100,000$149,999 $150,000$199,999 $200,000$249,999 $250,000$299,999 $300,000$399,999 $400,000$599,999 $600,000$999,999 $1,000,000 or more Inventory 2021 2022 0 200 400 600 800 1,000 1,200 1,400 1,600
Yearly Distressed Market - 2022
Palm Beach County Single-Family Homes
Closed Sales Median Sale Price Closed Sales Median Sale Price Closed Sales Median Sale Price ProducedbyFloridaREALTORS®withdataprovidedbyFlorida'smultiplelistingservices.StatisticsforeachmonthcompiledfromMLSfeedsonthe15thdayofthefollowingmonth. DatareleasedonFriday,January20,2023.NextyearlydatareleaseisTBD. 2022 2021 Percent Change Year-over-Year Traditional 15,018 19,317 -22.3% $575,000 $475,000 21.1% Foreclosure/REO 76 123 -38.2% $360,000 $320,000 12.5% Short Sale 24 55 -56.4% $413,500 $290,000 42.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Closed Sales Traditional Foreclosure/REO Short Sale
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Median Sale Price
