Cash Is King. Buyers WIth Cash Win Bidding Wars And Are Paying More Than Asking Price.
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2024 MetroDesk Media, LLC) — The average selling price of homes in Delray Beach and Boca Raton dropped for the third quarter of 2024, according to the Elliman Report produced by Miller Samuel Real Estate Appraisers and Consultants. The report was released early Thursday. But the price drop is only part of the story. High interest rates are increasing the number of homes being sold for cash, and the number of buyers who engage in “bidding wars.” The winners tend to be buyers who don’t need financing, and are willing to pay more than the asking price.
DELRAY BEACH: In Delray Beach, the average sales price of a single family home for the third quarter was $1,198,514. That’s down 9.6-percent from the second quarter, when the average sales price was $1,325,066. If comparing year-to-year is your thing, the news is better. The average selling price rose 2.6 percent between the third quarter of 2023 and the third quarter of this year.
For luxury homes, the drop is more notable. The average selling price of a “luxury” home in Delray Beach during the third quarter of 2024 was $3,695,394. That’s down 14.9-percent from the second quarter, when the average selling price was $4,342,608. The year-to-year drop was 5.8 percent between Q3 of 2023 and Q3 of 2024.
BOCA RATON: In Boca Raton, the news is better. The average selling price of a single family home in Q3 of 2024 was $1,706,050. That’s down just 1.9 percent from Q2 when the average selling price was $1,739,413. But when you look at the year-to-year numbers, the story is much different. The selling price of homes in Boca Raton jumped 20 percent on average between Q3 of 2023 and Q3 of 2024.
The percentages are similar for “luxury” homes. The average selling price of a luxury home in Boca Raton during Q3 was $6,744.250. That’s down 4.3 percent from Q2, but up 26.2 percent from the average selling price in Q3 of 2023. A year ago, the average selling price of a luxury home in Boca Raton was $5,346,212.
