Boca Raton single family home sales' surge continues in November

November was another big month for single family homes sales in Boca Raton.

According to the Realtors of Broward, Palm Beaches and St. Lucie counties (Beaches MLS) 222 single family homes were sold in Boca Raton during the month of November. That represents a 40.5 percent increase from the 158 homes that were sold in November of 2019.

The average sales price ($1,217,448) for those 222 homes was up 74.2 percent from homes sold in November of 2019 ($698,823), and the median sales price ($600,000) was up 28.1 percent over the same period in 2019 ($468,250).

The biggest increase, however, came in the total dollar volume ($269,056,536) for single family home sales – a whopping 143.7 percent over the total for November 2019 ($110,414,011). The November number was down only slightly from October’s record dollar volume ($276,165,286) for home sales.

The steady increase in sales can be traced to several factors, including a flood on new home buyers from other states, a record surge in the stock market and all-time low interest rates.

“These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month,” according to the report. “Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year.

“With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.”

While new listings for November were a bright spot (254), it was still lower than a year ago (260). And, the inventory for available single family homes again plummeted – 45.3 percent (611 as of Nov. 1 of this year compared to 1,116 on the same day in 2019).

Other single family Beaches MLS November stats were:

• Percent of original list price received was up 3.3 percent – 95 percent in November 2020, 92 percent in November 2019.
• Median time to contract dropped 23.8 percent – 64 days in 2020, 84 days in 2019
• Pending sales were up 13.6 percent – 202 in 2020, 178 in 2019
• Months supply of inventory dropped 50.9 – 2.7 months in 2020, 5.5 months in 2019

Activity in the townhouse/condo market was up, too.

There was a 27.4 percent increase in the number of closed sales (223 in November 2020, 175 in November 2019), a 28 percent increase in the average sales price ($332,744 in 2020, 259,869 in 2019) and a 63.4 percent increase in the total dollar volume ($73,874,158 in 2o20, $45,220,281 in 2019).

And while new listings (311 last month, 322 in November 2019), and inventory of homes for sale ((1,112 in 2020, 1,187 in 2019) were down 3.4 and 6.3 percent, respectively, there was no change in the months supply of inventory – 5.1 months.

Other townhouse/condo Beaches MLS November stats were:

• Medium sale prices were up 14.6 percent – $242,000 in November 2020, $211,250 for November 2019
• Percent of original list price received was up 1.4 percent – 93.3 in 2020, 92 percent in 2019.
• Median time to contract dropped 8.8 percent – 62 days in 2020, 68 days in 2019
• Pending sales were down 17.6 percent – 182 in 2020, 221 in 2019

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.