Single family home sales down, townhouse/condo up in February

Boca Raton’s single family home closed sales for February – when comparing to the same month in 2018 – were down 13.3 percent, in a report released by the Realtors of the Palm Beach and Greater Fort Lauderdale (RAPB+GFLR).

A total of 143 single family home sales closed last month, compared to 165 in February 2018.

Also down (25 percent) was the number of pending single family home sales last month – 168 against 224 in February 2018. It also took longer to get to contract last month, 88 days compared to 75 days in February 2018, an increase in time of 17.3 percent.

Weather, according to the RAPB+GFLR, may have played a part in the February year-over-year numbers.

“Weather-related events have hampered some of the necessary machinations of making home sales during February 2019 …” the report stated.

Other single family home numbers from February – comparing year-over-year – were:

+ The median sales price increased 16.3 percent – $455,000 in February 2019 vs. $391.250 in 2018

+ The average sales price increased 6.3 percent – $811,723 in 2019 vs. $763,800 in 2018

+ The total dollar volume decreased 7.3 percent – $116,076,400 in 2019 vs. $125,263,497 in 2018

+ New listings decreased 4.8 percent – 337 in 2019, 354 in 2018

+ Inventory of homes for sale decreased 2.4 percent – 1,340 in 2019, 1,373 in 2018

+ Months supply of inventory stayed the same – 6.8 months

In the townhouse/condo market, closed sales for February 2019 were up 3.3 percent over 2018 numbers (188 to 182).

Also up, significantly, was the average sales price (37.9 percent – $370,733 in 2019 compared to $268,764 in 2018) and the total dollar volume (42.5 percent – $69,326,995 in 2019 compared to $48,662,338 in 2018).

But like single family home pending sales, the townhouse/condo market was down, too.

There were 230 pending sales at the end of February, and 301 at the same point in 2018 – a drop of 23.6 percent.

Other townhouse/condo numbers from February – comparing year-over-year – were:

+ Medium sales price down 6 percent – $202,000 in February 2019 vs. $215,000 in 2018

+ Medium time to contract up 17.4 percent – 81 days in 2019, 69 days in 2018

+ New listings down 11.5 percent – 362 in 2019, 409 in 2018

+ Inventory of homes for sale down 5.9 percent – 1,267 in 2019, 1,345 in 2018

+ Months supply of inventory down 3.4 percent – 5.6 in 2019, 5.8 in 1028

For more real estate information in the Boca Raton and south Florida area, visit Petruzzelli Real Estate, 2325 N. Ocean Blvd., Boca Raton, Florida, 33431 or call 561.362.8413.