Boca Raton Real Estate Market Conditions

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 March 2021. Read on to learn more about the real estate market in South Palm Beach County:

Demand continues to outpace Supply

Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

Local Market Summary

New Listings…

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February 2021 real estate market statisticsNewly 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 February 2021. Read on to learn more about the real estate market in South Palm Beach County

Economic Indicators

Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted,…

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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 December. Read on to learn more about the real estate market in South Palm Beach County:

Inventory Remains Tight - Especially for Single Family Homes

December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market. New Listings increased 6.9 percent for Single Family homes and 7.7 percent for Townhouse/Condo homes. Pending Sales increased 34.6 percent for Single Family homes…

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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 the month of October.  Read on to learn more about the real estate market in South Palm Beach County:

Buyer activity in October up

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings decreased 5.8 percent for Single Family homes and 3.5 percent for Townhouse/Condo homes. Pending Sales…

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august 2020 market statisticsNewly 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 the month of August. Read on to learn more about the real estate market in South Palm Beach County:

Homes Sales are Higher, Tight Inventory Remains a Hurdle

The housing rebound continued In August. Showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. New Listings increased 13.0 percent for Single Family homes and 22.0 percent for Townhouse/Condo homes. Pending Sales increased 17.9 percent for Single Family homes and 3.6 percent for Townhouse/Condo homes. Inventory of existing…

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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 March. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators and COVID

As COVID-19’s impact spread across the country in March, the stock market declines which started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and…

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It’s not business as usual

Throughout Florida, the US, and the world for that matter, the coronavirus pandemic has upended everything for everyone. Real estate is considered an essential service in Florida, as people need housing during this critical time, and Realtors are permitted to practice our profession while following CDC distancing guidelines. That does not mean that it’s business as usual. In our office as well as our local market, business has slowed dramatically. The office is closed, we are all working from home, and we are not meeting in person with our clients. We are encountering difficulties in keeping many of our pending transactions together as many Condo buildings and Homeowners associations are refusing to allow appraisers or…

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On April 1, 2020 Florida Governor Ron DeSantis issued  Executive Order Number 20-91, deeming both residential and commercial real estate essential in Florida. We continue to practice real estate in accordance with CDC guidelines for social distances. With the technology able today we are able to provide essential services through virtual practices. Our office continues to have showings and to list properties, albeit virtually. 

Here is the latest Boca Raton real estate market activity for the week of March 30 - April 5, 2020:

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. Closings are still happening, but those mostly reflect…

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Palm Beach County issued Emergency Order #2 on March 26 to minimize the spread of COVID-19 which requires all non-critical businesses to shut down in the county. Included is a provision for REALTORS® which states that we are permitted to see our current transactions through to closing in accordance with CDC and FDOH requirements, but all future work must be conducted remotely and electronically. What does this mean for us? We can continue practicing real estate including listing homes, but we are not allowed to meet physically with our clients or customers. All showings must occur virtually, with no other parties being present. 

Up until this order was effective, there were sporadic showings and activity taking place during the month of March. We will…

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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…

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