Boca Raton FL Real Estate Market Report | Dec 2019
Low inventory and higher prices is what we saw in the Boca Raton FL real estate market report in December. Houses are going fast, especially when they are well priced and show well. The number of listings decreased significantly in December while prices went up. Days on market was a mixed bag.
With fewer homes coming on the market, homeowners who want to sell will want to be a bit more flexible now. Buyers are picky; they know what they want. The market is becoming more balanced. Of course, this can and does vary by community. There is more inventory in the 55+ communities. But,with low mortgage rates and decreasing inventory, buyers and sellers should take notice.
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. I recently had a buyer snap up a great deal on what was an over-priced home. I mean a really great deal. Sellers need to realize this and price their homes accordingly. Same with condos; if you want to sell, price it right from the beginning.
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 less fresh inventory hit the market in the past month or so. Buyers have 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 December 31, 2019, there were 1199 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 December was $ 7,100,000 and the lowest was $ 1.00. One Dollar! You know where it was, because I’ve said it before. It’s hard to believe, but it’s true.
No, that isn’t a mistake. You read it right. It says $ 1.00 – One Dollar. It’s in 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. 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. 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 518 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 September 2019 was listed at $ 584,495 and had 1696 square feet. That’s significantly higher than the previous month.
Note: Included in condos are townhouses and villas.
As of December 31, 2019, there were 1,019 single family homes for sale in Boca Raton, Again, it sounds like a lot, but it really isn’t for how big Boca is.
The Boca Raton FL real estate market report showed the highest-priced listing currently available in December 2019 was $ 19,750,000 and the lowest priced was $ 69,900. Want to guess where that was? You got it. Right! In a mandatory equity country club with dues, fees and assessments.
Many people get confused with equity country clubs and gated communities in Boca Raton
Overall, listing prices are going up while inventory is going down. The sold to list ratio is 94% for condos and 96% for single family homes.
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 ranged from 926 to 27,832. That’s quite a range, but the average home for sale in Boca Raton in December 2019 was listed at $ 1,688,193 and had 3,791 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 December 2019, there were 135 Pending Sales in Boca Raton.
Pending Boca Raton Single Family Homes
In December 2019, there were 134 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 December 2019, there were 250 closed sales of condos, villas and townhouses in Boca Raton, FL. The average sale price for these homes was $ 369,228. They took an average of 76 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 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%. Condos, townhouses and villas that are priced right sell. They don’t become old and stale in the market we are in.
The most expensive condo in Boca Raton last month sold for $ 5,450,000 and had 5185 square feet The lowest priced sale was $ 33,500 and had 601 square feet. Square footage not guaranteed or warranted.
Closed Sales Boca Raton Single Family Homes
In December 2019, there were 195 closed sales of single family homes in Boca Raton, FL. The average sale price for these homes was $ 796,295. They took an average of 104 days to sell.
Boca Raton FL real estate market report showed prices of closed single family homes were close to last month. Days on market increased slightly, and prices rose as inventory dipped.
This is a reminder to sellers to price their properties correctly for the market we are currently in today. Not the market of last year, six months ago or even four months ago. Maybe not even what your neighbor got. With decreased inventory and low mortgage rates, we are in a mixed market. Houses that show well and are priced right get snapped up fast.
There are less properties, but buyers have become pickier. They know what they want. Don’t overprice your home and let it become an old listing. .
The most expensive house house in Boca Raton last month sold for $ 11,500,000. The lowest priced sale was $ 96,500.
What can Boca Raton FL Residents Expect Regarding Real Estate In The Coming Months?
The Boca Raton real estate market is stabilizing. We are seeing a shift to a buyer’s market in many communities with rising prices due to low interest rates and low inventory.
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 help you 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 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
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, 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 | Dec 2019
- Highland Beach FL Real Estate Market Report | Dec 2019
- 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