Closed, pending sales in Boca Raton’s housing market are rebounding
Boca Raton’s real estate market continues to show signs of a strong recovery.
The Realtors of Broward, Palm Beach and St. Lucie counties (Beaches MLS) released its monthly local market update for June. It shows both closed and pending sales increasing significantly from May’s totals in both single family and townhouse/condo markets.
Also showing a uptick is the number of new listings in both categories.
According to the report, 189 single family homes were sold in Boca Raton during June, an increase of 62 sales from May’s total of 127. While that still represented a drop of 18.5 percent when compared to June of 2019 (when 232 units sold), it was far better than the 53.3 percent decrease in May – 232 sold in May of 2019 compared to 127 in May of 2020.
What is also encouraging is the number of June pending single family home sales, 276, which is a 24.3 percent increase from June of 2019 (222). The increase was a turnaround from the 27.2 percent drop in the year-over-year monthly number – 261 pending sales in May of 2019, compared to just 190 this past May.
It was much the same in the townhouse/condo account, as closed sales showed a strong comeback and pending sales were improved, too.
Townhouse/condo closed sales for June 2020 were 169, compared to 268 in June of 2019 – a 36.9 drop. As bad as that sounds, it was markedly better than the 59.1 percent decrease in closed sales for May, when just 124 units were sold against 303 in May of 2019.
Pending townhouse/condo sales were still down 2.1 percent against June 2019 – 239 vs. 234 – but again, that was a strong comeback from the 40.6 percent drop in May’s numbers – 276 in May 2019 vs. 164 in May 2020.
According to the report, Covid-19 continues to play a key role in the local housing market.
“While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago,” the report states. “Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over Covid-19, which was beginning to see a resurgence in June.
“Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.”
Other single family Beaches MLS stats are:
- Median sales price increased 11.1 percent – $527,500 in June 2020, $475,000 in June 2019
- Average sales price increased 15.3 – $794,151 in 2020, $688,505 in 2019
- Overall dollar volume decreased 5.7 percent – $150,094,550 in 2020, $159,142,765 in 2019
- Percent of original list price increased 0.9 percent – 92.2 percent in 2020, 91.4 percent in 2019
- Median time to contract dropped 2.4 percent – 80 days in 2020, 82 days in 2019
- New Listings increased 14 percent – 366 in 2020, 321 in 2019
- Inventory of homes for sale dropped 31.7 percent – 832 in 2020, 1,219 in 2019
- Months supply of inventory dropped 25.4 percent – 4.4 months in 2020, 5.9 months in 2019
New townhouse/condo listings increased 32.9 percent in June (420) compared to June of 2019 (316). Also up, 16.3 percent, was the months supply of inventory – 5.7 in 2020, 4.9 in 2019.
Other townhouse/condo Beaches MLS stats are:
- Median sales price increased 1.3 percent – $233,000 in June 2020, $230,000 in June 2019
- Average sales price increased 4.3 – $307,576 in 2020, $294,761 in 2019
- Overall dollar volume decreased 34.7 percent – $51,546,264 in 2020, $78,996,025 in 2019
- Percent of original list price increased 0.1 percent – 90.9 percent in 2020, 90.8 percent in 2019
- Median time to contract increased 7.9 percent – 82 days in 2020, 76 days in 2019
- Inventory of homes for sale dropped 0.8 percent – 1,140 in 2020, 1,149 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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