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Boca Raton Real Estate Market Conditions

Boca Raton Real Estate Market Conditions

Found 75 blog entries about Boca Raton Real Estate Market Conditions.

January 2019 Market Statistics Infographic

Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for January. Read on to learn more about the real estate market in South Palm Beach County:

Home Sales begin to slow

The pace of home sales began to slow in the last quarter of 2018, despite a strong economy, high employment, and steady wage growth. Although prices have continued to rise, the rate of the increase is slowing.  Blame for the slowdown was given to a combination of both high prices and steady interest rate hikes by the Federal Reserve. This month, the Fed responded by not increasing rates further for the time being.

Affordability continues to be an issue

Although home

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December 2018 Market Statistics

Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for December. Read on to learn more about the South Palm Beach County Real Estate market:

Prepare for a Changing Market

We closed out the year with an overall year over year increase of 4.1% in the Median Sales Price and 7.4% of the Average Sales Price for all property types in South Palm Beach County. Although it is a slight increase, it is a smaller change than in recent years. So although home prices have not yet fallen, there was a decline in the rate of appreciation.  The price increases are a result of high demand for fewer homes for sale, however, there is evidence that inventory

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Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for September. Read on to learn more about the Boca Raton Real Estate market:

Numbers are skewed because of Hurricane Irma

The reports show a huge increase in the number of closed sales in Boca Raton in September 2018 as compared to September 2017, but of course, the numbers are very skewed. Hurricane Irma knocked out a huge number of real estate closings in September 2017, causing many to be canceled or delayed. I expect that the next several months will also show some distorted numbers as a result of last years “weather interruption”.

Additionally, the number of pending sales is

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June’s performance for the Palm Beach County real estate market for existing homes largely reflected the prevailing trends that we had seen for 2018 thus far, as revealed in the latest market statistics from Florida Realtors.

Closed Sales

Overall, 50 fewer single-family homes sold in Palm Beach County in June 2018 as compared to June 2017, a 2.7% decline. Meanwhile, 60 more condos and townhouses sold this past June, an increase of 4.9% compared to the same period the previous year. The number of closed sales year to date (January-June 2018) did not change from the previous year for single-family homes and rose 4.3% for condos/townhomes. 

Inventory

The absence of sales growth (especially in single-family homes) of the past couple of years is due

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Palm Beach County’s housing market reported rising median prices along with reduced listing inventory in May 2018 as compared to May 2017, according to the latest housing data released by Florida Realtors®. 

Notable facts from the latest statistics include:

The Market for Single Family Homes and Condos/Townhomes is Different
The median price of closed sales in Palm Beach County for single-family homes continues to rise, with a 5.7% increase from the same period last year. The median price now stands at $354,000 for single-family homes. The median price has increased every month this year for single-family homes. 

The median price for condos and townhomes did go down somewhat this month as compared to the previous year, as well as month to

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According to the latest housing data released by Florida Realtors®, Palm Beach County’s housing market reported sharply rising median prices and more closed sales, along with slightly reduced listing inventory in April 2018 as compared to April 2017, according to the latest housing data released by Florida Realtors®.  

Here’s what buyers and sellers of Boca Raton real estate need to know.

Median Price Continues to Climb

The median price of closed sales in Palm Beach County continues to climb, with a 5.8% increase from the same period last year for single-family homes, and 9.7% for townhouses and condos. Pushing up the median price (half sold for more/ half sold for less) is the fact that more expensive homes are selling. In fact, the average

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 According to the latest housing data released by Florida Realtors®, Palm Beach County’s housing market reported rising median prices and more closed sales. Additionally, the listing inventory experienced a slight reduction in March 2018 as compared to March 2017. 

Here’s what buyers and sellers of Boca Raton real estate need to know.

March Stats

Median Price Continues to Climb

The median price of closed sales continues to climb, with a 7.1% increase from the same period last year for single-family homes, and 9.3% for townhouses and condos. The median price also climbed month over month. The median sale price in March 2018 was $348,000 vs. $345,000 in February 2018 for single-family homes, and $177,000 vs. $170,000 for townhouses and condos. 

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Palm Beach County’s housing market reported rising median prices and more closed sales, along with slightly reduced listing inventory in February 2018 as compared to February 2017, according to the latest housing data released by Florida Realtors®. 

Here’s what buyers and sellers of Boca Raton real estate need to know.

Median Price Continues to Climb

The median price of closed sales jumped significantly over the same period last year. The median price is the midpoint, meaning half the homes sold for more, half for less. Months supply of inventory (how long it would take to sell all of the current homes listed for sale) is still hovering around 6 percent, which indicates a balanced market favoring neither buyers or sellers. 

Closed Sales

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The November 2017 numbers are out for Boca Raton real estate. A few things jump out at me when looking at these:

  • New listings in Boca totaled 600 during November, but only 277 sales closed. Some of this could be residual effects of Hurricane Irma, so we will have to keep a close eye on these numbers in the coming months.
  • We have 6.1 Months supply of inventory in Boca as of November 2017. This indicates a balanced market between buyers and sellers.
  • We have a median sale price of $335,000. This is a 6.3% increase when compared to the same month last year.
  • The median price of $335,000 is still lower than ten years ago, when the median price topped $350,000.

The most expensive single family home in Boca Raton sold in November 2017 was

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The numbers are out for October 2017, and it seems that we are still feeling the effects of Hurricane Irma on our market. October closed sales of single family homes in Palm Beach County dropped 3.8 percent as compared to the same period last year, while condo sales dropped 8.5 percent. As discussed in How will Hurricane Irma Impact our Local Residential Real Estate Market, it generally takes several months for the pace of sales to return to normal after a major hurricane. We will need to take a close look at these numbers in the months moving forward to see whether these changes can correctly be attributed to Irma, or whether there are other market forces at play.

The drop in closed sales wasn’t the only notable shift in our market last month. Moving

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