BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Homes valued at $1M or more in Palm Beach County are selling well, but homes under that price point are having issues. That’s the takeaway from The Elliman Report — prepared by Miller Samuel Real Estate Appraisers and Consultants — released Thursday morning.
Comparing the number of newly signed contracts in Palm Beach County between April 2024 and April 2023, the total is down 7.3-percent. But the data that truly matters is the data that affects your home, or the home you want to buy. Let’s look at the numbers:
For homes valued under $300,000, the number of newly signed contracts is down 40-percent when comparing April of 2024 and April of 2023. It’s down 17 percent in the $300k-$399k range; down 27 percent in the $400k-$499k range; down 14-percent in the $500k to $999k range. But then it all changes. Newly signed contracts are up 13 percent in the $1M to $2.99M range; up 43-percent in the $3M to $4.99M range; up 18-percent in the $5M to $9.99M range; and up 75-percent in the $10M+ range. We note, however, only 7 homes in this price range went under contract in April of 2024.
New listings are up across the board with two notable exceptions. Again, here’s the breakdown comparing April of 2024 with April of 2023. New listings are up 28.6-percent for homes valued under $300k; up 2-percent for homes valued in the $300k to $399k range; up 6-percent in the $400k to $499k range; up 44-percent in the $500k-$999k range; up 30-percent in the $1M to $2.99M range.
But new listings took a 20-percent dive for homes in the $3M to $4.99M range. They also dropped 30-percent in the $5M to $9.99M range.
