Not Good News If You’re Selling. Not Bad News If You’re Buying.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Good news if you’re trying to buy a home in Palm Beach County, not good news if you’re trying to sell a home. The latest Elliman Report, produced by Miller Samuel Real Estate Appraisers and Consultants, reveals that fewer homes sold in December than previous months, while more homes are entering the market.
Comparing December 2023 with 2022: newly signed contracts are down 22.1 percent, while new listings are up ten percent. Looking at price points:
Newly signed contract are down 45-percent in the under $300,000 price point; down 32.3-percent for homes valued between $300k, and $399k; down 6.9-percent for homes valued between $400k and $499k; down 26.4-percent for homes in the $500k to $999k price range; and down 24.4-percent for homes in the $1M to $2.99M zone. The notable standout: homes valued between $3M and $4.99M are seeing a surge in sales. Just one home sold in December of 2022, but 9 sold in December of 2023 — that’s an 800-percent increase.
When it comes to new listings, there are only three price ranges where new listings dropped when comparing December of 2023 with December of 2022. New listings are down 63.3-percent for homes valued under $300,000; down 21.6 percent for homes valued between $300k and $399k; and down 2.4-percent for homes valued between $400k and $499k.
New listings are up 19.3-percent for homes in the $500k to $999k range; up 22.9-percent in the $1M to $2.99M range; and up 4.3-percent for homes in the $3M to $4.99M range.
