Home Sales in Boca Raton FL May 2019 Market Report
May showed steady home sales in Boca Raton, FL despite being out of season. Although we are a year-round market in south Florida, winter months bring snowbirds and snowflakes into town for our beautiful weather. There are also a lot of people who live here full time. The number of listings decreased in May while their prices increased slightly. What also increased was the days on market.
With more homes coming on the market daily, homeowners who want to sell will want to be a bit more flexible now. The market is becoming more balanced. Of course, this can and does vary by community, but with increasing mortgage rates and the increasing inventory, 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.
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 of fresh inventory hit the market in the past month or so. Buyers have more choices now than they’ve had in years – again, it varies by community.
CONDO SALES IN BOCA RATON FL
As of May 31, 2019, there were 1,176 condos for sale in Boca Raton FL. I know this 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 May was $ 13,500,00 and the lowest was $ 1.
No, that isn’t a mistake. You read it right. It says $ 1. It’s 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 mandatory equity, along with yearly dues and monthly fees 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. Hard to believe, right?
Square footage of the available condos in Boca 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 May 2019 was listed at $ 494,057 and had 1622 square feet.
Note: Included in condos are townhouses and villas.
As of May 31, 2019, there were 1,260 single family homes for sale in Boca Raton. 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 May 2019 was $ 24,995,000 and the lowest priced was $ 0.00. Want to guess where it was? You got it. Right! In a mandatory equity country club! It’s an auction with a 7% Buyer’s premium. Many people get confused with equity country clubs and gated communities in Boca Raton.
You can find houses in mandatory equity country clubs that are priced very low. The reason is the added fees: mandatory equity, annual dues, homeowner’s or condo fees, restaurant minimums and assessments.
Square footage of the available homes in Boca Raton ranged from 926 to 27,832. That’s quite a range, but the average home for sale in Boca Raton in May 2019 was listed at $ 1,563,127 and had 3,723 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 May 2019, there were 531 Pending Sales in Boca Raton. That’s a lot!
Pending Boca Raton Single Family Homes
In May 2019, there were 476 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close. That’s a lot of houses!
Closed Sales Boca Raton Condos
In May 2019, there were 278 closed sales of condos, villas and townhouses in Boca Raton, FL. The average sale price for these homes was $ 324,026. They took an average of 86 days to sell.
The days on market decreased slightly. 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 increased inventory, buyers have more homes to see. Don’t overprice and let yours become an old, stale listing. The sales price to list price ratio last month was 95%.
The most expensive condo in Boca Raton last month sold for $ 5,805,000. The lowest priced sale was $ 1.
Closed Sales Boca Raton Single Family Homes
In May 2019, there were 242 closed sales of single family homes in Boca Raton, FL. The average sale price for these homes was $ 814,376. They took an average of 103 days to sell.
The days on market remained pretty much the same. 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 increased inventory, buyers have more homes to see. 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 $ 12,603,000. The lowest priced sale was $ 60,000.
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. 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. You can read more about it here. 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® 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
- Market Report for Boca Raton Florida | February 2019
- Market Report for the Valencias in Boynton Beach FL | Nov 2018
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.