BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — Palm Beach County Real Estate remains stressed, according to the Elliman Report just out Tuesday morning. The report is based on data compiled and crunched by Miller Samual Real Estate Appraisers and Consultants.
According to the report, new home listings are increasing as sales are pointing down. Translation: bad time to sell, good time to buy if you have cash and don’t care about 8-percent interest rates.
When combining all price points — and comparing September 2022 to September of 2023 — newly signed contracts are up just 5.9 percent, with huge drops in newly signed contracts for homes valued under $300,000 and above $10M.
New listings are also down, but the devil is in the details. Combining all price points, new listings in Palm Beach County are down 2.8-percent from September, 2022 to September, 2023. However, in the sweet spot for Palm Beach County real estate — which seems to be in the $1M to $10M range, new listings are way up. For homes valued between $1M and $2.99M, new listings jumped 40 percent. For homes valued between $3M and $4.99M, new listings jumped 11-percent. For homes valued between $5M and $9.99M new listings jumped 86-percent when comparing September, 2022 with September 2023.
For condos in Palm Beach County, newly signed contracts dropped 14.4 percent when comparing September, 2022 with September, 2023. New listings rose 23.4-percent for the same time period.
