Boca Raton single family home average sales price up in November

The average sales price of a single family home sold in Boca Raton during November was up over nine percent from the same time period in 2018, according to the Realtors of the Palm Beach and Greater Fort Lauderdale (RAPB+GFLR) monthly market update.

The 152 Boca Raton single family homes sold in November went for an average sales price of $709,706 – 9.1 percent better than the 2018 mark ($650,772).

Another encouraging sign of activity showed that pending single family home sales were up 21.4 percent (85 in November 2019, 70 in November 2018) in the year-over-year monthly report.

Boca Raton’s townhouse/condo market did not fare as well during November, as lower closed sale numbers (down 19.3 percent – 167 in 2019 compared to 207 in 2018) led to a drop in the overall dollar volume (off 20.6 percent – $44,025,781 in 2019, $55,421,476 in 2018).

Inventory in both single family and townhouse/condo markets continues to drop, as it has for nearly two years – which has kept prices stable.

The RAPB+GFLR report hinted that rising household debt could pose a risk moving forward.

“While many econonomic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12,68 trillion in 2008,” according to the RAPB+GFLR report.

“While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit furture household spending capability and increase risk if the economy slows down.”

Other year-over-year single family stats from the RAPB+GFLR report were:

• The median sales price was up 7.6 percent – $472,000 in November 2019, $438,500 in November 2018
• Overall dollar volume was down 6.4 percent – $107,875,386 in 2019, $115,190,059 in 2018
• Percent of original list price received up .8 percent – 92.1 in 2019, 91.4 in 2018
• Median time to contract increased 21.4 percent – 85 days in 2019, 70 days in 2018
• Pending sales were up 15.7 percent – 162 in 2019, 140 in 2018
• New listings down 16 percent – 262 in 2019, 312 in 2018
• Inventory of homes for sale down 19.4 percent – 1,052 in 2019, 1,306 in 2018
• Months supply of inventory down 17.5 percent – 5.2 months in 2019, 6.3 in 2018

The good news in the townhouse/condo market was limited to the .2 percent increase ($208,500 in 2019, $208,000 in 2018) in the median sales price of 167 units in the 30-day period.

All the other townhouse/condo indicators were down, again led by the big drop in dollar volume because of closed sales being down.

Other year-over-year townhouse/condo stats from the RAPB+GFLR report were:

• The average sales price was down .9 percent – $265,197 in 2019, $267,737 in 2018
• Percent of original list price received down .1 percent – 92.1 percent in 2019, 92.2 in 2018
• Median time to contract was stable – 69 days for both years
• Pending sales were down 4.4 percent – 196 in 2019, 205 in 2018
• New listings were down 4.2 percent – 321 in 2019, 335 in 2018
• Inventory of homes for sale down 8.5 percent – 1,125 in 2019, 1,230 in 2018
• Months supply of inventory was down 3.9 percent – 4.9 months in 2019, 5.1 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.