BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — The news is not great for the Palm Beach County real estate market, at least according to the the latest Elliman Report prepared by Miller Samuel Real Estate Appraisers and Consultants. The report was released Thursday morning. Newly signed contracts continue a downward spiral, as new listings continue to climb. The simple takeaway: too much inventory, not enough demand.
Let’s break down the numbers. For homes valued at $300k and below, sales are down 67-percent from October 2023 to October 2024, while new listings are down 36 percent. For homes in the $300k-$399k range, newly signed contracts are down 55-percent while new listings are up 8-percent. For homes valued in the $400k to $499k range, newly signed contracts are down 3-percent, while new listings are up 26-percent.
For homes in the $500k-$999k range, newly signed contracts are down 15 percent from October of 2023 to October of 2024, while new listings are up 9-percent.
There are anomalies, however, as homes hit higher prices. Homes valued in the $1M-$2.99M range are stagnant year-to-year when it comes to newly signed contracts, but new listings in this price range are down 9.1 percent. Homes valued between $3M and $4.99M saw a 33-percent year-to-year rise for newly signed contracts, and a 22-percent drop in new listings.
Said a spokesperson for the DouglasElliman agency: “Newly signed contracts have been sliding year over year since February, as new listings have been expanding monthly over the past year. Newly signed contracts above the $1 million threshold have been rising year over year since August.”
