Boca Raton single family, townhouse/condo closed sales up

Single family and townhouse/condo closed sales in Boca Raton were both up in May, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale (RAPB+GFLR).

In the monthly year-over-year report, single family closed home sales were up 2.7 percent (262 sales in May of 2019, compared to 255 in May of 2018), while townhouse/condo closings were up 7.6 percent – 282 in 2019, 262 in 2018.

The overall dollar volume was also up in both categories – single family 9.3 percent ($197,186,461 in 2019, $180,335,401 in 2018), townhouse/condo 2.6 percent ($86,521,641 in 2019, $84,328,051 in 2018).

According to the RAPB+GFLR report, the home market remains ‘stable’ heading into the second half of the year.

“An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years,” according to the RAPB+GFLR report. “What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession.

“As a whole, the selling season is looking fairly stable across the nation.”

Other single family stats from the RAPB+GFLR report:

• The medium sales price dropped 4.1 percent – $450,500 in May of 2019, $470,000 in May of 2018
• The average sales price increased 7.1 percent – $757,216 in 2019, $707,198 in 2018
• Percent of original list price received dropped .2 percent – 92 percent in 2019, 92.2 percent in 2018
• Median time to contract increased 5.3 percent – 80 days in 2019, 76 days in 2018
• Pending sales were down 9.1 percent – 221 in 2019, 243 in 2018
• New listings were down 5.3 percent – 324 in 2019, 342 in 2018
• Inventory of homes for sale dropped 9.2 percent – 1,210 in 2019, 1,333 in 2018
• Months supply of inventory decreased 7.7 percent – 6.0 in 2019, 6.5 in 2018

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

• The medium sales price increased 8 percent – $215,000 in May of 2019, $199,000 in May of 2018
• The average sales price decreased 4 percent – $309,005 in 2019, $321,863 in 2018
• Percent of original list prices received increased .5 percent – 91.7 in 2019, 91.2 in 2018
• Median time to contract decreased 1.4 percent – 72 days in 2019, 73 in 2018
• Pending sales were down 12.3 percent – 235 in 2019, 268 in 2018
• New listings were down 3.1 percent – 341 in 2019, 352 in 2018
• Inventory of homes for sale dropped 7.2 percent – 1,136 in 2019, 1,224 in 2018
• Months supply of inventory decreased 5.7 percent – 5.0 in 2019, 5.3 in 2018

In year-to-date totals, single family closed sales are down 5.2 percent – 961 through May of 2o19, compared to 1,014 through May of 2018.

On a positive note, the average sales price in year-to-year figures was up in both areas – 5.1 percent for single family ($748,404 through May of 2019, $712,019 through May of 2018), 10.3 percent for townhouse/condo ($333,154 in 2019, $302,089 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.