Douglas Elliman’s report reveals that it’s all about supply and demand…
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) – There has been a huge drop in low-cost home sales in Palm Beach County, but home sales valued at $1 million dollars or more continue to be robust. Douglas Elliman’s latest report, prepared by Miller Samuel Real Estate Appraisers and Consultants, shows that your high school economics teacher was right: supply and demand are very closely linked.
Take a look at the numbers comparing February 2021 to February 2022: For homes worth less than $300,000 in Palm Beach County, signed contracts are down 53% from a year ago. When you look at the number of new registrations, there is a year-over-year decrease of about the same number.
For homes worth between $300,000 and $399,000, newly signed contracts are down 42.1% year over year, while new listings are down 48.7 % in the same category.
Homes between $400,000 and $499,000 showed a 37% decrease in newly signed contracts, but again, this is tied to the number of listings. New listings at this price level also fell by 45.5% from February 2021 to February 2022.
However, as homes become more expensive, the number of listings and sales begins to increase. Again, based on the figures from Douglas Elliman’s latest report:
Homes valued between $500,000 and $999,000 in Palm Beach County saw a 4.3% increase in newly signed deals comparing February 2021 to February 2022. New listings only decreased 2.4% for the same group.
Palm Beach County homes valued between $1 million and $2.99 million saw a 21.3% increase in newly signed contracts year-over-year, and similarly, new listings in this category increased by 26.2%.
Homes worth between $3 million and $4.99 million saw newly signed deals jump 29.4% year over year. New listings in this category jumped 75%.
The number of newly signed contracts for homes worth between $5 million and $9.99 million jumped 66.7% from February 2021 to February 2022, with new listings increasing 25%.
Taking into account all new home sales and listings, regardless of price, Douglas Elliman says newly signed contracts fell 16.9% year-over-year, with new listings overall falling by 11.1%.
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