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Delray Beach, Boca Raton Real Estate Prices Soar, Inventory Drops

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UPDATED 8:30 a.m. ET to correct single family home numbers in Boca Raton. Condo sales were initially listed.

BY: STAFF REPORT | BocaNewsNow.com

DELRAY BEACH, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — The latest Elliman Report reveals a stunning increase in average sales price for single family homes in Delray Beach. With the sales price rise comes a drop in active inventory.

(News app readers access our full report).

According to the report just released this morning, the average sales price in Delray Beach for the first quarter of 2021 is $952,608. That is a jump of 27.5 percent from this time last year, when the average sales price was $747,033.

For homes in the “Luxury” market, the increase is also significant. The average sales price for the first quarter is $3,928,825. This time last year the average sales price was $2,909,912, for a year-to-year jump of 35 percent.

Want a house? Good luck finding it. The active listing inventory based on the report is 174 single family homes. That is a 70.3 percent decrease — you read the correctly — from this time last year, when 586 homes were on the market.

In the “luxury” segment, 67 homes are on the market. This time last year, the number was 123.

In Boca Raton, the average sales price for a single family home in the just-ended quarter is $1,136,831. A year ago the average sales price was logged at $840,655.

In the “luxury” segment, the average sales price for the first quarter of of 2021 is $5,178,756. A year ago the average sales price was $3,481,339.

In the single family home categoryl, 329 homes are on the market, down 67.9 percent from 1,026 on the market during the first quarter of 2020.

At the “luxury” level in Boca Raton, 118 homes are on the market — according to the report. This time last year, 305 were on the market. That’s a decrease of 61 percent.

The Elliman Report is produced by Miller Samuel Real Estate Appraisers and Consultants in conjunction with Douglas Elliman Real Estate.

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