December slower month for sales; prices still increasing

December may have been a slower month in terms of closed and pending sales for Boca Raton’s single family home real estate market, but it didn’t affect the average sales price for those homes that sold.

According to the Realtors of the Palm Beach and Greater Fort Lauderdale (RAPB+GFLR), closed sales for December were down 23.8 percent when compared to December of 2017 (210 closed sales 2017 to 160 in 2018). Likewise, the number of pending sales was down 15.9 percent (151 in 2017 to 127 in 2018) in the year-over-year comparison.

However, the average sales price saw a 18.8 percent increase in December ($626,844 in 2017 to $744,618 in 2018).

In their monthly release, the RAPB+GFLR noted inventory is expected to improve in the coming year, which in turn could be good news for home buyers.

“High demand for the few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019,” according to the RAPB+GFLR release. “This may apply some downward pressure on prices for beleaguered home buyers.”

Other Boca Raton single family home numbers from the RAPB+GFLR year-over-year December comparison market update were:

– Median sales prices increased 0.7 percent ($441,950 in 2017 to $445,000 in 2018)

– Percent of original list price received decreased 2.6 percent (93.1 percent in 2017, 90.7 percent in 2018)

– New listings increased 11 percent (236 in 2017, 262 in 2018)

– Inventory of homes for sales decreased 4.1 percent (1,291 in 2017, 1,238 in 2018)

– Months supply of inventory decreased 6.3 percent (6.4 in 2017, 6.0 in 2018)

The numbers for the Boca Raton townhouse/condo market were similar, in that closed sales and pending sales were down, while the average sales price was up.

December townhouse/condo closed sales decreased 7.9 percent (214 in 2017 to 197 in 2018) and pending sales were down 31.5 (197 in 2017 to 135 in 2018) when comparing year-over-year.

That said, the average sales showed a 14.8 percent increase, from $278.031 in 2017 to $319,163 in 2018.

Other Boca Raton townhouse/condo numbers in the year-over-year December comparison market update were:

– Median sales prices increased 7.3 percent ($205,000 in 2017 to $220,000 in 2018)

– Percent of original list price received increased 0.8 percent (91.2 percent in 2017 to 91.9 percent in 2018)

– New listings decreased 2.8 percent (282 in 2017 to 274 in 2018)

– Inventory of homes for sale decreased 6.6 percent (1,251 in 2017 to 1,168 in 2018)

– Months supply of inventory decreased 7.4 percent (5.4 in 2017 to 5.0 in 2018)