Palm Beach County Real Estate Market Chills

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Short-term decline, long-term rise in new contracts for the purchase and sale of real estate.

Famous, but not Doom and Gloom.

The number of homes for sale under contract in Palm Beach County declined from March to May.

FOR: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) – The number of new signed real estate contracts in Palm Beach County dropped sharply from March to May, but remains significantly higher than last year.

First, the good news from Elliman’s latest report. In all categories except for homes under $ 300,000, the number of new sales contracts signed has increased since May 2020. In the $ 300 to $ 399,000 range, new contracts were up 14 percent. In the range from $ 400,000 to $ 499, the number of new contracts signed increased by 33.7 percent. For homes valued between $ 500,000 and $ 999,000, new contracts rose 131.5 percent from May 2020 to May 2021. And for homes selling in the $ 1 million to $ 2.99 million range, new contracts signed rose 167 percent.

In total, 670 new signed contracts for homes in Palm Beach County were registered in May 2021. In May 2020, only 374 contracts were signed.

Now, the bad news. Although the monthly data is not broken down in the current report, the graph above talks about it. After a peak in April this year, the number of new contracts signed has dropped significantly. The black line shows the maximum of approximately 1,300 contracts signed in March. That number dropped to 670 in May.

When it comes to inventory, it’s hard to find lower priced homes, but the number of higher priced homes is starting to rise for the first time in quite some time.

The number of homes listed in May for $ 300,000 or less is down 65 percent from a year ago. In the $ 300K to $ 399K range, new listings fell 28.2 percent. In the $ 400k to $ 499 range, new listings fell 14.7%. But in the $ 500K to $ 999K range, new listings were up 12 percent. In the range from 1 to 2.99 million dollars, the increase was 20.8 percent. From year to year, the number of houses that first appeared on the market has grown from 738 to 771, i.e. by 4.5 percent.

Elliman’s report was prepared by Miller Samuel Real Estate Appraisers and Consultants. Here is the full Palm Beach County report for May 2021.

Florida-NewSignedContracts-05_2021

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