By ANDREW COLTON
Thursday, 2 May 2024
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Homes valued at $1M or more in Palm Beach County are selling well, but homes under that price point are having issues. That’s the takeaway from The Elliman Report — prepared by Miller Samuel Real Estate Appraisers and Consultants — released Thursday morning.
Comparing the number of newly signed contracts in Palm Beach County between April 2024 and April 2023, the total is down 7.3-percent. But the data that truly matters is the data that affects your home, or the home you want to buy. Let’s look at the numbers:
For homes valued under $300,000, the number of newly signed contracts is down 40-percent when comparing April of 2024 and April of 2023. It’s down 17 percent in the $300k-$399k range; down 27 percent in the $400k-$499k range; down 14-percent in the $500k to $999k range. But then it all changes. Newly signed contracts are up 13 percent in the $1M to $2.99M range; up 43-percent in the $3M to $4.99M range; up 18-percent in the $5M to $9.99M range; and up 75-percent in the $10M+ range. We note, however, only 7 homes in this price range went under contract in April of 2024.
