New Douglas Elliman Report Reveals Real Estate Market Is As Consistent As Your 97-Year-Old Aunt Gertie Deciding Whether She’s Hot Or Cold.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — The Palm Beach County real estate market continues to be as stable as your 97-year-old aunt deciding whether or not she needs that sweater on a 100-degree day. After the COVID real estate rise, and the post-COVID real estate fall, things are actually looking good again for folks selling homes in the area.
According to the just-released Douglas Elliman report based on data provided by Miller Samuel Real Estate Appraisers and Consultants, newly signed contracts rose for the first time in four months as new listings declined.
“Newly contracts rose monthly for the first time in four mounts as new listings declined for the second time,” said Miller Samuels’ John Miller. “For context, new listings are entering the market at a substantially lower rate compared to the same period before the pandemic.”
If you compare year-to-year, the big picture is a bit bleaker. When comparing December 2022 to December of 2021, newly signed contracts are down an average of 42.5 percent, while new listings are up 44 percent.
For homes valued between $500,000 and $999,000, the number of newly signed contracts dropped 38.5 percent year to year, while new listings for the same price point rose 77.5 percent. For home valued $1M to $2.99M, new listings are up 9.8 percent while newly signed contracts dropped 57.6 percent year to year.
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