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Latest Boca Raton Market Update - November 2017

Posted by Gloria Singer on Wednesday, December 27th, 2017 at 2:32pm.

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 once again in Royal Palm Yacht and Country Club, this time located at 1949 Royal Palm Way. Built in 2000, the single story golf course home featured an oversized lot, with 6 bedrooms and 7000 square feet. The property sold after 746 days on the market (over two years!) for $6,825,000. As a matter of fact, the top three sales in November all took place in Royal Palm.

As for condos, the highest price achieved in Boca during November 2017 was $997,000 for a 3 bedroom, 2.5 bath condo in Ocean Reef Towers at 2066 N Ocean Blvd.

CLICK HERE to see the November 2017 Boca Raton Local Market Update.

 

 

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. 

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