Boca's single family market 'flat'; Townhouse/condo sale prices up

The latest update on housing in Boca Raton pointed to a stable market, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale (RAPB+GFLR).

In a monthly year-over-year comparison, single family and townhouse/condo sales stats were virtually unchanged – save a few instances.

Single family closed sales (224 in April 2019, 218 in April 2018) were up 2.8 percent, and overall dollar volume ($157,725,678 in 2019, $154,509,968 in 2018) also showed a slight increase – 2.1 percent. Single family median sales price ($450,000 in 2019, $452,00 in 2018) and average sales price ($704,132 in 2019, $711,892 in 2018) were both down – 0.4 and 1.1, respectively.

The RAPB+GFLR monthly release favored neither the buyer, nor seller, moving forward.

“… in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active,” according to the report. “Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.”

A shrinking inventory of available single family homes in Boca Raton could keep prices steady. In April, new listings dropped 11.9 percent to 347 – down from 394 in 2019.

Other single family stats from the RAPB+GFLR report:

• The percent of original list price received increased 0.2 percent – 91.3 in April 2019, 91.1 in April 2018
• Inventory of homes for sales dropped 8.5 percent – 1,278 in 2019, 1,397 in 2018
• Months supply on inventory dropped 7.2 percent – 6.4 in 2019, 6.9 in 2018
• Median time to contract increased 7.9 percent 82 days in 2019, 76 days in 2018

Townhouse/Condo key metrics showed that sellers were paid more for their property from a year ago – it just took a little longer to get their price.

The average sales price was up 13.3 percent ($360,701 in April 2019, $318,421 in April 2018) and the median sales price showed a 6.9 percent gain ($224,500 in 2019, $210,000 in 2018).

However, the median time to contract increased for 23.6 percent, from 72 days in 2018 to 89 days for this past April.

One other significant stat showed closed sales down 11.7 percent – 257 sales in 2019, 291 in 2018.

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

• The dollar volume was down 1.4 percent – $90,925,307 in April 2019, $92,173,532 in 2018
• Percent of original list price received was down 0.8 percent – 90.6 percent in 2019, 91.3 percent in 2018
• Pending sales decreased 3.5 percent – 273 in 2019, 283 in 2018
• New listings stayed the same – 379 both years
• Inventory of homes for sales dropped 6 percent – 1,203 in 2019, 1280 in 2018
• Months supply of inventory dropped 2.3 percent – 5.3 percent in 2019, 5.5 percent 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 on call them at 561.362.8413.