Boca Raton FL Real Estate Market Report | July 2020
Low inventory and higher prices is what we continue to see in the Boca Raton FL real estate market report in July. Houses are going fast, especially when they are well priced and show well. Multiple offers is the name of the game now in all age communities. The number of listings decreased significantly in July while prices went up. Days on market was a mixed bag.
With fewer homes coming on the market, sellers are getting plenty of showings and 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.’ Low inventory, high 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.
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, but they still want what they want.
CONDO SALES IN BOCA RATON FL
As of July 31, 2020, there were 1212 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!
The Boca Raton FL real estate market report showed the highest-priced condo currently available for sale in July was $ 15,500,000 and the lowest was $ 1.00. One Dollar! You know where this 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, that 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 do not 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 7,767. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Boca Raton in July 2020 was listed at $ 608,453 and had 1607 square feet.
Note: Included in condos are townhouses and villas.
As of July 31, 2020, there were 784 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 July 2020 was $ 22,950,000 and the lowest priced was $ 62,900. Want to guess where that was? You got it. Right! In a mandatory equity country club with dues, fees and assessments.
Many people get confuse equity country clubs and gated communities in Boca Raton
Overall, listing prices and closed sales are going up while inventory is going down. The average sold to list ratio is 93% for condos but going as high as 1.08%, and 96% for single family homes going as high as 1.06% over asking price.
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 see elsewhere. The reason? 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 JUly 2020 ranged from 1103 to 14,848. That’s quite a range, but the average home for sale in Boca Raton in July 2020 was listed at $ 2,015,110 and had 3972 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 2020, there were 239 Pending Sales in Boca Raton.
Pending Boca Raton Single Family Homes
In July 2020, there were 190 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close.
Closed Sales Boca Raton Condos
In July 2020, there were 245 closed sales of condos, villas and townhouses in Boca Raton, FL. The average sale price for these homes was $ 353,235. They took an average of 125 days to sell.
Boca Raton real estate market report showed closed sale prices of condos have gone up, while days on market have decreased. Inventory is low. 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 exceptionally low mortgage rates, it’s a great time to buy.
The most expensive condo in Boca Raton last month sold for $ 3,450,000 and had 5857 square feet The lowest priced sale was $ 18,900 and had 601 square feet. Square footage is not guaranteed or warranted.
Closed Sales Boca Raton Single Family Homes
In July 2020, there were 284 closed sales of single family homes in Boca Raton, FL. The average sale price for these homes was $ 902,909. They took an average of 80 days to sell.
Boca Raton FL real estate market report showed prices of closed single family homes rose this month. Days on market decreased, and prices rose as inventory dipped.
With decreased inventory, low mortgage rates and high buyer demand, we are in a mixed market. Houses that show well and are priced right get snapped up fast. Very fast – often before they’ve been seen.
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 inventory, high buyer demand coupled with the lowest mortgage rates we’ve seen has made for a strong real estate market. While this varies by community – some communities have more inventory while others have very little like the 55+ gated communities – you need a great agent to help you by or sell your home in Boca.
In the alternative, if you’re a buyer, you need a great buyer’s agent to do the research for you 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 | July 2020
- Highland Beach FL Real Estate Market Report | July 2020
- Boynton Beach FL Real Estate Market Report | Dec 2019
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