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REAL ESTATE DISASTER: Palm Beach County New Sales Plummet

Boca Raton Boynton Beach Delray Beach Florida News Palm Beach County

More Than 50-Percent Drop Year To Year. But New Listings In Palm Beach County Soar.

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BY: ANDREW COLTON | Editor and Publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) –Never mind the 80-degree temps in December. The Palm Beach County Real Estate market is so chilly, you might need a jacket and gloves. Newly signed contracts plummeted more than 50-percent when comparing November 2022 to November of 2021.

According to the Elliman Report, just released and presented by Miller Samuel Real Estate Appraisers and Advisors, newly signed contracts plunged 50.3 percent when averaging all price points. New listings, however, jumped, suggesting many sellers are trying to capture the glory days of a real estate market gone by.

For homes valued under $300k, just 18 new signed contracts were executed in November of 2022. That’s a 52.6 drop from the 38 percent executed in November of 2021.

For homes valued $300k to $399k, 28 newly signed contracts were executed in November of 2022, a drop of 62.7 percent from the 75 signed in November of 2021.

For Palm Beach County homes valued $500k to $999k, 81 newly signed contracts were executed in November of 2022, down 47.4 percent from the 154 signed in November of 2021.

For homes valued between $1M and $2.99M, 43 new contracts were signed in November of 2022, down $29.5 percent from November of 2021.

Homes falling in the $3M to $4.99M range saw an increase — 10 contracts were signed in November of 2022, up 42.99 percent from the 7 signed in November of 2021.

Palm Beach County homes valued between $5M and $9.99M saw a 66.7 percent drop, when comparing the 2 newly signed contracts executed in November of 2022 versus the 6 executed in November of 2021.

NEW REAL ESTATE LISTINGS SOAR IN PALM BEACH COUNTY.

Meantime, 817 Palm Beach County homes were newly listed for sale in November of 2022, versus 569 listed in November of 2021. That’s a 43.6 percent jump. For homes valued between $500k and $999k, the number of homes listed in November of 2022 was 356 versus 214 in 2021. For homes valued between $1M and $2.99M, the number of homes newly listed in November of 2022 was 169 versus 93 in November of 2021.

For homes in the $3M to $4.99M range, new listings soared 284.6 percent. There were 50 new listings in November of 2022 versus 13 in November of 2021.

LOCAL JOURNALISM SUPPORTER.

Paul Saperstein

 

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