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Home Prices In Boca Raton Soar, While Delray Beach Sees Huge Decline

Boca Raton Delray Beach Florida News Palm Beach County

Inventory Remains Low In Boca Raton, Delray Beach, According To Latest Elliman Report.

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Home sale prices are rising in Boca Raton, but dropping in Delray Beach.

BY: STAFF REPORT | BocaNewsNow.com

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — Single family home sale prices in Boca Raton continued to rise in the first quarter of 2022, while prices in Delray Beach dropped. The latest Elliman Report, with numbers from Miller Samuel Real Estate Appraisers and Consultants, reveals that homes in Boca Raton are selling faster — and for more — than they did in 2021.

BOCA RATON (Any Property With A Boca Raton Address).

For the first quarter of 2022, the average sales price for a single family home in Boca Raton was $1,350,066. That is up 4.1 percent from the fourth quarter of 2021 when the average price was $1,296,483, and up 18.8 percent from the first quarter of 2021. The average sales price a year ago was $1,136,831.

The average number of days on market for homes in Boca Raton during the first quarter of 2022 was 30. One year ago, it took an average of 66 days to sell a home in Boca Raton.

Homes in Boca Raton during the first quarter of 2022 ended up selling for an average of 3.2 percent less than listing price. The listing discount a year ago was 6 percent.

DELRAY BEACH (Any Property With A Delray Beach Address).

In Delray Beach, home prices dropped precipitously during the first quarter of 2022. The average sales price for a single family home in Delray Beach was $1,078,658. That’s down 27.2 percent from the fourth quarter of 2021 when the average sales price was $1,481,629. It is up, however, from the first quarter of 2021. The average sales price a year ago was $952,608.

Homes are selling quickly, however. In Delray Beach, homes averaged 35 days on the market during the first quarter of 2022. That’s up 9.4 percent from the fourth quarter of 2021 when homes sold in an average of 32 days, but down 48.5 percent from the same time a year ago when it took an average of 68 days to sell a home.

The average listing discount during the first quarter of 2022 in Delray Beach was 3.3 percent. Homes sold for an average of 5.6 percent below listing price during the fourth quarter of 2021, and 6.1 percent below listing price in the first quarter of 2021.

In Delray Beach, 339 homes closed in the first quarter of 2022 which is down 5.8 percent from the 360 that closed during the last quarter of 2021. In Boca Raton, 889 homes closed during the first quarter of 2022 — that’s down 2.6 percent from the 913 homes that closed during Q4 of 2021.

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