Douglas Elliman Report Reveals It’s All About Supply and Demand…
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — There was a huge drop in lower priced home sales in Palm Beach County, but sales of homes valued at $1M or more continue to be robust. The latest Douglas Elliman report, prepared by Miller Samuel Real Estate Appraisers and Consultants, shows that your high school economics teacher was correct: supply and demand are very closely related.
Take a look at the numbers comparing February 2021 with February 2022: For homes valued under $300,000 in Palm Beach County, signed contracts are down 53-percent from a year ago. When you look at the number of new listings, there is a decrease year-to-year of roughly the same number.
For homes valued between $300,000 and $399,000, newly signed contracts are down 42.1 percent year over year, while new listings are down 48.7 percent in the same category.
Homes in the $400,000 to $499,000 showed a 37 percent decrease in newly signed contracts, but again, it’s related to the number of listings. New listings in this price level also decreased 45.5 percent from February 2021 to February 2022.
As homes become more expensive, however, the number of listings and sales start to increase. Again, by the numbers in the latest Douglas Elliman report:
Homes valued between $500,000 and $999,000 in Palm Beach County saw an increase in newly signed contracts of 4.3 percent when comparing February 2021 with February 2022. New listings were down for the same group by just 2.4 percent.
Palm Beach County homes valued between $1M and $2.99M logged a 21.3 percent increase in newly signed contracts year to year, and similarly, new listings in this category were up 26.2 percent.
Homes valued between $3M and $4.99M saw newly signed contracts jump by 29.4 percent year-to-year. New listings in this category jumped 75 percent.
The number of newly signed contracts for homes valued between $5M and $9.99M jumped 66.7 percent from February 2021 to February 2022, with new listings rising 25 percent.
Factoring all new home sales and listing, regardless of price point, Douglas Elliman says newly signed contracts dropped 16.9 percent year over year, with new listings overall dropping 11.1 percent.
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