Boca Raton FL Real Estate Market Report | Sept 2020
Search Homes for Sale in Boca Raton
Low inventory and higher prices is what we saw in the Boca Raton FL real estate market report in September. Houses are going fast, often as soon as they hit the market. Multiple offers is the name of the game now, depending on community. The number of listings decreased significantly in September while prices went up. There is always a bit more inventory in 55+ communities. Days on market was down.
With fewer homes coming on the market, sellers are getting plenty of showings, both in person and virtually, and they’re receiving multiple offers. The year of 2020 has had an effect on people. People have seen how fragile life really is. It’s a mindset of ‘if not now, when.’ Continued low inventory, higher buyer demand and low mortgage rates are the order of the day and driving prices up.
GETTING THE WORD OUT
As a pet-friendly real estate agent in Boca Raton FL, I am getting the word out to buyers who have been waiting and watching. Now is the time. You need a buyer’s agent to help you navigate multiple-offer situations. In fact, buyer’s should always use a buyer’s agent.
WHAT HAPPENED IN BOCA RATON REAL ESTATE MARKET
So, what happened in the Boca Raton real estate market this past month? Let’s check out the details and see if this market is the right one for you to buy or sell!
We’ve had a lot less inventory hit the market in the past month or so. Buyers have far fewer choices now than they’ve had in years – again, varying by community..
Search Condos for Sale in Boca Raton
Active Condos for Sale in Boca Raton
As of September 30, 2020, there were 1176 condos for sale in Boca Raton FL. This may sound like a lot, but many people don’t realize how big Boca really is. Boca Raton extends from the beach, downtown within the city of Boca Raton to central Boca and then to west Boca Raton. Boca has 8 zip codes and 4 high schools!
The Boca Raton FL real estate market report showed the highest-priced condo currently available for sale in September was $ 15,500,000 and the lowest was $ 1.00. One Dollar! You know where that was, because I’ve said it before. It’s hard to believe someone would sell a condo for one dollar, but it’s true.
No, it isn’t a mistake. You read it right. It says $ 1.00 – One Dollar. It’s a condo in a country club with mandatory equity fees, yearly dues, condo and HOA fees, along with assessments. So, while you can buy the condo for One Dollar, you must pay the mandatory equity, along with yearly dues, monthly condo fees, dining fees and more to go along with it. It gets pricey.
Many people don’t want to pay the additional fees associated with country clubs these days, unless they are die-hard golfers. Especially when there are communities with clubhouses and activities. There is also a condo priced at $ 50 and one for $ 100, even $ 1,000. Hard to believe, right?
Square footage of the available condos in Boca Raton ranged from 512 square feet to 7,484. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Boca Raton in September 2020 was listed at $ 635,766 and had 1624 square feet.
Note: Included in condos are townhouses and villas.
Search Homes for Sale in Boca Raton
Active Homes for Sale in Boca Raton
As of September 30, 2020, there were 691 single family homes for sale in Boca Raton, Again, it sounds like a lot, but it really isn’t for how big Boca Raton is.
The Boca Raton FL real estate market report showed the highest-priced listing currently available in September 2020 was $ 19,950,000 and the lowest priced was $ 109,900. Want to guess where that was? You got it. Right! In a mandatory equity country club with dues, fees and assessments.
Many people confuse equity country clubs and gated communities in Boca Raton There is a definite difference.
Overall, listing prices and closed sales are going up while inventory is going down. The average sold to list ratio is 94% for condos but went as high as 1.13%, and 95% for single family homes going as high as 1.24% over asking price. Wow!
WHY SOME HOUSES ARE PRICED SO LOW
You can find great deals on homes in mandatory equity country clubs that are priced very low, much less than you see elsewhere. The reason? As I explained, all the extra fees; mandatory equity, annual dues, homeowner’s or condo fees, restaurant minimums and assessments. If it seems too good to be true, it probably is. There’s always a reason.
Square footage of the available homes in Boca Raton in September 2020 ranged from 834 to 14,848. That’s quite a range, but the average home for sale in Boca Raton in September 2020 was listed at $ 2,060,785 and had 3975 square feet.
