DELRAY BEACH, FL (BocaNewsNow.com) — Delray real estate is troubled but Boca Raton home sales are looking better — according to a new report just out by analysts with noted real estate firm Douglas Elliman.
“Delray Beach showed single-family sales slipping for the first time in six quarters as listing inventory expanded,” according to the report, which shows the median sale price declining year over year 1.4% to $2,045,250. Days on the market was 143 up from 126. Listing discount was 9.7% up from 8.7% and the entry threshold for “luxury” homes is now just shy of $1.3m. That’s down 1.6%.
Delray is facing an onslaught of available real estate, including properties in Seven Bridges and its Boca-by-three-inches neighbor Boca Bridges where homes start at $1M. To that end Boca Raton real estate is also facing similar challenges.
The media sales price for luxury single family homes declined a whopping 14.9% to $1,830,000. The average price for square foot rose 9.1% to $455. Days on the market was 136 days up from 134 and the listing discount held steady at 9.4%. The luxury entry threshold began at $1,350,000. That’s up 8%.
Interestingly, the condo market in both Boca and Delray seems stronger than the luxury home market.
In Boca Raton, the median sales price jumped 48.3% to $1,175,000. The average price for square foot rose 39.2% to $522. Days on market was 146, up from 116, and the listing discount rose to 8.2 percent from 7.3 percent. The listing inventory declined 21.4 percent to 313 units. The entry threshold for luxury condos now starts at $665,000. That/s up 26.7 percent from a year ago.
In Delray, the median sales price for luxury condos declined 26.8% to $510m,000. Days on the market was 111, up from 88. The listing discount was 5.4%, down from 6.6%. And the luxury entry threshold in the Delray condo market held steady at $385,000.