Boca Raton home sales soar - as do prices - in December

Boca Raton single family home sales surged upward in December, as did the average price to buy them.

Gains in closed sales (278 in December 2020, 195 in December 2019) and average sales price ($1,082,475 December 2020, $761,254 December 2019) – both up more than 42 percent – led to a staggering overall dollar volume of $300,927,950 for single family home sales in the city.

That dollar total represented a 102.7  percent jump from the same period in 2019 ($148,444,539), in what traditionally is a slow period for home sales.

It comes after dollar volume from single family home sales were up 73.3 percent in October ($276,165,286 in 2020, $159,383,617 in 2019) and 143.7 percent in November ($269,056,536 in 2020, $110,414,011 in 2019) to cap off a robust fourth-quarter housing market.

“December is normally one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market,” the monthly Beaches MLS report states. “With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020.

“Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.”

Inventory continues to be an issue, as only 526 Boca Raton single family homes were listed for sale as 2021 began, a a 49.6 percent drop from a year ago (1,044). The months supply of inventory dropped 54.9 percent (2.3 months in December 2020, 5.0 months in December 2019).

Other single family Beaches MLS December stats were:

• Median sales price was up 10.2 percent – $534,500 in 2020, $485,000 in 2019
• Percent of original list price received was up 1.5 percent – 94.4 percent in 2020, 93.0 percent in 2019
• Median time to contract dropped 17.3 percent – 67 days in 2020, 81 days in 2019
• Pending sales were up 36.4 percent – 210 in 2020, 154 in 2019
• New listings were up 19.7 percent – 219 in 2020, 183 in 2019

The townhouse/condo December report also showed an increase in closed sales (291 in 2020, 245 in 2019), but the average sales price was off slightly ($362,152 in 2020, $374,679 in 2019).

The overall dollar volume was up 14.8 percent, as those 291 sales totaled $105,386,285. A year ago, those 245 December sales totaled $91,796,391.

Other townhouse/condo Beaches MLS December stats were:

• Median sales price was up 11.1 percent – $250,000 in 2020, $225,000 in 2019
• Percent of original list price received was up .9 percent – 93.3 percent in 2020, 92.5 percent in 2019
• Median time to contract up 6.3 percent – 67 days in 2020, 63 days in 2019
• Pending sales were up 40.4 percent – 240 in 2020, 171 in 2019
• New listings were up 15.6 percent – 319 in 2020, 276 in 2019

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.