Huge Decline In Selling Price For Delray Beach Homes.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — House “sold prices” dropped for both the quarter and the year in Boca Raton and Delray Beach, according to the just out Elliman Report prepared by Miller Samuel appraisers and advisors.
The average closing price of a house in Boca Raton for the fourth quarter of 2022 was $1,246,270. That’s down 1.4 percent from the previous quarter, and 3.9 percent from the same time in 2021. Contributing to the lower selling prices: inventory. There were 627 homes on the market during the fourth quarter of 2022 in Boca Raton, but only 250 a year earlier.
In Delray Beach, the situation is far worse. The average selling price for a home in the fourth quarter of 2022 was $1,220,825. While that’s up 14.8 percent from the previous quarter, it’s down 17.6 percent from the same time last year. In the fourth quarter of 2021, the average selling price was $1,481,629.
Again, inventory appears to be the cause. In Q4 of 2022, 313 homes were on the market in Delray Beach, representing a 3.9-month supply. A year earlier, however, only 127 homes were on the market, representing a 1.1-month supply.
Homes on the market in Delray Beach are now taking an average of 44 days to sell. A year ago it took 32 days. In Boca Raton, it’s taking an average of 41 days to sell a home. A year ago it took an average of 34 days.
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