Year To Year, Home Sales Down In Palm Beach County.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — Home sales in Palm Beach County are way down, but new listings are largely up, creating more real estate uncertainty in and around Boca Raton, Boynton Beach, and Delray Beach.
The latest Elliman Report, prepared by Miller Samuel Real Estate Appraisers and Consultants, reveals that almost all price points saw a double-digit decline in the number of homes that went under contract in February of 2023 when comparing sales with February of 2022. Among the notable price-points:
Homes in the $400k-$499k price range saw a 41.3 percent drop in newly signed contracts year-to-year. Homes in the $500k to $999k range saw a 32-percent drop year-to-year. And homes in the $3M to $4.99M range saw a 68.2 percent drop.
When it comes to new listings, the news is mixed. For homes valued between $300k and $399k, new listings are down 10-percent when comparing February 2023 with February 2022. The number of listings in the $500k to $999k range is up 40-percent year-to-year, and the number of homes listed between $1M and $2.99M is up 77.7 percent.
When comparing month-to-month, the report says the number of newly signed contracts rose for the third time while new listings declined for the third time in four months.
