Elliman report

Palm Beach County Real Estate Market Appears To Be Cooling

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Short Term Drop, Long Term Rise In New Contracts For Real Estate Sales.

Notable, But Not Doom And Gloom.

The number of homes going under contract for sale in Palm Beach County dropped from March to May.

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — The number of new signed real estate contracts in Palm Beach County dropped precipitously from March to May, but continues to be significantly higher than this time last year.

First, the good news from the latest Elliman report. In all categories, except homes valued at under $300,000, the number of new signed sale contracts is up from May of 2020. In the $300k to $399k range, new contracts are up 14 percent. In the $400k to $499 range, the number of new contracts signed rose 33.7 percent. For homes valued from $500k to $999k, new contracts rose 131.5 percent from May of 2020 to May of 2021. And for homes selling in the $1m to $2.99m range, the number of new signed contracts rose 167 percent.

In all, 670 new signed contracts were recorded for homes in Palm Beach County in May of 2021. In May of 2020, just 374 contracts were signed.

Now, the not so good news. While month-to-month data isn’t broken out in the current report, the graph above tells the story. After a peak in April of this year, the number of new signed contracts dropped significantly. The black line shows a peak of roughly 1,300 contracts signed in March. That dropped to 670 in May.

When it comes to inventory, lower priced homes challenging to find, but the inventory of higher priced homes is beginning to climb for the first time in quite some time.

The number of homes listed in May valued at $300k or lower dropped 65 percent from a year ago. In the $300k to $399k range, new listings dropped 28.2 percent. In the $400k to $499 range, new listings fell 14.7 percent. But in the $500k to $999k range, the number of new listings rose 12 percent. The $1M to $2.99M range saw an increase of 20.8 percent. Year to year for all home values, the number of homes that hit the market for the first time rose from 738 to 771, for a percentage increase of 4.5 percent.

The Elliman Report is prepared by Miller Samuel Real Estate Appraisers and Consultants. Here is the complete Palm Beach County report for May, 2021.

Florida-NewSignedContracts-05_2021

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