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
