The Elliman Report, Just Released, Reveals Shocking Boca Raton and Delray Beach Sales Data…
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — A gloomy economy and rising mortgage interest rates are having no impact on the housing market in Boca Raton and Delray Beach. The latest Elliman Report, prepared by Miller Samuel Real Estate Appraisers and Consultants, shows homes in Boca Raton and Delray Beach selling at higher prices — and faster — in the second quarter of 2022 than they did during the first quarter.
In Delray Beach, the average selling price of a single family home rose 13.9 percent from $1.078M during the first quarter of 2022 to $1.22M during the second quarter of 2022. The median price also rose from $635,000 to $820,000. The number of days it took a home to sell in Delray Beach dropped, from 35 days during the first quarter to 21 days during the second quarter. The report says 373 sales closed during the second quarter in Delray Beach, an increase from 339 sales closing during the first quarter.
In Boca Raton, the average selling price of a single family home rose from $1.35M in the first quarter of 2022 to $1.47M in the second, with the median selling price rising from $777,500 to $870,000. The number of days that it took a home to sell decreased, from 30 days during the first quarter of 2022 to 22 days in the second quarter. The report says 676 homes sold in Boca Raton during the first quarter, while 617 homes sold in Boca Raton during the second quarter.
Inventory rose in both Boca Raton and Delray Beach, but the additional homes listed did not appear to adversely impact the number of days it took a home to sell, or the ultimate selling price.
CONDOMINIUM PRICING
Condominiums in Boca Raton saw a selling price increase. The average sales price of a condo in Boca Raton during the second quarter was $587,000, a 6.2-percent increase from the first quarter average selling price of $553,000 Delray Beach condos, however, lost value during the second quarter. The average selling price dropped 5.4 percent from $355,000 to $336,000.
