The Weird World Of Real Estate Remains Weird In Our South Florida World. Latest Douglas Elliman Report…
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The real estate insanity continues in Palm Beach County, with a mixed bag of new listings, newly signed contracts, and the ability to interpret the numbers pretty much any way that you would like. The universal takeaway: it’s weird out there and the weirdness is likely going to continue.
In Palm Beach County, the respected real estate firm of Douglas Elliman, using numbers crunched by Miller Samuel Real Estate Appraisers and Consultants, reveals that newly signed contracts are down across the board — unless you compare them with pre-COVID numbers, in which case they are up.
By the numbers, comparing March 2022 to March 2021, newly signed contracts for homes valued at under $300,000 dropped 78.4 percent. Homes valued between $300k and $399k saw a drop in newly signed contracts of 59.1 percent. Homes valued between $400k and $499k saw a 72.1 percent drop year to year. Homes in the $500k to $999k range saw a drop in newly signed contracts of 34.5 percent. Homes in the $1M to $2.99M range logged a 24.5 percent drop. Homes in the $3M to $4.99M range recorded a 35.5 percent drop. And homes in the $5M to $9.99M range logged a drop of 11.8 percent.
The drop in new contracts is tied — at least in part — to a drop in new listings. But that is only true for homes under $500,000.
The data reveals a 50 percent drop in new listings from March of 2021 to March of 2022 for homes valued under $300,000. The drop in new listings is 52.5 percent homes in the $300k to $399k range. The drop in new listings is 47.4 percent in the $400k to $499k range. But that’s where things start to turn. For homes valued between $500k and $999k, new listings are up 11 percent year to year. Homes valued between $1M and $2.99M saw an increase in new listings of 48.2 percent. Homes in the $3M to $4.99M range logged a 92 percent jump in new listings, while homes in the $5M to $9.99M range jumped 70.6 percent. Homes valued at more than $10M logged a new listing increase of 91.7 percent.
While numbers are not included in the latest report, Douglas Elliman says that newly signed contracts are up from pre-pandemic levels.
The unofficial BocaNewsNow.com guidance for which we have no expertise to share other than being grounded in common sense: if you’re waiting for the perfect moment to sell your home or to buy a new home, you’ll be waiting forever.
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