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Palm Beach County House Sales Largely Plummet

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New Listings Up, Sales Down In Latest Elliman Report…

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New listings are up, sales are down in Palm Beach County.

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — If you were hoping to sell your Palm Beach County home quickly and for a huge profit, you may be too late. The latest Elliman Report, based on data by Miller Samuels Real Estate Appraisers and Advisors, shows that newly signed contracts are largely down in Palm Beach County. New listings, however, are up. That is creating an increase in inventory that isn’t selling.

The report, which looks at August sales and listings, reveals that nearly signed contracts are down 19.3 percent countywide while new listings are up 56.4 percent. Here are the breakouts:

Homes valued under $300K: Newly signed contracts are down 54 percent and new listings are down 52 percent.

Homes valued between $300k and $399K: Newly signed contracts are down 36 percent and new listings are down 8 percent.

Homes valued between$400k and $499k: Newly signed contracts are down 46 percent while new listings are up 3.5 percent.

Homes valued between $500k and $999k: Newly signed contracts rose 11 percent while new listings rose 117.6 percent.

Homes valued between $1M and $2.99M: Newly signed contracts are up 20.4 percent while new listings are up 115.8 percent.

Homes valued between $3M and $4.99M: Newly signed contracts are down 45.5 percent while new listings are up 26.1 percent.

Palm Beach County condominium sales are also facing headwinds: newly signed contracts in August were down 20.7 percent while new listings rose 18.5 percent.

LOCAL JOURNALISM SUPPORTER.

Paul Saperstein

 

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