Taking Longer To Sell Homes… For Less…
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — The latest real estate statistics in the Elliman Report from Miller Samuel Real Estate Appraisers and Consultants suggest a dramatic market slowdown continues in Boca Raton and Delray Beach.
When comparing the first quarter of 2023 to the first quarter of 2022 in Boca Raton, the average sales price remains roughly the same — $1.3M. But that’s where the good news starts and stops.
The average number of days on market doubled from 30 during the first quarter of 2022 to 60 during the first quarter of 2023. The actual selling price during the first quarter of 2023 was 7.6-percent lower than the asking price. In 2023, the discount was 3.2-percent. And the number of homes on the market in Boca Raton more than doubled. 273 homes were on the market during the first quarter of 2022. The first quarter of 2023 showed 577 listings in and around Boca Raton.
In Delray Beach, the numbers in all categories are a bit more notable. The average sales price during the first quarter of 2023 was $1.28M, down 18-percent from the first quarter of 2022 — when the average sales price was $1.07M.
The average days on market for Delray Beach was 53 for the first quarter of 2023, significantly higher than the 35 days it took on average sell a home during the first quarter of 2022. The average selling price discount compared to listing price: 7.4 percent during the first quarter of 2023, versus 3.3-percent during the first quarter of 2022.
And when it comes to listing inventory, there were nearly three times as many homes on the market during the first quarter of 2023 as there were during the first quarter of 2022 — 337 versus 122.
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