Boca Raton’s September market report reveals closed sales, dollar volume drop
In real estate, the key word is location.
However, buyers and sellers might want to keep an eye on inventory.
In Boca Raton’s single-family and townhouse/condo market, inventory has been on the decline for well over a year. And that is one of the reasons real estate prices have remained where they are.
The numbers in the Realtors of the Palm Beach and Greater Fort Lauderdale (RAPB+GFLR) market report for September year-over-year were a little better.
Single family new listings were down only 8.5 percent (260 in September 2019, 284 in September 2018) while townhouse/condo new listings were actually up 4.2 percent (321 in 2019, 308 in 2018).
In the past year, the inventory has dropped in the single family category in all but two months (March + 2.7 percent, December +11.0 percent). Single family inventory was down 16.3 percent both last October and this past August.
It was much the same in the townhouse/condo market, where September, July (+4.8 percent) and March (+1.7 percent) were the only months not to experience an inventory decline – with August numbers down -14.6 percent and February -11.5 percent.
That said, there was some positive inventory news when it came to housting starts, even though they dropped 9.4 percent nationally in September – year-over-year – according to the U.S. Commerce Department.
That, however, wasn’t the case in the South, which Florida is part of.
In a regional breakdown, both single family and multi-family housing starts rose by 6 percent in the South, while there was a decline in the West (12.2 percent), Midwest (6.2 percent) and Northeast (0.6 percent).
Other single family stats from the RAPB+GFLR report:
- Closed sales were down 12.8 percent – 177 in September 2019, 203 in September 2018
- Median sales price was up 9.9 percent – $483,422 in 2019, $440,000 in 2018
- Average sales price was up 5.7 percent – $776,904 in 2019, $735,311 in 2018
- Overall dollar volume was down 8.4 percent – $136,735,869 in 2019, $149,268,149 in 2018
- Percent of original list price received was up 0.3 percent – 91.5 percent in 2019, 91.2 percent in 2018
- Median time to contract was up 14.9 percent – 85 days in 2019, 74 days in 2018
- Pending sales were down 15.5 percent – 158 in 2019, 187 in 2018
- Inventory of homes for sale was down 16 percent – 1053 in 2019, 1,254 in 2018
- Months supply of inventory was down 11.7 percent – 5.3 months in 2019, 6.0 months in 2018
The biggest number in the townhouse/condo report came in the overeall dollar volume for the month – down 29.2 percent, $47,847,464 in September 2019 compared to $67,610,492 in the same period of 2018.
That corresponded with the 17.8 percent drop in closed sales year-over-year for September, as 189 units were sold in 2018 against 230 in 2018.
Other townhouse/condo stats from the RAPB+GFLR report:
- Median sales price was up 2.5 percent – $$205,000 in 2019, $200,000 in 2018
- Average sales price was down 14.3 percent – $253,161 in 2019, $295,242 in 2018
- Percent of original list price received was down 0.9 percent – 90.2 percent in 2019, 91 percent in 2018
- Median time to contract was up 16.7 percent – 84 days in 2019, 72 days in 2018
- Pending sales were down 9.4 percent – 163 in 2019, 180 in 2018
- Inventory of homes for sale was down 10.2 percent – 1,025 in 2019, 1,142 in 2018
- Months supply of inventory was down 6.3 percent – 4.5 months in 2019, 4.8 months 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.
Response to "Boca Raton's September market report reveals closed sales, dollar volume drop"