Boynton Beach FL Real Estate Market Report | July 2020
The Boynton Beach FL real estate market report for July 2020 showed hot sales with low inventory. Low mortgage rates, low inventory along with new tax law changes up north are fueling this market. And people are moving all over the place. And they are moving to Boynton Beach.
Low inventory is the name of the game. Of course, this can and does vary by community – we have more inventory in 55+ communities – but closed home sales are up. Buyers, if you see a house you like, grab it; it may not be there tomorrow. In fact, it may even have multiple offers, as we have been seeing. Sellers, a reminder to price your home correctly for the market we are in today.
The real estate housing market in Boynton Beach has changed, just as it has changed in the neighboring cities of Boca Raton, Delray Beach and Highland Beach. Prices are up due to high demand, low inventory and inexpensive financing. Resales as well as new homes are selling like crazy.
Think you don’t need a buyer’s agent to go with you to the builder? Think again! It’s free to you, the buyer, and the builders will not let you save on the commission. Their agents will just collect a double commission. You need to have a great buyer’s agent for new construction or a resale. You will likely end up saving money and getting some great advice.
As a pet-friendly real estate agent in Boca Raton, Delray Beach, Boynton Beach, Highland Beach and surrounding areas, I am getting the word out to buyers who have been waiting and watching. They have their choice of new construction or resales now, depending on price range.
So, what happened in the Boynton Beach 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!
CONDO SALES IN BOYNTON BEACH FL
As of July 2020, the Boynton Beach FL Real Estate Market showed there were 549 condos for sale. I know, I know, it sounds like a lot, but many people don’t realize how big Boynton Beach really is. It’s the same as with Boca Raton and Delray Beach. Boynton Beach runs from the Atlantic Ocean to the Intracoastal Waterway in the east, central to the Florida Turnpike, and west of the turnpike out to State Rd 7.
The highest-priced condo currently available in July was $ 3,399,000 and the lowest was $ 1.00. Yes, you read it right. It isn’t a mistake. One dollar! You already know where it is from my previous market reports! If you don’t contact me and I’ll fill you in.
The condo for sale for one dollar is in a country club with mandatory equity fees, yearly dues, condo fees and, usually, assessments. So while you can buy the condo for a dollar, along with that you must pay mandatory equity, yearly dues and monthly condo or homeowner’s fees. And, when they want to redo something in an equity club, they don’t redecorate. They usually take it to the ground and assess the members.
Now you understand why people want to get rid of these condos and homes. It can get mighty pricey. Many people today do not want to pay the additional fees associated with country clubs, unless they are die-hard golfers, especially when we have gated communities with many of the same amenities (except golf!) for all ages and 55+ communities.
There are a wide variety of housing options available in Boynton Beach. They run from oceanfront and Intracoastal condos and homes to central Boynton, where there is a mix of non-gated and gated communities, both 55+ active adult communities as well as all-age communities and pet-friendly communities. There are both newer condos and older condos, new homes and older homes. It is all across the board.
Boynton Beach Real Estate Market Report showed square footage of the available condos in Boynton Beach ranged from 420 square feet to 4,400. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Boynton Beach in July 2020 was listed at $ 225,468 and had 1377 square feet
Note: Included in condos are townhouses and villas.
As of July 31, 2020, there were 410 single family homes for sale in Boynton Beach. That may sound like a lot of homes, but it really isn’t – it’s down from previous months.
Remember to take a buyer’s agent with you to new construction or on a resale. Do you need one? Without a doubt! And it won’t cost you a penny. And, for heaven’s sake, don’t call the name on the sign! Ask me why.
The highest-priced single family home currently available in July 2020 was $ 6,000,000 and the lowest priced was $ 89,900.
Square footage of the available homes in Boynton Beach ranged from 710 to 35,912. Wow, now that’s a big house! However, the average home for sale in Boynton Beach in July 2020 was listed at $ 529,162 and had 2420 square feet.
Pending Boynton Beach Condos
This real estate market report for Boynton Beach FL includes condos, villas and townhouses that are also contingent, backup status (meaning they are under contract but have contingencies waiting to be met) and pending (waiting to close.)
In July 2020, there were 245 Pending Sales in Boynton Beach FL. I told you people were moving!
Pending Boynton Beach Single Family Homes
Boynton Beach FL Real Estate Market Report showed there were 322 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close.
Closed Sales Boynton Beach Condos
In July 2020, the real estate market report for Boynton Beach FL shows there were 191 closed sales of condos, villas and townhouses. The average sale price for these homes was $ 220,224 and took an average of 79 days to sell.
Prices are up. Interest rates are down. Again, 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 or even several months ago. Buyers today are much more educated. With decreased inventory, buyers now have fewer condos and homes to see, but they are still savvy about what they want and what they want to pay. Don’t overprice your home and let your listing become old and stale.
The sales price to list price ratio of condos, villas and townhouses in July was 95%.
The most expensive condo in Boynton Beach last month sold for $ 659,000. The lowest priced sale was $ 12,000.
Closed Sales Boynton Beach Single Family Homes
Boynton Beach home sales for July 2020 showed there were 216 closed sales of single family homes. The average sale price for these homes was $ 375,797 and took an average of 76 days to sell.
Prices of home sales have risen due in part to low mortgage rates and low inventory. The real estate market has changed from the market a year or even months ago. People are on the go. The sales price to list price ratio last month was 97%.
The most expensive house in Boynton Beach last month sold for $ 1,100,000. The lowest priced sale was $ 290,000.
What can Boynton Beach FL Residents Expect Regarding the Real Estate Market In The Coming Months?
The Boynton Beach Real Estate Market is in a frenzy. Houses are selling and often selling fast. If you want to make a move, now is the time. Sellers are getting record high prices and buyers are borrowing money at record low prices.
There is a lot of new construction going on in western Boynton Beach, both all ages and 55+ gated communities, along with resales.
While it can vary by community – some communities have more inventory, while others have very little – you need a great agent to explain these facts and 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, whether you’re looking for a pet-friendly 55+ gated community in Boynton Beach or Delray Beach, FL or an all age pet friendly gated community in Boca Raton.
A Boynton Beach Real Estate Agent You Can Trust
Consumers wanting to know more about homes for sale or any property in Boynton Beach, Florida, whether new construction or resales, 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 Beach area for 25 years. I am a retired Court Reporter and volunteer my time on the Grievance Committee for the Realtors® Association of Palm Beach + Greater Fort Lauderdale Realtors®.
This Boynton Beach real estate market report was provided by Elyse Berman, PA. I am a licensed residential real estate agent in Boca Raton FL. I work at Best Connections Realty, Inc.
You can find me on numerous social media networks or via her BuySellHomesBocaRaton Real Estate Blog. I am an active online marketer who loves helping residential real estate consumers, and their furry friends, in Palm Beach and northern Broward County. Note: I love helping people find homes they love WITHOUT pets too!
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.
MORE PALM BEACH COUNTY REAL ESTATE MARKET REPORTS
- Market Report for Valencia | July 2020
- Delray Beach FL Real Estate Market Report | July 2020
- Boca Raton FL Real Estate Market Report | July 2020
- Highland Beach FL Real Estate Market Report | July 2020
Map of Boynton Beach