Real Estate market is bouncing back in Boca Raton – and nationally
The real estate market is coming back.
Stymied by Covid-19 shelter-in-place restrictions since March, buyers all across the country are back out buying, and sellers are coming around, too.
According to the National Association of Realtors, pending national home sales were up 44.3 percent in May compared to April’s dismal numbers – and were up in the South region 1.9 percent compared to May of 2019.
May’s national 44.3 percent increase over April was the largest in NAR’s survey history, dating back to 2001.
In Boca Raton, sales in both the single family and townhouse/condo markets are rebounding off lows, as well.
The best numbers in the city’s single family home sales category is the increase in median sales price (20.7 percent) and average sales price (9.9 percent).
As expected, the biggest drop was in closed sales (53.3 percent) – 127 this May compared to 272 in May of 2019. And, pending sales were off 27.2 percent, 190 this May against 261 in May of 2019. Those two factors had a negative impact an overall dollar volume that was off 48.7 percent – $104,965,883 in May vs. $204,551.131 in May of 2019.
Further bolstering that buyers are back in Boca Raton, come from preliminary Beaches MLS closed single family home sales numbers for June that total 191 – an increase of 64 from May’s sum. In that mix of 191 June sales were 99 homes that closed for $500,000 or more, with 32 properties going for over $1 million – including a $7,750,000 home in the Royal Palm Beach Yacht and Racquet Club.
“Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year,” according to the monthly BeachesMLS (Broward, Palm Beach, St. Lucie) report.
“But trends are improving and as states and localities continue to moderate their Covid-19 policies, real estate activity is expected to continue to improve in the coming weeks.”
The city’s single family home median and average sales price rise comes in part from Palm Beach County’s ever-increasing property values. According to the Palm Beach County Property Appraiser’s office, county-wide property taxable values have increase 5.92 percent from 2019 to 2020 – based on Jan. 1, 2020 market conditions.
Other single family Beaches MLS stats are:
- Median sales price increased 20.7 percent – $549,000 in May 2020, $454,855 in May 2019
- Average sales price increased 9.9 percent – $826,503 in 2020, $752,026 in 2019
- Percent of original list price decreased 0.1 percent – 92.0 percent in 2020, 92.1 percent in 2019
- Median time to contract dropped 6.3 percent – 74 days in 2020, 79 days in 2019
- New Listings were down 14.4 percent – 190 in 2020, 261 in 2019
- Inventory of homes for sale dropped 28.7 percent – 900 in 2020, 1,263 in 2019
- Months supply of inventory dropped 19.7 percent – 4.9 months in 2020, 6.1 months in 2019
Boca Raton’s townhouse/condo numbers for May were off, as well, in the report that compared the same month in 2019.
Closed sales took the biggest hit with a decrease of 59.1 percent – 124 properties sold this May, compared to 303 in May of 2019. Pending sales were also off markedly, 40.6 percent, pushing the overall dollar volume down 61.9 percent – $35,482,912 in May sales against $93,030,641 in May of 2019.
Preliminary Beaches MLS closed townhouse/condo numbers in Boca Raton for June also show an increase month-over-month, coming in at 160 – 36 more than May. Of the 160 that closed in June, 17 were priced at $500,000 or more, with six priced at over a $1 million – including a $2,750,000 property in Mizner Grand.
Other townhouse/condo stats from the report:
- Median sales price decreased 0.2 percent – $214,500 in May 2020, $215,000 in May 2019
- Average sales price dropped 7.4 percent – $286,153 in 2020, $309,071 in 2019
- Percent of original list price received decreased 1.4 percent – 89.7 percent in 2020, 91.0 percent in 2019
- Median time to contract dropped 1.4 percent – 70 days in 2020, 71 days in 2019
- New Listings were down 5.6 percent – 322 in 2020, 341 in 2019
- Inventory of homes for sale dropped 9.7 percent – 1,085 in 2020, 1,202 in 2019
- Months supply of inventory increased 3.8 percent – 5.4 months in 2020, 5.2 months 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 the 2325 N. Ocean Blvd. (A1A) office in Boca Raton or call them at 561.362.8413.
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