It’s not business as usual
Throughout Florida, the US, and the world for that matter, the coronavirus pandemic has upended everything for everyone. Real estate is considered an essential service in Florida, as people need housing during this critical time, and Realtors are permitted to practice our profession while following CDC distancing guidelines. That does not mean that it’s business as usual. In our office as well as our local market, business has slowed dramatically. The office is closed, we are all working from home, and we are not meeting in person with our clients. We are encountering difficulties in keeping many of our pending transactions together as many Condo buildings and Homeowners associations are refusing to allow appraisers or inspectors into the building, and some are not allowing buyers in to see the property or even for a walk-thru before closing. There are other challenges as well, including challenges with financing and mortgage loan approvals, as well as the massive (and increasing) unemployment numbers.
Here is the latest activity for the week of April 6 - April 12, 2020:
Weekly Activity over $1,000,000
These numbers represent residential listings in Boca Raton, Delray Beach, and Highland Beach with a list price of $1,000,000 or more. Closed sales dropped dramatically (down 70% from last week), as the previous weeks closings were from contracts that had been signed before the closing of business activity and the economic fallout from that. Although some new listings are still coming to market, the numbers are significantly lower than normal for this time of year, and about a third of what they were the first week of March.
Weekly Activity over $200,000
These represent residential listings in Boca Raton, Delray Beach and Highland Beach with a list price of $200,000 or more. New listings declined another 26% (one third of those from the first week of March). Closed sales dropped by almost 50% from the previous week, as these are lagging indicators and will continue to drop over the coming weeks.
Want to know more?
All of our lives have been upended in ways none of us could have imagined. Our agents at Boca Expert Realty are always here to be your reliable source of relevant information and to help you navigate the local market. Please do not hesitate to reach out and contact us for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.