Condo Sales Up, House Prices Down In Boca Raton

BOCA RATON, FL (BocaNewsNow.com) — New real estate information released early Thursday morning reveals good news and bad news for Boca Raton.

According to the Elliman Florida report, all condo prices in the area were up from this time last year. Condo sales were down from this time last year, but had the second highest total in more than six years.  Condos in the area sold two weeks faster than they did a year ago.

Here is a breakdown provided as part of the report:

CONDO/TOWNHOUSE
-Median sales price jumped 9.4% to $125,000 from $114,250 in the prior year quarter.
-Number of sales declined 8.9% to 705 sales from 774 sales in the prior year quarter.
-Days on market was 158 days, 2 weeks faster than same period last year.
-Listing discount was 7%, down from 9.3% in the same period last year.

SINGLE FAMILY
-Median sales price slipped 1.7% to $285,000 from $290,000 in the prior year quarter.
-Number of sales edged up 1.5% to 595 sales from 586 sales in the prior year quarter.
-Days on market was 171 days, 3 weeks faster than same period last year.
-Listing discount was 6%, down from 8.2% in the same period last year.

Submarkets

LUXURY CONDO/TOWNHOUSE [TOP 10%] -Median sales price jumped 18.8% to $742,500 from $625,000 in the prior year quarter.
-Days on market was 267 days, 13 faster than the same period last year.
-The entry threshold was $500,000 in the current quarter.

LUXURY SINGLE FAMILY [TOP 10%] -Median sales price increased 13.2% to $1,669,000 from $1,475,000 in the prior year quarter.
-Days on market was 337 days, one month faster than the same period last year.
-The entry threshold was $940,000 in the current quarter.

WATERFRONT CONDO/TOWNHOUSE
-Median sales price increased 31.2% to $216,500 from $165,000 in the prior year quarter.
-Days on market was 311 days, 20 days faster than the same period last year.
-Market share of all condo/townhouse sales was 44.1%