Boca, Delray Real Estate Markets Take Minor Irma Hit

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BOCA RATON, FL (BocaNewsNow.com) — It will likely mean nothing several months from now, but Hurricane Irma is being blamed for a sales downturn in both Boca Raton and Delray Beach.
According to the Elliman Report, 611 single family homes closed in Boca Raton during the third quarter, down 17.4 percent from the second quarter. The average sales price is $603,096, down from $674,650. Days on market in the third quarter was 77, up from an average of 72. The average price per square foot was $185.
In Delray Beach, home to Saturnia Isles, Mizner Country Club, communities north of Clint Moore on Jog as well as Bridges and Seven Bridges, the average price per square foot dropped a hair from $249 to $248. Sales, however, dropped significantly — there were 379 closings in the second quarter, but just 276 in the third.
In Delray’s luxury market, which roughly includes homes starting in the area of $1m, the median sales price rose from $1.5m to $1.7m, but the number of days on market rose as well, from 118 to 124. The listing discount in this segment — which is the actual price versus the asking price — was 18 percent.