Pending Boca Raton Condos
Pending Sales include condos, villas and townhouses that are also contingent, backup status (both mean they are under contract but have contingencies waiting to be met) and pending (waiting to close.) In September 2020, there were 366 Pending Sales in Boca Raton. This is way up from July.
Pending Boca Raton Single Family Homes
In September 2020, there were 377 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close. This is almost double of what it was just two months ago!
Closed Sales Boca Raton Condos
In September 2020, there were 277 closed sales of condos, villas and townhouses in Boca Raton, FL. The average sale price for these homes was $ 322,668. They took an average of 73 days to sell.
Boca Raton real estate market report showed closed sale prices of condos have dipped a bit, while days on market have decreased almost in half. Inventory is very low. This is a reminder to buyers to recognize the market we are currently in, which has changed drastically from the market we were in last year. With exceptionally low mortgage rates, it’s a great time to buy.
The most expensive condo in Boca Raton last month sold for $ 2,185,000 and had 3,524 square feet The lowest priced sale was $ 100.00 and had 601 square feet. Square footage is not guaranteed or warranted.
Closed Sales Boca Raton Single Family Homes
In September 2020, there were 272 closed sales of single family homes in Boca Raton, FL. The average sale price for these homes was $ 863,769. They took an average of 78 days to sell.
Boca Raton FL real estate market report showed prices of closed single family homes dipped a bit this month. Days on market decreased.
With decreased inventory, low mortgage rates and higher buyer demand, we are in a mixed market. Houses are getting snapped up fast. Very fast – often before they’ve been seen. Homes are being sold virtually. Here are some tips for buying a house virtually today.
The most expensive house house in Boca Raton last month sold for $ 11,122,112. The lowest priced sale was $ 58,000.
What can Boca Raton FL Residents Expect Regarding Real Estate In The Coming Months?
The Boca Raton real estate market is in a frenzy. Low, low inventory, high buyer demand coupled with the lowest mortgage rates we’ve ever seen has made for a strong real estate market. While this varies by community – some communities have more inventory like the 55+ gated communities – you need a great agent to help you buy or sell your home in Boca Raton.
If you’re a buyer, you need a great buyer’s agent to do the research and get you there fast.
You can do really well on a resale now as compared to new construction. New construction is priced very high. Do you need a Buyer’s Agent for new construction? You bet you do! Caveat Emptor! Let the Buyer Beware!
A Boca Raton Real Estate Agent You Can Trust
People wanting to know more about homes for sale or any property in Boca Raton, Florida (with or without pets) should call me. I can be reached at 561-716-7824, Cell or Text or by email at Elyse@ElyseBerman.com
A seasoned REALTOR® with a vast knowledge of the local market, I have been in the Boca/Delray/Boynton area for 25 years. I am a retired Court Reporter and volunteer my time on the Grievance Committee for the Realtors® Association of the Palm Beaches + Greater Fort Lauderdale Realtors®.
This Boca Raton real estate market report was provided by Elyse Berman, PA. Elyse is a licensed residential real estate agent in Boca Raton FL. She works at Best Connections Realty, Inc.
You can find Elyse on numerous social media networks or via her BuySellHomesBocaRaton Real Estate Blog. She is an active online marketer who loves helping residential real estate consumers, and their furry friends, in Palm Beach and northern Broward County. Note: She loves helping people find homes they love WITHOUT pets too!
More Palm Beach County Real Estate Market Reports
- Delray Beach FL Real Estate Market Report | Sept 2020
- Highland Beach FL Real Estate Market Report | July 2020
- Boynton Beach FL Real Estate Market Report | July 2020
Disclaimer: The information contained in this blog should not be solely relied upon and should be independently verified by professional sources. The opinions expressed herein are solely mine.
All information is deemed accurate but not guaranteed. All statistical information was obtained from BMLS. Many articles may be time and date sensitive. Please be sure to look at the date it was posted.
No reproduction is permitted without the author’s express permission. All information deemed accurate. All information was taken from Beaches MLS.
Map of Boca Raton FL