Another big increase in Boca Raton single family home sales for October

Boca Raton single family home sales had another big month in October.

According to statistics released by Realtors of Broward, Palm Beach and St. Lucie counties (Beaches MLS), a total of 263 single family homes were sold in the city during October.

That total represents a 33.5 percent increase over Boca Raton homes sold (197) in October of 2019.

And, the increase resulted in a whopping 73.3 percent rise in the total dollar volume ($276,165,286) for single family home sales compared to October of 2019 ($159,383,617).

This comes after single family home sales in September were up 46.2 percent in the year-over-year comparison (266 against 182) , with overall dollar volume ($220,168,286 against $139,985,682) ) up 57.3 percent last month.

The uptick in sales comes at a time of the year that normally sees fewer South Florida transactions and the rush to buy could keep home prices at record levels.

“Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago,” the report states. “Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

“Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increase caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.”

With all those single family homes sales last month, inventory in Boca Raton dropped 41,5 percent – 667 available homes at the beginning of the month, compared to 1,141 in October of 2019.

Other single family Beaches MLS October stats were:

• Medium sale prices were up 14.6 percent – $538,600 for October 2020, $470,000 for October 2019
• Average sale prices were up 28.5 percent – $1,039,562 in 2020, $809,054 in 2019
• Percent of original list price received was up 2.2 percent – 93.9 in 2020, 91.9 percent in 2019.
• Median time to contract dropped 24.4 percent – 68 days in 2020, 90 days in 2019
• New Listings were down 4.1 percent – 283 in 2020, 295 in 2019
• Months supply of inventory dropped 47.4 percent – 3.0 months in 2020, 5.7 months in 2019

The townhouse/condo market wasn’t quite as active, but there were increases in closed sales, dollar volume and pending sales.

There were 243 townhouse/condo sales in Boca Raton last month, compared to 227 in October 2019, a 7 percent increase.

That resulted in an increase to the total dollar volume ($76,191,153) compared to 2019 ($67,389,899) – a 13.1 percent increase.

And there were a high number of pending sales as the month closed – 270 against 217 in October of 2019, a 24.4 perecent rise.

Other townhouse/condo Beaches MLS October stats were:

• Medium sale prices were up 11.6 percent – $240,000 for October 2020, $215,000 for October 2019
• Average sale prices were up 3.6 percent – $318,261 in 2020, $307,159 in 2019
• Percent of original list price received dropped .9 percent – 92.3 in 2020, 93.1 percent in 2019.
• Median time to contract dropped 10.4 percent – 69 days in 2020, 77 days in 2019
• New Listings were up 1 percent – 402 in 2020, 398 in 2019
• Inventory of townhouse/condos for sale dropped 6.9 percent – 1,096 in 2020, 1,177 in 2019
• Months supply of inventory dropped 3.9 percent – 4.9 months in 2020, 5.1 months 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.