New Report Shows Newly Signed Contracts Drop, New Listings Rise…
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — It is a tough time to sell a house in Palm Beach County, at least according to new numbers just released for Douglas Elliman by Miller Samuel Real Estate Appraisers and Consultants.
Newly signed contracts were almost universally down when comparing March of 2023 with March of 2022. Among the highlights: newly signed contracts for homes valued between $300k and $399k dropped 52 percent, newly signed contracts for homes valued between $500k and $999k dropped 35 percent, and the number of contracts signed for homes valued between $1M and $2.99M dropped 1 percent. The only uptick: homes valued between $3M and $4.99M. The number of newly signed contracts in this group rose 20 percent from March 2022 to March 2023.
The clear issue: the number of homes entering the market. New listings rose in almost all price points when comparing March of 2022 to March of 2023. The number of new listings in the $500k to $999k price range rose 25 percent between March 2022 and March 2023, the number of newly listed homes valued between $1M and $2.99 jumped 58 percent, and the number of new listings in the $3M to $4.99M range rose 31 percent. The only drop: the number of newly listed homes valued under $300k dropped 64 percent between March of 2022 and March of 2023.
For condominiums in Palm Beach County: the number of condos going under contract in the $1M to $2.99M price range dropped 25 percent between March of 2022 and March of 2023… the number of new listings in that price range rose 29 percent.
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