The Pohrer Report - 2024

Clients, prospective clients, buyers, sellers, real estate enthusiasts, colleagues and friends, 

Happy New Year from Palm Beach! I hope that you and your loved ones had a wonderful holiday season and look forward to a happy and healthy year ahead.

The 2024 year has officially come to a close, and it was busier than I had anticipated. Given the uncertainty of our economy, the unstable geopolitical climate, and it being an election year,  it was a year of many unknowns.

As I dove into the key performance metrics from 2024, some trends emerged from both the data and the activity I've seen on the ground.

• It appears that we’re reaching a new normal baseline over the last two years as it relates to transaction volume. After the peak demand of 2020 to 2022, we seem to have leveled out at around 80 transactions for single family homes and 75 for In-Town condo and townhomes across the entire market.

• Palm Beach Island inventory reached new highs during the 2024 season, with anywhere from 90 to 100 active listings across single family home properties. I believe this led to an increase in price discovery, with buyers testing the waters by making offers well below the last asking price, and acceptance rates often coming in -20% to -25% below the original asking price.

• We continue to see weakening in price per square foot (PPSF), specifically on non-waterfront properties. Waterfront trophy properties continue to grow in average sale price and PPSF given the scarce nature of the asset.

I hope you enjoy reading our annual report. As always, please don’t hesitate to reach out with any questions or if I can be of assistance to you in any way.

Gary