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 in the opposite direction was the median sale price, which came in at $325,000 for single family homes and $169,000 for condos and townhomes. Another takeaway is the nearly equal playing field between buyers and sellers our market is witnessing now, demonstrated by just over 5 months of inventory overall.
A closer look at local sales
The highest priced single family home sold in Boca Raton during the month of October was for $4,660,000. This 5 bedroom, 6.2 bath Royal Palm Yacht and Country Club golf lot beauty was on the market a total of 703 days. Originally listed for $5,495,000, the 7,246 square foot home was reduced to $4,995,000 prior to its sale.
As for condos, the highest priced sale in Boca Raton was for $1,150,000. The 3 bedroom, 3 bath and 2,660 square foot residence was located in Sea Ranch Condo. It sold for 96% of its asking price on the day it hit the market.
Looking to learn more?
As always, we encourage you to contact us for detailed market information on a specific neighborhood or property. Our experts are here to help you.
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.