For the past several years, we have shared monthly market statistics showing recent activity in our area comparing year over year data for a particular month. It doesn’t really matter what February 2020 numbers are: Sales are up! Prices are up! Inventory is low! Whatever. Everything has changed.
As a real estate professional, my job is to advise the facts of the marketplace rather than just the emotions of the marketplace. While the real estate business has certainly changed (work from home, few or no in-person showings, no open houses, etc), people still need homes. We have active Buyers and Sellers who are continuing to show interest in a real estate transaction in the near future. Sure there have been a few deals canceled, and buyer showings postponed, but closings have continued, and as real estate is considered an essential service, we expect transactions to continue although perhaps at a slower pace.
In an effort to discern trends in the local real estate market due to Coronavirus and the business implications of “slowing the spread”, I will be tracking our market on a weekly basis during this time.
Weekly Activity over $1,000,000
These numbers represent residential listings in Boca Raton, Delray Beach, and Highland Beach with a list price of $1,000,000 or more. The most notable changes occurred between the second and third weeks of March 2020. New listings decreased by 28%. Closed sales did increase slightly, but these are sales that were already pending from before the shut-downs began. New pending sales decreased 25%. Back on Market listings, which represent pending deals that were canceled and the properties placed back on market, more than tripled, while canceled listings or those taken temporarily off the market, more than doubled. The percentage of properties with accepted offers was 16% on March 23, 2020. We will track these numbers moving forward as well.
Weekly Activity over $200,000
These represent residential listings in Boca Raton, Delray Beach, and Highland Beach with a list price of $200,000 or more. New listings decreased 21% from the second week to the third week in March. New pending sales decreased 38%. Homes placed back on market increased 54%, and homes taken off the market increased 71%. The percentage of properties with accepted offers was 27% on March 23, 2020. We will track these numbers moving forward as well.
Want to know more?
I don’t know how large an impact Coronavirus will ultimately have on us. Nobody knows. Not the stock market experts, not the economists, not the epidemiologists, and certainly not government officials. I do know that at some point our lives and the economy will return to normal.
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 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.