Real Estate Market Update for Boca Raton, FL - November 2014

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:

November
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%)

Commentary
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