Boca Raton's housing inventory plunges as buyer's spree continues

Boca Raton’s inventory of single family homes, townhouses and condos is rapidly shrinking.

According to recently-released statistics from the Realtors | Broward, Palm Beaches, St. Lucie counties, the months supply of inventory for all types of home properties are at their lowest levels in years.

It is the result of a Boca Raton home buyer’s spree that has lasted for months.

In March of 2020, there were 1,030 single family homes for sale in Boca Raton. At the end of this March, there were just 320 – a 68.9 percent drop. That leaves an inventory of 1.3 months, down from 5.1 months last March.

In March of 2020, there were 1,191 townhouse/condo units for sale in the city, this year just 699 – a 41.3 percent drop – pushing the months supply inventory to 2.6 months, compared to 5.3 months last March.

And this acceleration in buying across all city housing sectors, coupled with those low inventories, continues to send prices higher.

The average sales price of the 282 single family Boca Raton homes sold in March was $1,037,373. That’s up 13.5 percent over March of 2020 ($913,930).

The average sales price of the 383 Boca Raton townhouse/condo units sold in March was $398,352. That’s up 27.6 percent over March of 2020 ($312.092).

The inventory issue won’t be solved with new homes starts, according to the report.

“While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially,” the report states.

“New methods of construction, including 3D printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.”

If there is a buyer bright side on inventory, it is in the new listings category.

A total of 323 single family homes were put on market in March of 2021, compared to 286 in March of 2020 – a 12.9 percent increase.

A total of 400 townhouse/condo units were put on market in March of 2021, compared to 321 in March of 2020 – a 24.6 percent increase.

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

• Closed sales up 19.5 perecent – 282 in March of 2021, 236 in March of 2020
• Median sales price up 12.1 percent – $580,000 in 2021, $517,500 in 2020
• Total dollar volume up 36.2 percent – $292,539,234 in 2021, $214,833,454 in 2020
• Percent of original list price received up 3.1 percent – 96 percent in 2021, 93.1 percent in 2020
• Median time to contract down 21.3 percent – 59 days to sell a home in 2021, 75 days in 2020
• Pending sales up 126.7 percent – 306 in 2021, 135 in 2020

Closed sales of townhouse/condos were up 50.2 percent (383/255) in the March-over-March report, with pending sales up 134.3 percent (417/178).

For the first three months of the year, townhouse/condo sales have increased 32.4 percent – 829 in 2021, 626 in 2020.

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

•  Median sales price up 22.2 percent – $275,000 in March of 2021, $225,000 in March of 2020
• Average sales price up 27.6 percent – $398,352 in 2021, $312,092 in 2020
• Total dollar volume up 92.5 percent – $152,568,974 in 2021, $79,271,776
• Percent of original list price received up 2.2 percent – 93.9 percent in 2021, 91.9 percent in 2020
• Median time to contract down 1.3 percent – 75 days to sell a home in 2021, 76 days 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.