Lower inventory, higher prices in Boca Raton's February housing report

Boca Raton’s single family home inventory continued to shrink in February, while the average sale price to buy a house soared.

According to a report from the Realtors Broward, Palm Beaches, St. Lucie counties that compares February 2020 single family home stats to February 2021, the current months supply inventory stands at 1.5 months, down from 4.9 months a year ago.

In terms of Boca Raton single family homes for sale, there were 1,041 as of March 1, 2020, just 346 at the start of this month – a 66.8 percent drop. New listings for the month were also down, 28.7 percent – 226 this February, 317 last February.

The average price of the city’s 190 single family February home sales jumped 53.8 percent to $1,186,366 for February, compared to $771,598 a year ago.

That led to a sharp (65 percent) increase in the total dollar volume for the month – $225,409,526, up 65 percent from last February ($136,572,880).

Other February single family home Realtors Broward, Palm Beaches, St. Lucie stats were:

• Closed sales were up 7.3 percent – 190 in February 2021, 177 in February 2020.
• Median sales price up 38.4 percent – $605,000 in 2021, $437,000 in 2020
• Percent of original list price received up 1.9 percent – 93.4 percent in 2021, 91.7 in 2020
• Median time to contract down 16.4 percent – 72 days to sell a home in 2021, 86 days in 2020
• Pending sales down .4 percent – 242 in 2021, 243 in 2020

Trends were much the same in the Townhouse/Condo February report.

The months supply inventory fell to 3.2 months, down from 5.1 in February 2020 – a 37.3 drop. The actual townhouse/condo inventory as of March 1 was 782, compared to 1,195 a year ago, a 34.6 percent decrease.

Boca’s closed townhouse/condo sales were up 30.3 percent – 245 this February, 188 last year – and pending sales were up 36.4 percent (352 this February, 258 last year).

Total dollar volume showed the biggest year-over-year increase (42.6 percent), $106,572,508 from sales this year, $74,644,847 last year.

Other February townhouse/condo Realtor Broward, Palm Beach, St. Lucie stats were:

• Median sales price up 16.2 percent – $265,000 in February 2021, $228,000 in February 2020
• Average sales price up 9 percent – $434,990 in 2021, $398,983 in 2020
• Percent of original list price received up 2.1 percent – 93.3 percent in 2021, 91.4 percent in 2020
• Median time to contract down 10.8 percent – 66 days to sell a home in 2021, 74 days in 2020
• New listing were down 1.8 percent – 331 in 2021, 337 in 2020.

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.