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 distorted, as we basically lost half a month in September 2017 of real estate production and activity.
Median Sales Prices show Moderate Gains
We do see moderate gains in the median sales prices of homes in Boca Raton: Median prices for Single Family homes rose to $440, 625, and Median Prices for Condos/Townhouses increased to $200,000. Average prices rose as well: September 2018 showed an average price of about $733,000 for Single Family homes, and $309,000 for Condos/Townhouses.
Interest Rates Rising
We are now in a rising interest rate environment, with fixed rate mortgages creeping towards 5%. Although this is still considered low by historical standards, the purchasing power for buyers is decreasing. Although we have not seen any downward pressure on pricing, we need to be cautious about a slowdown in price appreciation because of interest rates.
Inventories still low
Part of the reason that prices continue to rise is that absorption rates are still low in Boca Raton: 5.8 Months of Inventory exist for Single Family homes and just 4.6 Months for Condos/Townhomes. We are still seeing properly marketed and priced homes selling very quickly and often with multiple offers.
Want to know more?
I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling. Contact me today 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.