Boca Raton’s April housing report heavily impacted by Coronavirus
It comes as no surprise that Boca Raton’s April real estate report showed a dramtic decline in activity because of the Coronavirus lockdown.
According to the monthly local market update provided by Realtors of Broward, Palm Beach and St. Lucie counties, Boca Raton experienced a 35.3 percent drop in single family closed sales in April (150) compared to the same month (232) in 2019.
It was an even bigger fall in the townhouse/condo sector, as closed sales fell 42.7 percent last month – 157 sales in April 2020, against 274 in April of 2019.
That drop-off in closed sales had a significant impact on the overall dollar volume for the month, as single family was off 34.5 percent ($106,853,827 in 2020, $163,020,628 in 2019) and townhouse/condo 46.8 percent ($53,570,465 in 2020, $100,673,927 in 2019).
Pending sales took the biggest hit, as single family in Boca Raton was down 66 percent (91 in 2020, 268 in 2019) and townhouse/condo off a whopping 70.4 percent (89 in 2020, 301 in 2019).
The report states that growing unemployment, the new world of social engagement and a continuing decrease in inventory will present unique tests moving foward.
“While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment and lower overall economic activity is likely to continue to constrain real estate activity in the near term,” the report says.
“At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.”
Other single family stats from the report:
- Median sales price increased 14.4 percent – $515,000 in April 2020, $450,000 in April 2019
- Average sales price increased 0.9 percent – $712,359 in 2020, $705,715 in 2019
- Percent of original list price received increased 3.0 percent – 94.2 percent in 2020, 91.5 percent in 2019
- Median time to contract dropped 27.2 – 59 days in 2020, 81 days in 2019
- New Listings were down 51.6 percent – 168 in 2020, 347 in 2019
- Inventory of homes for sale dropped 32.5 percent – 905 in 2020, 1,340 in 2019
- Months supply of inventory dropped 27.3 percent – 4.8 months in 2020, 6.6 months in 2019
Boca Raton’s townhouse/condo market did experience an 11.1 percent jump in the median sales price for April – $249,500 in 2020, $224,500 in 2019 – one of the few bright spots in the report.
Other townhouse/condo stats from the report:
- Average sales price decreased 7.3 percent – $345,577 in April 2020, $372,761 in April 2019
- Percent of original list price received increased 1.5 percent – 92.1 percent in 2020, 90.7 percent in 2019
- Median time to contract dropped 14.9 percent – 74 days in 2020, 87 days in 2019
- New Listings were down 51.6 percent – 168 in 2020, 347 in 2019
- Inventory of homes for sale dropped 18.8 percent – 1,045 in 2020, 1,287 in 2019
- Months supply of inventory dropped 9.1 percent – 5.0 months in 2020, 5.5 months in 2019
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.
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