Good For Sellers. And Not So Bad For Buyers.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — The news is good for home sellers in Palm Beach County as the number of “newly signed contracts” just rose for the first time in months. The not-so-great news: the number of new listings continues to rise, meaning competition is fierce for selling to buyers. We note the following numbers from the Elliman Report, prepared by Miller Samuel Real Estate Appraisers and Consultants — represent all of Palm Beach County. We expect specific Boca Raton and Delray Beach numbers over the next few weeks.
For single family homes in Palm Beach County, 338 newly signed contracts were executed in August of 2024 in Palm Beach County. That’s up 10.1 percent from August of 2023 when 307 contracts were signed. The sweet spot: homes valued between $500,000 and $999,000 where 146 contracts were signed in August of 2024. That’s up 8.1 percent from 135 contracts signed in August of 2023.
The largest increase, by home value, is in the category of homes valued between $1M and $2.99M. In this group, 73 new sales contracts were signed in August of 2024. That’s up 23.7 percent from August of 2023. If your price range is $3M to $4.99M, 11 new sale contracts were signed in August of 2024. That’s up 120 percent from the five sold in August of 2023.
When it comes to new listings, 335 homes were listed for sale in Palm Beach Count in August of 2024. That’s up 6.7 percent from the 314 listed in August of 2023. A few interesting highlights: there was no change in number of listings for homes in the $200k to $299k range year-to-year (85). The number of new listings for homes in the price range of $600k to $999k dropped 3.8 percent, from 26 last August to 25 this past August. Listings for homes in the $1M to $2.99M range rose 47.4 percent, from 19 listings in August of 2023 to 28 new listings in August of 2024.
