COVID Housing Boom Settling, Normalcy Returns To Palm Beach County Real Estate.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — New listings and newly signed contracts are now down for residential real estate across Palm Beach County.
The just-out edition of the Elliman Report, prepared by Miller Samuel Real Estate Appraisers and Consultants for the Douglas Elliman company, shows annual numbers declining almost universally across the board.
Starting with new signed contracts: the number of new contracts on homes valued at under $300k is down 35.4 percent year to year. Homes valued between $300k and $399 show a decrease in new listings of 6.6 percent. Homes valued between $500k and $999k show a decrease of 3.3 percent.
Anomalies: homes valued between $1M and $2.99M in Palm Beach County showed a 14.8 percent increase in new contracts year-to-year, homes valued from $3M to $4.99M showed a 16.7 percent increase in new contracts, and homes valued between $5M and $9.99M held steady.
The number of new listings in Palm Beach County is down in every price point.
Homes valued at less than $300K logged a 16.1 percent drop in new listings. Homes valued between $300k and $399k are down 20.5 percent for new listings. Homes valued between $400k and 499k showed a new listing drop of 30.7 percent year to year. New listings for homes valued between $500k and $999k dropped 17.9 percent. The new listing drop is 23.4 percent for homes valued between $1M and $2.99M, 12.9 percent drop for homes valued between $3M and $4.99M, and a 13.6 percent drop in new listings for homes valued between $5M and $9.99M.
Overall, Palm Beach County showed a 21.5 percent drop in new listings between September of 2020 and September 2021.
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