The Florida Association of Realtors has released the sales figures for August 2017. It will be interesting to take a look back next month, once the September figures are in. I expect that the number of closed sales will have decreased as a result of Hurricane Irma, and it may take a few months to recover to “normal” levels.
When people ask how the market is in Boca, the answer is a little complicated. There are really several different tales depending upon the price point. When people think about Boca real estate, they tend to focus on the multi-million dollar properties, but the reality is the majority of our sales are priced much lower.
For instance, in August 2017, only 5% of closed sales with a Boca mailing address were properties over the $1,000,000 mark. However, active listings for sale over $1,000,000 represent a full 20% of all available homes. At the current rate of sales, it will take 21 months to absorb the current inventory.
This means Sellers in higher price ranges must be careful to position their homes correctly in light of these market conditions.
Conversely, properties under $500,000 make up 59% of homes on the market, yet account for 79% of closed sales. There are only 4 months of inventory on the market in this price range. This indicates a strong Seller’s market for homes under $500,000, and Sellers on the fence should consider taking advantage of these conditions.
The median sale price for residential real estate in Boca Raton during August was $315,000. This means that fully half of all closed sales were below that. The median for the same period last year was $318,535; indicating a downward trend.
While these particular indicators apply directly to Boca Raton, similar stats are also showing up for our neighboring communities in Palm Beach County.
We will have to keep our eye on these figures and monitor the trend-lines in the coming months.
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.