West Palm Beach Real Estate Market Report | February 2023
Wondering how the West palm Beach real estate market have been acting in the month of February 2023? Let’s take a close look at the West Palm Beach Real Estate Market Report. Did the time for selling a property have past? Should we buy a property in the current market or should we wait? This are most of the common questions that we get from customers all around the nation that are considering West palm Beach as their new home. We usually tell everyone that instead of just assuming based on what people are talking, let’s go over it based on data. The real estate market report in the month of February demonstrated that properties are still selling, but just at a lower paste.
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West Palm Beach Fl Single Family Homes | February 2023 – Compared to the previous month.
The Median Sales Price in West Palm Beach have decreased from $612,000 to $470,000.
The Average Sales Price in West Palm beach fl decreased from $883,495 to $629,160.
In the charts below we go over the figures for the real estate market in West Palm Beach area only; however we see this same pattern in the Palm Beach County real estate market trends. What is the difference between Median and Average real estate reports?
Closed Home Sales in West Palm Beach FL and Programs Available in the current Real Estate market.
In this article we will go over, based on single family homes figures only. Closed sales compared to the previous month were up from 83 (January 2023) to 123 (February 2023). This proves that houses are still selling but at a lower paste in the current market conditions.
Many people take advantage about the Knock Home Swap program, that allows you to purchase a property without having to sell the current property first. Want to learn more? CLICK HERE.
Real Estate Market Inventory in West Palm Beach
Total amount of February’s new listings: 164 homes for sale in West Palm Beach.
Previous month of new listings in January’s new listings: 208 homes for sale in West Palm Beach
Based on this data we see a decrease on inventory levels. The time from when the property goes on the market, to when they are going under contract have increased from 49 days to 54 days to contract.
In the chart below we see that there is currently 3.4 months of real estate inventory available compared to the previous month that was 3.5 months of inventory available.
If you are in the market to either sale or buy, make sure you go over our list of articles: Palm Beach county real estate news.
West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 117,415 at the 2020 census. West Palm Beach is a principal city of the Miami metropolitan area, which was home to 6,138,333 people in 2020. It is the oldest incorporated municipality in the South Florida area, incorporated as a city two years before Miami in November 1894. West Palm Beach is located approximately 68 miles (109 km) north of Downtown Miami.
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