Boca's single family, townhouse/condo sellers off to good 2020 start

The new year is off to a good start for Boca Raton’s real estate market sellers.

According to data released by the Realtors of Broward, Palm Beach and St. Lucie, (Realtors) property sellers continue to see good prices in  both the single family and townhouse/condo markets.

The overall dollar volume for single family home sales in Boca Raton was up 5.1 percent for January 2020 ($113,683,134) compared to January of 2019 ($108,214.262). Closed sales were up 9.9 percent (144 in Jaunary 2020, 131 in January 2019), while the median sales price rose 16.1 percent ($493,500 in 2020, $425,000 in 2019).

The year-over-year stats could prove to be an positive indicator for the year ahead, according to the Realtors report.

“We start off the year with continued low interest rates, low unemployment, and rising rents nationally,” the release stated. “These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.”

The downside of the data continues to be in the overall inventory numbers. Boca Raton’s totals again dropped in both the single family and townhome/condo categories.

Other year-over-year single family stats from the Realtors report were:

• The average sales price was down 4.4 percent – $789,466 in January 2020, $826,063 in January 2019
• Percent of original list price received up 1.7 percent – 92.3 percent in 2020, 90.8 in 2019
• Median time to contract increased 22.4 percent – 93 days in 2020, 76 days in 2019
• Pending sales were up 26.4 percent – 225 in 2020, 178 in 2019
• New listings were down 2.4 percent – 364 in 2020, 373 in 2019
• Inventory of homes for sale was down 27.8 percent – 994 in 2020, 1,377 in 2019
• Months supply of inventory was down 28.4 percent – 4.8 months in 2020, 6.7 in 2019

The positive trend for sellers was much the same in Boca Raton’s townhouse/condo sector, as the dollar volume was up 20.5 percent ($54,019,445 in 2020, $44,812,001 in 2019), with closed sales increasing 11.7 percent (172 in 2020, 154 in 2019) and the median sales prices showing a 18.4 percent gain ($225,000 in 2020, $190,000 2019). .

Other year-over-year townhouse/condo stats from the Realtors report were:

• The average sales price was up 7.8 percent – $315,728 in January 2020, $292,889 in January 2019
• Percent of original list price received up .5 percent – 91.8 percent in 2020, 91.3 in 2019
• Median time to contract increased 15.2 percent – 91 days in 2020, 79 days in 2019
• Pending sales were down 5.2 percent – 202 in 2020, 213 in 2019
• New listings were down 15.5 percent – 395 in 2020, 468 in 2019
• Inventory of homes for sale was down 14 percent – 1,165 in 2020, 1,354 in 2019
• Months supply of inventory was down 13.8 percent – 5 months in 2020, 5.8 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 their 2325 N. Ocean Blvd. (A1A) office in Boca Raton or call them at 561.362.8413.