Real Estate Market Update for Boca Raton, FL - November 2014
The Realtors Association of the Palm Beaches has released the Real Estate Market Update for Boca Raton, FL for November 2014. Here's the info:
New Listings: 536 This Year vs 536 Last Year. No change
Closed Sales: 270 This Year vs 254 Last Year. +6.3%
Median Sales Price: $300,000 This Year vs $244,500 Last Year. +22.7%
Percent of List Price Received: 90.7% This Year vs 91.5% Last Year. (-0.9%)
Days on Market Until Sale: 108 This Year vs 94 Last Year. +14.5%
Inventory of Homes for Sale: 2,229 This Year vs 2,406 Last Year. (-7.4%)
Months Supply of Inventory: 6.0 This Year vs 6.4 Last Year (-6.9%)
Year to Date
New Listings: 6,589 This Year vs 6,007 Last Year. +9.7%
Closed Sales: 3,966 This Year vs 4,096 Last Year. (-3.2%)
Median Sales Price: $279,000 This Year vs $250,000 Last Year. +11.6%
Percent of List Price Received: 91.2% This Year vs 90.8% Last Year. +0.5%
Days on Market Until Sale: 95 This Year vs 119 Last Year. (-20.5%)
As you'll note, the Median Sales Price jumped 22.7% in November while year to date it has increased an impressive 11.6%. It will be interesting to see how the median pricing changes once we are past the new year. Can the Boca Raton market absorb much more than a $300,000 median sales price?
Of note, the Days on Market Unitl Sale has decreased by 24 days. This is a 20.5% change. Does this mean that lending restrictions are easing? That is questionable as there are 9.7% more listings Year to Date and 3.2% fewer Closed Sales. I guess time will tell.
If you are looking to determine the value of your home or would like a list of available properties for sale in your area please contact me.
Source: Realtors Association of the Palm Beaches