May Sales Stats are out! Check out some key market indicators for Palm Beach County. Single-family home sales increased by 7.7% year over year to 1,437 closed sales, while the median sale price rose 5.5% to $675,000. Townhouse and condo sales also remained strong, with 1,002 closed sales, up 6.6% from last year, and a median sale price of $245,000, and increase of 4.5%. Inventory has tightened compared to last year, with a 4.1-month supply for single-family homes and a 7.7-month supply for townhomes and condos, indicating a market that continues to move toward a more balanced level of supply while still offering opportunities for both buyers and sellers.

West Palm Beach July 2026:   The average rent in West Palm Beach is around $2,150 for a one-bedroom apartment and $2,450 for a two-bedroom apartment.   Rent in West Palm Beach in 29% higher than the national average of $1,663. The good news is you can own a home for what you are might be paying in rent.  Go to my website and calculate what your mortgage payment would be with one simple click (located on bottom right sidebar on website when using computer or bottom when using phone).  

Mortgage interest rates are around 6.5% to 6.75% for a 30 year fixed loan as of 7/27/26.   What this means to buyers?  It is keeping price sensitive home buyers on the sidelines. 

July 2022 Palm Beach County Market Update for Single-Family Homes:  

The biggest news for the month of July is single-family home’s data for Months Supply of Inventory is at 2.7 months, up 80% from July 2021. Pressure from higher interest rates, negative stock market gains, inflation and a seemly never ending higher home market values have push some buyers to the sidelines. This has created more inventory.  I think buyers got fed up with competing with 10 other buyers and not getting their offers accepted.   

Closed Sales dropped 32.9% in July 2022 YOY (Year Over Year). This, I believe, is having to do with a cooling seller’s market. Another factor is some sellers are listing homes at the top or above current market values.  They may be thinking, “If I can get this price for my home, I will move and take the equity with me.”  

Median Time to Contract went from 10 days to 14 days YOY in July 2022 which is a 40% increase showing homes are not selling as quickly as they were a year ago. 

Median Sale Price of a home is at $600,000 which is 20% higher than last year in July which is a positive indicator showing prices are still rising. 

Pending Inventory which reflects homes under contract to sell is down 26.5% showing less homes are selling. 

Overall, we are seeing an upward trend of increased inventory and increased time on the market of homes for sale. We are still a long way off the healthy balanced market of 5 to 6 month’s supply of homes where buyers and sellers have equal footing in the buying and selling process.  

Zillow iBuying ClassicBusiness Mistake

Zillow's iBuying program is going down in flames.  They are unloading $2.8 Billion worth in homes across the country and $12 million in Palm Beach County.  Their mistake is overpaying for homes and competing with buyers in this very heated sellers' market.   A classic case of a company getting into a business it knows very little about and failing.  Zillow is an advertising business who decided to become a real estate investor.  As we are now seeing it isn't as easy as it looks to be a real estate investor.  I have always had to battle with Zillow estimated values with clients since this Zillow estimates or Zestimates were not accurate but simply a computer algorithm coming up with a value for homeowners.  Zillow will stick with advertising and leave it to experienced real estate investors to handle real estate investing.  The good news is less competition for buyers who want to live in the home! There could be some opportunities to purchase these Zillow properties since they will probably unload them at a discount. 

Did you know Howard Stern has a house in Palm Beach?  He bought it for $52 million in 2013.  It is an oceanfront 3.3 acre estate with 18,000 square feet of living space.  He is right down the street from Jon Bon Jovi.   When he bought it he renovated it for a cost of over $10 million which included a 1,000 s.f. closet for his wife Beth.  What a nice guy! His address is 601 N. County Road, Palm Beach, Florida

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