Newly Signed Housing Contracts Plummet In Palm Beach County

BRUCE SPRINGSTEEN SAID IT BEST: “I’M GOIN’ DOWN.”

BY: ANDREW COLTON | Editor and Publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The Real Estate market in Palm Beach County is entering turbulent times, according to the just released report from Douglas Elliman, prepared by Miller Samuel Real Estate Appraisers and Consultants.

The report compares October 2022 with October 2021 and includes “Newly Signed Contracts” and “New Listings.” There’s a significant amount of data but we are presenting this in a way that we believe will be easy for readers to find specific information of interest:

NEWLY SIGNED CONTRACTS OCTOBER 2022 VS. OCTOBER 2021

HOUSE VALUE: $300k-$399k — Newly Signed Contracts dropped 63.3 percent year to year.

HOUSE VALUE: $400k-$499k — Newly Signed Contracts dropped 56.6 percent year to year.

HOUSE VALUE: $500k-$999k — Newly Signed Contracts dropped 47 percent year to year.

HOUSE VALUE: $1M to $2.99M — Newly Signed Contracts dropped 47 percent year to year.

HOUSE VALUE: $3M to $4.99M — No change from October, 2021 to October 2022.

HOUSE VALUE $5M to $9.99M — Newly Signed Contracts dropped 50 percent year to year.

When it comes to New Listings — homes put on the market during the month of October — the numbers tell a largely different story. While fewer lower priced homes were listed for sale, listings for homes valued at more than $400k exploded. BocaNewsNow.com suspects that part of this story is that many believe their homes are worth more in October of 2022 than they were in October of 2021. That would account, at least in part, for why so many homes are on the market priced about $400k.

NEW LISTINGS, OCTOBER 2022 VS. OCTOBER 2021

HOUSE VALUE: $300K AND UNDER — New listings dropped 48.3 percent year to year.

HOUSE VALUE: $300k to $399k — New listings dropped 17 percent year to year.

HOUSE VALUE: $400k to $499k — New listings ROSE 39.8 percent year to year.

HOUSE VALUE: $500k to $999k — New listings ROSE 81.4 percent year to year.

HOUSE VALUE: $1M to $2.99M — New listings ROSE 79.5 percent year to year.

HOUSE VALUE: $3M to $4.99M — New listings ROSE 135 percent year to year.

HOUSE VALUE: $5M to $9.99M — New listings ROSE 25 percent.

In the world of Palm Beach County Condos, the story is similar. Newly signed contracts for condo sales dropped 53 percent overall when comparing October 2022 with October 2021. New listings, however, rose 32.2 percent for the same period.