Condo Market Decimated In Delray Beach, Still Strong In Boca Raton.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — Home prices in Boca Raton and Delray Beach dropped just a bit from the first quarter to second quarter of the year, but are still commanding a significant price increase from this time last year.
The latest Elliman Report produced by Miller Samuel Real Estate Appraisers and Consultants is just out, and we’ve got the details in what continues to be a hot real estate market.
In Boca Raton: the average sales price of a single family home dropped 6-percent from the first quarter of the year to the second quarter. The number: $1,739,413. While down from the $1,852,708 in Q1, it’s up 22.8-percent rom this time last year — when the average sales price was $1,416,048. Homes in Boca Raton are taking an average of 64 days to sell now. That’s up from 53 days this time last year. There are 717 homes on the market in Boca Raton as of the time the report was produced this week.
In Delray Beach, homes are a bit less expensive but showing price hikes quarter-to-quarter and year-over-year. The average selling price of a home in Delray Beach during the second quarter of 2024 was $1,325,066. That’s up 19.4 percent from the first quarter of the year, when the average selling price was $1,109,576. When looking year-to-year, the increase is 3.8 percent. The average selling price in Delray Beach last year at this time was $1,276,021. It’s taking an average of 66 days for a home to sell in Delray Beach. That’s up from 50 days this time last year.
When it comes to condos, the news is not good. In Delray Beach, the average sales price is now $1,393,506. That’s down 28.8 percent from the first quarter, when the average sales price was $1,956,568, and down 46.5 percent from this time last year — when the average selling price was $2,605,794.
In Boca Raton, the average condo selling price for the second quarter of 2024 was $2,732,451. That’s up 13-percent from the first quarter, when the average selling price was $2,419,051, and up 50-percent from this time last year when the average condo selling price was $1,814,563.
