Sales Up, Sale Prices Down For Delray and Boca Homes and Condos

BOCA RATON, FL (BocaNewsNow.com) — Douglas Ellman’s second quarter real estate report for South Florida reveals more home and condo sales in Boca Raton and Delray Beach, but those sales are at a lower price than one year ago. It is also taking a slightly longer period of time to sell real estate in the area.

Directly from the report:

DELRAY BEACH HIGHLIGHTS

 Overview

– Median price marketwide by property type moved higher as did the number of sales

– East of Federal highway saw mixed price trends but a jump in sales activity

– Luxury single family market showed stability as smaller sales size skewed price indicators to same degree

– Luxury condo market price trend indicators reflect more activity at the upper end of the market

Key Trend Metrics (compared to same year ago period)

LUXURY SINGLE FAMILY

– Median sales price declined 9.5% to $1,547,500

– Days on market was 118, up from 116
– Listing discount was 11%, up from 10.7%

– Entry threshold began at $1,070,000

LUXURY CONDO

– Median sales price slipped 1% to $640,000

– Days on market was 116, up from 73
– Listing discount was 5.8%, down from 7.7%

– Entry threshold began at $458,465

BOCA RATON HIGHLIGHTS

Overview

– Marketwide median sales prices for both property types moved higher as remainder was mixed

– Condo sales surged as inventory edged higher while single family sales declined and inventory fell sharply

– The pace of the market moved a lot faster than the same period last year

 

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

– Median sales price declined 19.8% to $842,500

– Days on market was 112 days, up from 109 days

– Listing discount was 8.3%, down from 9%

– Listing inventory increased 62.6% to 374

– Entry threshold began at $540,000

 

LUXURY SINGLE FAMILY

– Median sales price declined 9.1% to $1,995,000

– Days on market was 165 days, down from 188
– Listing discount was 11.1%, up from 10.5%

– Listing inventory fell 15.6% to 353

– Entry threshold began at $1,175,000