August report shows single family, townhouse/condo inventories dropping

It was a mixed bag of news in the Realtors of the Palm Beaches and Greater Fort Lauderdale (RAPB+GFLR) August report for the Boca Raton area.

The most encouraging metric in the single family homes year-over-year breakdown was the 10.9 percent increase in the overall dollar sales volume – $150,114,277 in August 2019, compared to $135,304,699 in August 2018.

On the townhouse/condo side, the only real positive stat was in the average sales price, but it was up just .5 percent – $272,096 in August 2019, against $270,663 in August 2018.

What continues to be an issue is the lack of inventory in both the single family and townhouse/condo markets.

“Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels,” the RAPB+GFLR report states.

“This may continue to push prices higher and affect potential home buyers across the U.S.”

The inventory in Boca Raton for both single family and townhouse/condos continues to dry up.

The number of single family homes for sale in Boca Raton dropped 16.3 percent year-over-year in August – with 1,074 available this year, compared to 1,283 in 2018.

It was a similar drop in the townhouse/condo market, as that number was off 12.2 percent – 969 available units this year, 1,104 in 2018.

Other single family stats from the RAPB+GFLR report:

• Closed sales were up 1.9 percent – 210 in August 2019, 206 in August 2018
• Median sales price was down 1.5 percent – $431,500 in 2019, $438,250 in 2018
• Average sales price was up 8.8 percent – $714,830 in 2019, $656,819 in 2018
• Percent of original list price received was down .2 percent – 92 percent in 2019, 92.2 percent in 2018
• Median time to contract was up 7.1 percent – 75 days in 2019, 70 days in 2018
• Pending sales were down 25.2 percent – 163 in 2019, 218 in 2018
• New listings were down 8.4 percent – 295 in 2019, 322 in 2018
• Months supply of inventory was down 14.3 percent – 5.4 months in 2019, 6.3 months in 2018

The biggest hits in the townhouse/condo market came in pending sales (down 18.8 percent, 190 in August 2019 against 234 in August 2018) and new listings (down 14.6 percent, 281 in 2019, 329 in 2018).

Other townhouse/condo stats from the RAPB+GFLR report:

• Closed sales were down 11.7 percent – 226 in August 2019, 256 in August 2018
• Median sales price was down .5 perecent – $219,000 in 2019, 220,000 in 2018
• Overall dollar sales volume was down 10.6 percent – $61,493,649 in 2019, $68,808,355 in 2018
• Percent of original list price received was off .1 percent – 91.5 percent in 2019, 91.6 percent in 2018
• Median time to contract was up 14.5 percent – 79 days in 2019, 69 days in 2018
• Months supply of inventory down 10.6 percent – 4.2 months in 2019, 4.7 months in 2018

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