Boca Raton closed home sales down in January - average sales price up

The number of January closed single family home sales in Boca Raton – compared to the same month in 2018 – was down, but the average sales price once again increased when comparing the two months year over year.

According to the Realtors of the Palm Beaches and Greater Fort Lauderdale (RAPB+GFLR), closed sales for single family homes dropped 14 percent in January (143 to 123) against 2018 January numbers.

That’s better than December’s report, which had closed single family home sales down 23.8 percent from the same period the previous year.

And like closed sales, pending sales for the January, year over year, was down even more, 27.5 percent (200 in 2018, 145 in 2019). December’s number of pending sales also showed a significant drop of 15.9 percent.

If there is a silver lining in the monthly report, it came in the average sales price of single family homes sold, with that number increasing 17.2 percent ($723,218 in 2018, $847,644 in 2019). In December, that number was also up – 18.8 percent.

In its monthly report, the RAPB+GFLR stated that an uptick in housing inventory could be a positive sign.

“While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases,” the report stated. “As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year.

“If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.”

Boca Raton, however, isn’t an area, yet, that is showing signs of a single family home – or townhouse/condo – inventory increase.

In the report, both the number of single family homes for sale (1,366 in 2018, 1,315 in 2019) and the months supply of inventory (6.8 months in 2018, 6.5 months in 2019) dropped, 3.7 percent and 4.4 percent, respectively.

Other single family home year-over-year numbers were:

+ Median sales price was down 5.5 percent ($455,000 in 2018, $430,000 in 2019)

+ Total dollar volume was up 0.8 percent ($103,419,438 in 2018, $104,260,261 in 2019)

+ Percent of original list price received down 1.9 percent (92.4 percent in 2018, 90.6 percent in 2019)

+ Median time to contract up 8.2 percent (73 days in 2018, 79 in 2019)

+ New listings were down 10.1 percent (415 in 2018, 373 in 2019)

The news for the townhouse/condo market was much the same in the monthly year-over-year report – closed sales down 28.8 percent (205 in 2018, 146 in 2019), with average sales price up a modest 1.8 percent ($294,220 in 2018, $299,655 in 2019).

Pending sales in the townhouse/condo market also showed a deep decline of 21.3 percent (235 in 2018, 185 in 2019).

Other townhome/condo year-over-year numbers were:

+ Medium sales price up 0.8 percent ($197,500 in 2018, $199,000 in 2019)

+ Total dollar volume down 27.6 percent ($60,021,932 in 2018, $43,450,001 in 2019)

+ Percent or original list price received down 1.6 percent (92.7 percent in 2018, 91.2 percent in 2019)

+ Median time to contract up 8.2 percent (73 days in 2018, 79 days in 2019)

+ New listings up 2.2 percent (456 in 2018, 466 in 2019)

+ Inventory of homes for sale down 4.5 percent (1,351 in 2018, 1,290 in 2019)

+ Months supply of inventory down 5.1 percent (5.9 months in 2018, 5.6 months in 2019)

For more information on the Boca Raton and south Florida home market, contact Petruzzelli Real Estate at 561.362.8413.