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Real Estate Market Stagnant In Palm Beach County According To New Report – BocaNewsNow.com


About As Robust As Your Grandmother Who Needs Two Aides And A Walker.

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It’s moving, but not very fast. The Real Estate market in Palm Beach County is about as robust as your grandmother and her walker. (Licensed/Storyblocks).

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — The Palm Beach County Real Estate market is as robust as your 90-year-old grandmother who needs two aides to get her walker. There are signs of life, but barely.

The just-released Elliman Report, prepared by Miller Samuel Real Estate Appraisers and Consultants, shows that there has been absolutely no change in newly signed contracts between October 2022 and October 2023. By the numbers, there were 263 newly signed contracts in October of 2022. In October of 2023, there were also 263 newly signed contracts. By price point, the number of newly signed contracts dropped for all homes valued under $499,000. The numbers rose in the $500k-$999k price range, but dropped again for homes valued between $1M and $2.99M.

New listings in Palm Beach County, however, rose 5.3-percent year to year. That means competition is up to sell your home.

For homes valued at $499,000 and below, the number of new listings actually dropped quite a bit — an average of 32-percent. But for homes in Palm Beach County valued at $500,000 and above, the number of homes for sale jumped when comparing October of 2022 with October of 2023. The most notable price point: homes valued between $1M and $2.99M. The number of homes for sale in that price range jumped 31-percent year to year.

Mortgage interest rates of 8-percent continue to impact the market, although the cash business remains brisk in much of South Florida. Foreign buyers with no need to finance are buying up properties in Miami-Dade, Broward, and Palm Beach counties.

LOCAL JOURNALISM SUPPORTER.

 

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