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 closed sale price increased a whopping 18.4% for single-family homes and now stands at $617,407.
In April of 2018, one billion dollars worth of single-family homes were sold, which is a 25% increase over the previous year.
Inventory Levels Decline
Inventory levels are also on the decline. They continue to decrease both year over year, as well as month over month. Combined with a reduction in days on market, this will certainly serve to pressure prices upward.
List Price to Sale Price Ratio Holds Constant
Sellers continue to receive on average 95% of their original listing price. Buyers are realizing that the market may move away from them, thus they are offering prices close to the asking price in order to get a contract on the home. Read here for 8 ways that Buyers can make their offer competitive.
Higher Price Points are Selling
There continues to be a revived interest in homes with a sale price of $1,000,000 or more this year. In April 2018, the number of closed sales for single family homes over $1,000,000 increased 28.9%, and those in the $600,000-$999,999 price range increased 45.7% year over year. Likewise with condos and townhouses, although the number of closings over $1,000,000 remained constant, those in the $600,000-$999,999 range jumped 46.8%.
33432 is the most expensive zip code in South Palm Beach County
Boca Raton’s popular 33432 zip code has the highest median prices in South Palm Beach County. The median price of closed single family homes in 33432 was $1,085,000. This zip code encompasses the highly desired Downtown Boca area, where tear-downs are now fetching over $800,000, as well as the ever popular Royal Palm Yacht and Country Club.
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