Newly Signed Contracts Drop In New Elliman Report By Miller Samuel Appraisers and Advisors.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — If you were hoping to sell your home quickly at an inflated price, your opportunity may be over. If you just spent a significant amount of money on an overpriced home, it may be a while before you get your money back. Those are the apparent takeaways from the latest Elliman report, just out Thursday morning.
According to the report, prepared by Miler Samuel Real Estate Appraisers and Consultants, newly signed contracts dropped — sometimes precipitously — in June. The number of newly signed contracts for homes valued at $300k or less fell 75.7 percent. Homes valued between $300k and $399k saw new contracts fall 55 percent. Newly signed contracts for homes between $400k and $499k fell 49 percent. Homes in the $500k to $999k range logged a 3.4 percent decline in newly signed contracts. Homes valued between $1M and $2.99M recorded a decline of 17.7 percent in newly signed contracts in June. And homes valued between $3M and $9.99 percent saw newly signed contracts drop 50 percent.
While newly signed contracts dropped, the number of people hoping to sell their homes, for the most part, rose. The exception comes in lower priced homes: new listings in the $300k and under range dropped 43 percent, in the $300k to $399k range dropped 26 percent, and in the $400k to $499k range dropped 33.5 percent. Bu the number of new listings for homes valued between $500k and $999k jumped 108.4 percent in June to 642. New listings for homes between $1M and $2.99M rose 156.7 percent to 326. Homes in the $3M to $4.99 range logged a new listing increase of 100 percent with 58 homes listed. New listings for homes valued in the $3M to $4.99M range rose 100 percent — there were 58 homes listed. New listings for homes in the $5M to $9.99M price-point rose 20 percent for 24 listings, and new listings for homes priced at $10M or more jumped 114 percent to 30.
For condos in Palm Beach County, newly signed contracts in June dropped 33.8 percent overall, while new listings rose 33.3 percent.
The slump in sales is being blamed on rising mortgage interest rates. The report authors say this is the second month in a row that newly signed contracts dropped in Palm Beach County.
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