Stats show Boca Raton's real estate market recovery continues

Home sales all across Palm Beach County are on the rise – despite the pandemic.

In Boca Raton, single family and townhouse/condo sales continued their comeback in August from the dreadful numbers seen this past spring, according to the month-over-month update from the Realtors of Broward, Palm Beach and St. Lucie counties (Beaches MLS).

August single family home sales in the city were up 23.8 percent (276) compared to the same month in 2019 (223). Another key stat showed pending sales for the month were up a whopping 42.2 percent (253 in 2020 vs. 179 in 2019).

And sellers continue to see a rise in both median and average sales price.

Median sales price for single family homes were up 20.7 percent ($522,500 in 2020, $433,000 in 2019) and the average sales price increased 15.2 percent ($807,614 in 2020, $700,947 in 2019).

That led to the biggest jump in the monthly report – overall dollar volume. In August 2020, those 276 sales added up to $222,204,009, against $156,311.157 for 210 sales in August of 2019 – an increase of 42.2 percent.

Remember, in May of this year, single family home closed sales were down a massive 53.3 percent from May of 2019 – 127 in 2020, 272 in 2019. It took several months for the market to rebound, and the bounce back has come, in part, thanks to a flood of out-of-state buyers – mainly from the Northeast.

“The housing and stock markets continue to be the leaders in the economy,” the report states. “In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months.

“With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.”

Other single family Beaches MLS stats are:

• Percent of original list price received was up 1.8 percent – 93.8 percent in August 2020, 92.1 percent in August 2019
• Median time to contract dropped 8.2 percent – 67 days in 2020, 73 days in 2019
• New Listings increased 8.8 percent – 321 in 2020, 295 in 2019
• Inventory of homes for sale dropped 35 percent – 744 in 2020, 1,145 in 2019
• Months supply of inventory dropped 35.7 percent – 3.6 months in 2020, 5.6 months in 2019

The numbers were not quite as dramatic in the townhouse/condo market, and some of that could be from a rare increase over the past several years in the available inventory.

Townhouse/condo closed sales nudged up just .4 percent – 242 sales in August 2020 against 241 in August 2019.

The number of new listings were up 20.4 percent (342 in 2020, 284 in 2019) and the months supply of inventory hit positive terrority thanks to a 22.2 percent increase (5.5 months supply now, compared to 4.5 months in August of 2019.

It also took less time for sellers to find a buyer, as the median time to contract in the townhouse/condo market drop 10.4 percent, just 69 days to sell a property last month against 77 days in August of 2019.

Other townhouse/condo Beaches MLS stats are:

• Median sales price increased 5 percent – $230,000 in August 2020, $219,000 in August 2019
• Average sales price increased 3.8 percent – $279,221 in 2020, $268,963 in 2019
• Overall dollar volume increased 3.5 percent – $67,064,971 in 2020, $64,820,049 in 2019
• Percent of original list price received was up 1 percent – 92.5 percent in 2020, 91.6 percent in 2019
• Pending sales were up 3.7 percent – 222 in 2020, 214 in 2019
• Inventory of homes for sale was up 9.6. percent – 1,153 in 2020, 1,052 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.