Townhome/condo market in Boca Raton heats up

With a August year-over-year report showing townhome/condo sales soaring in the Boca Raton area, Petruzzelli Real Estate broker David Petruzzelli announced a new September closing in that category.

Petruzzelli brought the buyer to the sale at 3375 Jaywood Terrace that closed Wednesday. Michael Weppner of Re/Max Advantage Plus represented the seller.

Both real estate companies are located in Boca Raton.

John Cappeller, of Florida Title & Closing Company, handled the closing.

“I would like to thank our friends at Florida Title & Closing Company and Mike Weppner for another smooth closing,” Petruzzelli said. “We appreciate working with some of the best in the area.”

The median sales price in August – year-over-year – for townhome/condos in Boca Raton was up 22.8 percent ($183,250 in 2017, $225,000 in 2018).

The inventory of townhome/condos dropped year-over-year from 1,177 in 2017 to 1058 in 2018 – down 10.1 percent – with the monthly supply inventory also off, 5.1 months to 4.5 months (11.8 percent drop).

The median time to contract for townhomes/condos remained right around 70 days.

The September report for the townhome/condo market in Boca Raton – and across south Florida – will be released later in October.

For more information on the townhome/condo market in south Palm Beach County and northern Broward County, contact Petruzzelli Real Estate at 561.362.8413 or by email at info@petruzzellirealestate.com