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Boca Raton, Delray Beach Home Values Dropping, Selling Fast

Boca Raton Delray Beach Florida News Palm Beach County Real Estate
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BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — Home values in Boca Raton and Delray Beach dropped precipitously between from the second to third quarter of 2021, but the number of days it takes to sell a home in the area also dropped.

According to the just-released Elliman Report prepared by Miller Samuel Real Estate Appraisers, the average price of a single family home in Boca Raton dropped 16.9 percent from the second quarter to the third quarter. The average sales price from April through June was $1,284,350. But that dropped in the July through September time frame to $1,067,735. By square foot, pricing dropped from $327 per square foot to $304.

The good news: homes are selling faster. Home spent an average of 41 days on market during the second quarter, but just 26 days on market for the third quarter. The number of homes available is rising. During the second quarter, there was an inventory of 1.1 months of supply. That jumped to a 1.5 month supply for the third quarter.

The average sales price for “luxury” homes in Boca Raton also dropped quite a bit. Defined as homes in the top ten percent of for sales, the average selling price dropped from $2,146,250 during the second quarter to $1,572,500 in the third quarter. Days on market for this sector rose from 79 days to 95.

In Delray Beach, the average home price dropped from $1,077,714 during the second quarter, to $1,048,947 during the third quarter — representing a 2.7 percent decline. But just like in Boca Raton to the south, the days on market dropped as well. It took an average of 44 days to sell a home in the second quarter, but just 28 in the third quarter. The “months of supply” rose from 1.1 to 1.5, quarter to quarter.

Luxury homes in Delray Beach also saw a decline in pricing, but not as profound as in Boca Raton. The average sales price during the second quarter was $4,119,548. It dropped 4.6 percent to $3,929,905 for the third quarter. However, the average price per square foot in this segment rose from $707 to $718. The average days on market dropped from 103 to 57 quarter to quarter — that is a decline of 44.7 percent.

 

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