Double Digit Drops In Almost All Price Points For Newly Signed Contracts.
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — If you’re looking to sell your home in Palm Beach County, good luck. The real estate market is tanking, according to the Elliman Report prepared by Miller Samuel Real Estate Appraisers and Advisors.
“Newly signed contracts fell month over month for the first time in five months, as new listings fell for the second time in three months,” said the authors of the report.
The numbers tell the story, and the story is a horror story. When it comes to newly signed contracts comparing April of 2023 with April of 2022: homes valued at under $300,000 saw a 24-percent drop in the number of homes going under contract. For homes valued from $300k to $399k, the drop is 15-percent. For homes valued between $400k and $499k, there’s a 26-percent drop in newly signed contracts.
For homes valued between $500k and $999k, the drop is 26-percent. For homes in the $1M to $2.99M range, the number of newly signed contracts comparing April of 2023 to April of 2022 is down eight percent. For homes valued between $3M and $4.99M, the drop is 48-percent.
The report also shows that new listings are dramatically down in lower price points, but relatively stable year-to-year in the middle of the pack. There was a 46-percent drop in new listings of homes valued at $300k or less, but nearly no change for homes between $300k and $3M. For homes valued between $3M and $4.99M, 32-percent more homes entered the market during April of 2023 than in April of 2022.
