BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — The latest report from Real Estate firm Douglas Elliman prepared by Miller Samuel Real Estate Appraisers and Consultants reveals that things are still bad in Palm Beach County — although there is a sprinkle of sunlight behind the clouds of doom.
“While newly signed contracts remained below levels of the year-ago boom,” said the report obtained by BocaNewsNow.com, “the rate of decline was the lowest seen since late 2021, as new listings fell sharply year over for the past two months.”
The numbers reveal that newly signed contracts are down in several price points, while actually up in others. When comparing June 2023 to June of 2022: newly signed contracts are up 22-percent for homes valued $300,000 and less; down 29.8-percent for homes valued between $300k and $399k; down 6.6-percent for homes valued between $400k to $499k; and down 13-percent for homes valued between $500k and $999k. The news is better for higher-priced homes. Again, comparing June of 2023 to June of 2022: newly signed contracts are up 37-percent for homes valued between $1M to $2.99; up 71-percent for homes valued between $3M and $4.99M, and up 25-percent for homes valued between $5M and $9.99M.
While contracts are mixed, new listings are down in every price-point category when comparing June 2023 with June of 2022.
New listings are down 54.5-percent for homes valued at $300k and under; down 49.5-percent for homes valued between $300k and $499k; down 30.3-percent for homes valued between $400k and $499k; down 34.9-percent for homes valued between $500k and $999k; down 30.7-percent for homes valued between $1M and $2.99M; down 50-percent for homes valued between $3M and $4.99M; and down 16.7-percent for homes valued between $5M and $9.99M.
