Boca Raton Real Estate Market Conditions

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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Boca Raton Market Updates

If there’s one question our Boca Raton real estate agency gets more frequently than any other in real estate, it’s “so, how’s the market?” Many real estate professionals will simply assure the questioner that it’s great or incredibly busy, but that really is doing the person asking a disservice. In reality, there is truly not a succinct answer. As I touched upon last month, our local area is actually more of a dual market. As is true in most markets, the higher up the price ladder, the more lengthy the time on market will be.

In addition to neighborhood and price, there are several other factors that must be considered to accurately determine market condition. The good news is that real estate cycles are long, slow and predictive, and studying…

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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…

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Hurricane Irma has devastated much of Florida, and we in the Boca Raton area have emerged very lucky and intact compared to much of our state. As a business owner and real estate broker, what follows is my opinion of its impact on our local community and residential real estate market in its aftermath. 

I have read several studies about the effects of hurricanes on residential real estate. Considering previous major hurricanes in Florida starting with Hurricane Andrew in 1992, the number of real estate closings dropped sharply in the months immediately following the event. However, these numbers rebounded within 3 months. Median prices also dipped compared to the rate of change in the national market. Within a year of most major (Category 3 or above)…

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