Latest Elliman Report Suggests Storm Clouds May Be Rolling In…
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The surging housing market in Palm Beach County may be showing signs of retreat. The latest Elliman Report, prepared by Miller Samuel Appraisers and Consultants, reveals that newly signed contracts — largely across the board — are down dramatically. The number of new listings in most price levels is up.
“While newly signed contracts have been down yearly since December against the prior year’s sales surge, new listings have continued to rise annually since May,” said the DouglasElliman company in a statement provided to BocaNewsNow.com
Comparing July of 2022 with July of 2021 in Palm Beach County, the number of newly signed contracts overall is down 34 percent while the number of new listings is up 33.2 percent.
The numbers are somewhat unexciting for lower-priced homes, but take a dramatic turn as homes become more expensive. For homes valued under $300,000: there is a 60 percent drop year to year in newly signed contracts, while there is a 44 percent drop in new listings. For Palm Beach County homes valued from $400k to $499k, newly signed contracts are down 44.1 percent, while new listings are down 24.6 percent.
But things start to change at the $500k level. We are presenting the numbers in two separate sets, starting with newly signed contracts.
Newly Signed Contracts For Homes Valued At $500k And Higher In Palm Beach County.
For homes valued $500k to $999k, newly signed contracts are down 11.3 percent from July of 2021 to July of 2021. For homes valued $1M to $2.99M there is a slight increase of 5.3 percent. But for homes in the $3M to $4.99M level, newly signed contracts are down 15.4 percent; in the $3M to $4.99M level new contracts are down 57 percent; and for homes valued at $10M or more, new contracts plummeted 80 percent.
New Listings For Home Valued At $500k And Higher In Palm Beach County.
While homes aren’t closing, it appears lots of people are trying to sell. New listings in Palm Beach County for homes in the $500k to $999k range jumped 85.1 percent from July of 2021 to July of 2022; the jump is 106 percent for homes valued between $1M and $2.99M; 20 percent for homes valued between $3M and $4.99M, and 52 percent for homes valued between $5M and $9.99M.
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