Latest Elliman Report Reveals Continued Declines In Signed Contracts, Listings.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — With two notable exceptions, the real estate market in Palm Beach County continues to tank — with sales and new listings down year-to-year.
The latest numbers revealed by Douglas Elliman in its report prepared by Miller Samuel Real Estate Appraisers and Consultants show that rising interest rates do seem to be negatively impacting the buying and selling — except in price points where mortgages may not be an issue for buyers: homes valued at greater than $5M.
When comparing July of 2023 with July of 2022, newly signed contracts are down 60-percent for homes valued at $300k and less; down 14-percent for homes valued between $300k and $399k; and down 16-percent for homes valued between $400k and $999k. Newly signed contracts are up 1.4-percent for homes valued between $500k and $999k; down 3.3-percent for homes valued between $1M and $2.99M; and flat for homes between $3M and $4.99M. For homes valued in the range of $5M to $9.99M — newly signed contracts rose 66.7-percent. For homes valued at $10M and above, newly signed contracts rose 200-percent — but we note that was one sale in July of 2022 jumping to three sales in July of 2023.
When it comes to new listings, the numbers are down across the board. Again, comparing July of 2023 with July of 2022: new listings are down 54-percent for homes valued at $300k and under; down 56.6-percent for homes valued between $300k and $399k; down 52.5-percent for homes valued between $400k and $499k; down 37.2-percent for homes valued between $500k and $999k; down 27.4-percent for homes valued between $1M and $2.99M; down 16.7-percent for homes valued between $3M and $4.99M; and down 56.3 percent for homes valued between $5M and $9.99M.
