Boca Raton closed home sales are down from springtime highs

Boca Raton’s single family home buying binge that took place March through May of this year has cooled considerably.

According to statistics released by the Realtors of Broward, Palm Beach and St. Lucie counties (Beaches MLS), September single family home closed sales (178) were down 35.7 percent compared to September of 2020 (277).

September’s 178 sales were the first time that number has dipped below 200 since the early days of the pandemic in June of 2020 (193).

And last month’s total pales in comparison to March (282 closed sales), April (286) and May (258).

It was the same, to a lesser degree, in the townhouse/condo market, where closed sales were down 3.3 percent – September 2021 (267) vs. September 2020 (276.)

Again, that number (267) was way off from March (383 closed sales), April (350) and May (410) totals.

What continues to drive total sales down is the ongoing inventory shortage.

Single family home inventory this September (359) was 52.3 percent lower than September of 2020 (752), and the months supply inventory was off 60 percent – 1.4 months in September of 2021, 3.5 months in September 2020.

Townhouse/condo inventory declines were even steeper, with available units dropping 65.8 percent (September 2021 404, September 2020 1,182) and months supply off 75.9 percent (September 2021 1.3 months, September 2020 5.4 months.

Rising home prices adds to the decrease in sales.

“Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search,” the Beaches MLS report states.

“When inventory increases, competition for homes may soften and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.”

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

• Median sales price was up 22.9 percent – $645,000 in September 2021, $525,000 in September 2020
• Average sales price up 23.6 percent – $1,038,343 in 2021, $840,003 in 2020
• Percent of original list price received up 4 percent – 97.9 percent in 2021, 94.1 percent in 2020
• Overall dollar volume down 21 percent – $183,787,116 in 2021, $232,680,731 in 2020
• Median time to contract down 55 percent – 27 days to sell a home in 2021, 60 days in 2020
• Pending sales down 26.8 percent – 202 in 2021, 276 in 2020
• New listings down 1.8 percent – 278 in 2021, 283 in 2020

While September’s townhouse/condo sales were down in the month-over-month comparison, the total number of units sold in Boca Raton through the first nine months of the year is way up.

A total of 2,952 townhouse/condo units have sold so far this year, compared to 1,876 over the same time period in 2020. The overall dollar volume for properties sold is up a staggering 135.7 percent – $1,399,228,898 in 2021, $593,700,131 in 2020.

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

• Median sales price up 10 percent – $275,000 in September 2021, $250,000 in July 2020
• Average sales price up 35 percent – $419,288 in 2021,$310,512 in 2020
• Overall dollar volume up 32 percent – $111,532,255 in 2021, $84,492,250 in 2020
• Percent of original list price received up 4.9 percent – 96.9 percent in 2021, 92.4 percent in 2020
• Median time to contract down 32.8 percent – 45 days to sell a townhouse/condo in 2021, 67 days in 2020
• Pending sales up 3.1 percent – 268 in 2021, 260 in 2020
• New listings down 21.5 percent – 256 in 2021, 326 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.