Key takeaway: The North Palm Beach single-family market strengthened considerably in May. Closed sales increased, the median sale price rose above $2.5 million, and inventory continued to decline. Buyer demand remained healthy, as shown by rising pending sales and a continued reduction in available inventory.
New Listings
- 9 new listings, down 50% month over month
- Median list price: $825,000
- Median price per square foot: $531
- Total new listing volume: $26.4M
- Median living area: 2,032 square feet
Only nine homes entered the market in May. Lower-priced and smaller homes made up a larger share of the month’s new listings, which reflects a shift in listing mix rather than a change in property values. New supply remains limited despite strong buyer activity, which helps support overall pricing.
Pending Listings
- 14 pending sales, up 7.7% month over month
- Median pending price: $1,187,000
- Total pending volume: $36.5M, up 17.9%
- Median living area: 2,172 square feet
Pending activity increased, so buyers stayed active despite a smaller selection of homes. Total pending dollar volume rose, showing broad participation across multiple price points.
Sold Listings
- 9 closed sales, up 28.6% month over month
- Median sold price: $2,500,000, up 122.2%
- Median price per square foot: $755, up 31.8%
- Sold-to-list ratio: 94.85%
- Median days on market: 30
- Total closed volume: $35.1M, up 10.2%
May produced a very strong month for closed sales. Several luxury transactions closing in the same month helped lift the median, and the data clearly shows continued demand for premium properties. Homes continued selling in about a month while achieving nearly 95% of asking price.
Months Supply of Inventory
- 4.27 months of inventory
- Down 14.6% month over month
- Down 52.0% year over year
For context, under 4 months is generally a seller’s market, 4 to 6 months is balanced, and above 6 months favors buyers. At 4.27 months, North Palm Beach sits near the lower end of balanced and is trending increasingly toward sellers. Available inventory has been cut by more than half compared to a year ago.
Bottom Line
North Palm Beach remains a healthy and competitive market. Inventory continues trending lower, luxury sales remain active, and buyers are absorbing homes faster than new listings are entering the market. Conditions currently favor sellers, particularly for well-positioned waterfront and luxury properties.
Thinking about buying or selling in North Palm Beach? Call (561) 632-7705 or email slevine@ipre.com.
Leave a Reply