Are Boca Raton home prices finally starting to level off?

Has the dramatic rise in Boca Raton home prices reached its peak?

Well, it depends on what you are looking at.

According to statistics released by the Realtors of  Broward, Palm Beach and St. Lucie counties (BeachesMLS), the average July sales price of a single family home in the city actually dropped when compared to June’s number – $1,063,170 vs. $$1,187,757.

That said, don’t expect housing prices to fall, given July’s single family home price ($1,063,170) was 26.2 percent higher ($842,660) than in July of 2020. Same holds true for the medium sales price – $649,900 in July 2021 vs. $525,000 in July 2020 – which was up 23.8 percent year over year, according to the report.

The overriding problem continues to be a plunging inventory all across Boca Raton, in both the single family and townhouse/condo markets. And while inventory is showing slight improvement in some areas of the United States, that’s not the case here.

“The National Association of Realtors (NAR) reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country,” the BeachesMLS report states.

“Even with renewed home seller interest, inventory overall remains 18.8 percent lower than a year ago ,,,”

In Boca Raton, those numbers are substantially lower.

The city’s inventory of single family homes for sale dropped 57.6 percent in July (364), compared to July of 2020 (859), while the months supply of inventory fell a whopping 67.4 percent – 1.4 months supply this July vs. 4.3 months in July 2020.

The inventory for townhouse/condo was down even more.

There were only 422 townhouse/condo units for sale at the end of this July, compared to 1,228 in July 2020, a 65.6 percent drop. The months supply of inventory was down 78 percent, 1.3 months supply this July vs. 5.9 months in July 2020.

Other July single family home Realtor | Broward, Palm Beaches, St. Lucie stats were:

• Closed sales were down 10.8 percent – 257 in July 2021, 288 in July 2020
• Overall dollar volume up 12.6 percent – $273,234,599 in 2021, $242,686,187 in 2020
• Percent of original list price received up 5.1 percent – 99 percent in 2021, 94.2 percent in 2020
• Median time to contract down 67.1 percent – 24 days to sell a home in 2021, 73 days in 2020
• Pending sales down 21.3 percent – 218 in 2021, 277 in 2020
• New listings down 11.6 percent – 293 in 2021, 331 in 2020

The average sales price of a Boca Raton townhouse/condo in July was $476,715, which was down from $501,241 in June. Still, that July price ($476,715) was 46.3 percent higher than in July of 2020 ($325,837).

Townhouse/condo closed sales were still on the plus side in July, up 14 percent from a year ago – 294 sales this July vs. 258 in July 2020.

Other July townhouse/condo Realtor | Broward, Palm Beaches, St. Lucie stats were:

• Median sales price up 21.8 percent – $290,000 in July 2021, $238,000 in July 2020
• Overall dollar volume up 65.7 percent – $138,754,376 in 2021, $83,740,301 in 2020
• Percent of original list price received up 5 percent – 96.1 percent in 2021, 91.5 percent in 2020
• Median time to contract down 29.9 percent – 54 days to sell a townhouse/condo in 2021, 77 days in 2020
• Pending sales up .4 percent – 284 in 2021, 283 in 2020
• New listings down 24.3 percent – 308 in 2021, 407 in 2020

For more information on single family, townhouse/condo housing and commercial properties in Palm Beach and Broward counties, visit Petruzzelli Real Estate at their iconic 2325 N. Ocean Blvd. (A1A) office in Boca Raton or call them at 561.362.8413.