Home Sales in Boca Raton FL July 2019 Market Report
We saw a mixed bag in the real estate market in Boca Raton, FL in July, despite being out of season. Although winter months bring snowbirds and snowflakes into town for our beautiful weather, we have become a year-round market. The number of listings decreased significantly in July while their prices went way up. What also increased was the days on market.
With less homes coming on the market daily, homeowners who want to sell will still want to be a bit more flexible now. Buyers are picky; they know what they want. The market is becoming a bit more balanced. Of course, this can and does vary by community, but with low mortgage rates and the decreasing inventory, buyers and sellers should take notice.
As the top pet-friendly real estate agent in Boca Raton FL, I am getting the word out to buyers who have been waiting and looking. I recently had a buyer in a 55+ pet-friendly gated community who made offers on 4 houses where the sellers stood their ground. The buyer walked from each of the 4 houses and, ultimately, made a deal with the 5th seller. Sellers need to realize this and price their homes accordingly. Same with condos; if you want to sell, price it right from the beginning.
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 bit less fresh inventory hit the market in the past month or so. Buyers have less choices now than they’ve had in years – again, varying by community, but they still want what they want.
CONDO SALES IN BOCA RATON FL
As of July 31, 2019, there were 1033 condos for sale in Boca Raton FL, a decrease from last month. I know this still sounds like a lot, but many people don’t realize how big Boca really is. It extends from the beach, downtown within the city of Boca Raton to cental Boca and then to west Boca Raton. The highest-priced listing currently available in June was $ 15,500,00 and the lowest was still $ 1. It’s hard to believe it’s still there.
No, that isn’t a mistake. You read it right. It says $ 1. It’s a condo in a country club with mandatory equity fees, yearly dues, condo fees and, usually, assessments. So while you can buy the condo for $ 1, you must pay the mandatory equity, along with yearly dues, monthly condo fees, dining fees and more to go along with it. I can tell you, it’s pricey.
Many people do not want to pay the additional fees associated with country clubs these days, unless they are die-hard golfers. 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 518 square feet to 6,629. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Boca Raton in July 2019 was listed at $ 535,908 and had 1679 square feet.
Note: Included in condos are townhouses and villas.
As of July 31, 2019, there were 1,129 single family homes for sale in Boca Raton, slightly less than last month. Again, I know that sounds like a lot but, hey guys, Boca Raton is big! It encompasses 8 zip codes from north to south and east to west! Really.
The highest-priced listing currently available in July 2019 was $ 24,499,000 and the lowest priced was $ 90,000. Want to guess where it was? You got it. Right! In a mandatory equity country club! Well, at least it’s more than it was last month. Many people get confused with equity country clubs and gated communities in Boca Raton.
WHY SOME HOUSES ARE PRICED SO LOW
You can find great houses in mandatory equity country clubs that are priced very low, much less than you would think. The reason? All the mandatory extra fees; mandatory equity, annual dues, homeowner’s or condo fees, restaurant minimums and assessments. If it seems too good to be true, there’s always a reason.
Square footage of the available homes in Boca Raton ranged from 810 to 27,832. That’s quite a range, but the average home for sale in Boca Raton in June 2019 was listed at $ 1,582,322 and had 3,701 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 July 2019, there were 140 Pending Sales in Boca Raton. That’s a decrease from last month.
Pending Boca Raton Single Family Homes
In July 2019, there were 111 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close. That’s a significant decrease from last month.
Closed Sales Boca Raton Condos
In July 2019, there were 283 closed sales of condos, villas and townhouses in Boca Raton, FL. The average sale price for these homes was $ 256,517. They took an average of 76 days to sell.
Closed sale prices decreased, while days on market decreased slightly. Total number of condos and closed sales were more this month than last. This is a reminder to sellers to price their properties correctly for the market we are currently in, which has changed from the market we were in last year. With decreased inventory and low mortgage rates, buyers are picky. Don’t overprice and let yours become an old, stale listing. The sales price to list price ratio last month was 94%.
The most expensive condo in Boca Raton last month sold for $ 2,200,000. The lowest priced sale was $ 15,000.
Closed Sales Boca Raton Single Family Homes
In July 2019, there were 281 closed sales of single family homes in Boca Raton, FL. The average sale price for these homes was $ 772,483. They took an average of 95 days to sell.
The days on market remained fell slightly. There were more closed sales and they closed, on average, for more this month than last.
This is a reminder to sellers to price their properties correctly for the market we are currently in, which has changed from the market we were in last year. With decreased inventory and low mortgage rates, we are in a mixed market. There are less properties, but buyers have become pickier. Don’t overprice and let yours become an old listing. The sales price to list price ratio last month was 95%.
The most expensive house house in Boca Raton last month sold for $ 8,250,000. The lowest priced sale was $ 80,000.
What can Boca Raton FL Residents Expect Regarding Real Estate In The Coming Months?
The market is stabilizing. We are seeing a shift to a buyer’s market in certain communities and prices rising in others due to low interest rates.
Sellers need to be aware of this and price their properties for today’s market, not the market of a year ago or even six months ago. While this varies by community – some communities have more inventory, while others have very little, you need a great agent to explain these facts to get your home sold. Or, in the alternative, if you’re a buyer, you need a great buyer’s agent to do the research for you.
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!
A Boca Raton Real Estate Agent You Can Trust
Consumers 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, Elyse has been in the Boca/Delray/Boynton area for 25 years. She is a retired Court Stenographer and volunteers her 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!
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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