BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Home sales in Palm Beach County are largely stagnant to down across most price points, while new listings are up. That’s the takeaway from the latest Ellian Report prepared by Miller Samuel Real Estate Appraisers and Consultants.
While there are a few notable exceptions, the real estate market continues to be challenging in Palm Beach county.
Here’s the breakdown based on home value for newly signed contracts, comparing March of 2024 with March of 2023. For homes valued under $200,000, newly signed contracts are down 20 percent. For homes valued between $200,000 and $299,000, newly signed contracts are down 42 percent. For homes in the $300k to $399k range, newly signed contracts are down 23 percent. For homes in the $400k to $599k range, the drop is 12 percent. For homes in the $600k to $999k range, newly signed contract are down 9 percent.
Now for some good news. For homes in the $1M to $2.99M range, newly signed contracts rose 33.3 percent. For homes valued between $3M and $4.99M, the jump is 125 percent, but we note that’s simply a result of four homes selling in March of 2023 and 9 selling in March of 2024.
When it comes to new listing, there’s a lot on the market. Again, by price:
For homes valued under $200k, new listings jumped 30.1 percent. For homes valued between $200k and $299k, new listings jumped 49.2 percent. For homes in the $300k to $399k range, new listings are up 53.2 percent. In the $400k to $599k range, new home sales are up 30.3 percent. In the $600k to $999k range, the jump is 21 percent. For homes valued between $1M and $2.99M it’s a 16.7 percent jump in new listings. And in the $3M to $4.99M range, the increase in new listings is 88.9 percent.
In total, there were 1,624 homes on the market in Palm Beach County in March of 2024, compared to 1,174 in March of 2023. Newly signed contracts — when averaging all price points — dropped 6.6 percent. There were 438 newly signed contracts in March of 2023, compared to 409 in March of 2024.
