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PALM BEACH COUNTY REAL ESTATE MARKET TANKS

Boca Raton Boynton Beach Delray Beach Florida News Palm Beach County

NEWLY SIGNED CONTRACTS SINK LIKE A TESLA IN STORM SURGE.

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Palm Beach County’s Real Estate Market Is Plunging.

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The Palm Beach County Real Estate market is sinking. Fast. The just-out monthly report by Douglas Elliman prepared by Miller Samuel Real Estate Appraisers and Advisors shows an across-the-board decline in newly signed contracts in Palm Beach County. Unless your home is worth more than $10M.

As sales plummet, however, the number of homes on the market is rising. Read the latest numbers:

The following data compares nearly signed contracts between September 2021 and September 2022.

For homes valued at under $300k, newly signed contracts are down 36 percent.

For homes valued between $300k and $399k, newly signed contracts are down 64.7 percent.

For homes valued between $400k and $499k, newly signed contracts dropped 53.7 percent.

For homes valued between $500k and $999k, newly signed contracts are down 12.3 percent.

For homes valued between $1M and $2.99M, newly signed contracts are down 19.4 percent.

For homes valued between $3M and $4.99M, newly signed contracts dropped 64.3 percent.

Newly signed contracts for homes valued between $5M and $9.99M dropped 71.4 percent.

The only bright spot was homes valued at $10M or more. Nearly signed contracts jumped 200 percent.

Data Comparing Homes On Market Between September 2021 and September 2022.

Despite the decline in sales, the number of people trying to sell a home in Palm Beach County jumped in most price ranges, with the exception being for homes under $399k where the decline in listings averages to 37 percent.

In the $400k to $499k range, new listings rose 11.3 percent.

In the $500k to $999k range, new listings rose 74.5 percent.

In the $1M to $2.99M range, new listings jumped 97.1 percent.

In the $3M to $4.99M range, new listings rose 29.6 percent.

In the $5M to $9.99M range, new listings increased by 10.5 percent.

In the $10M and above range, there was a 9.1 percent increase in new listings.

Check BocaNewsNow.com later Tuesday for insight into the impact of Hurricane Ian on the local housing market.

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