Inventory Down. Homes Selling Faster And For More Than Same Time Last Year.
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — Home prices are still soaring in Palm Beach County, with the latest Douglas Elliman report revealing huge increases in what people are paying for condos and single-family homes in and around Boca Raton.
Produced by Miller Samuel Real Estate Appraisers and Consultants, the report was released to BcoaNewsNow.com Thursday morning.
BOCA RATON
In Boca Raton, the average closing sales price for a single-family home in the fourth quarter of 2021 jumped 21.4 percent from the previous quarter. That brings the average price paid to $1,296,483. The selling price is up 19.6 percent from the same time in 2020, when the average price of a sold home was $1,083,661.
The average luxury home price in Boca Raton jumped even more, with the fourth quarter of 2021 showing an average selling price of $5,731,860 which is a 30.5 percent jump from the third quarter. A year earlier, the average price paid for a luxury home in Boca Raton was $5,035,368. That’s a year-to-year increase of 13.8 percent. “Luxury” is defined as the top ten percent of sales.
The condo market in and around Boca Raton is also healthy, with an average selling price in the fourth quarter of $497,665. That’s up 6.4 percent from the third quarter, and up 38.6 percent from a year earlier. The average price paid for a condo in the fourth quarter of 2020 was $359,152.
The average luxury condo sales price in Boca Raton was $1,987,804 during the fourth quarter of 2021, which is a 6.5 percent increase from the third quarter. The average sales price of a luxury condo during the fourth quarter of 2020 was $1,361,777, which means the year-to-year sales price jumped 46 percent.
DELRAY BEACH
Delray Beach sales prices were also notably higher. The average price paid for a single-family home in Delray Beach during the fourth quarter of 2021 was $1,481,629. That’s up 41.2 percent from the third quarter, and 92.4 percent from a year earlier when the average sales price was $770,112.
The average luxury home sales price during the fourth quarter in Delray Beach was $7,562,788. That is a huge jump of 92.4 percent from the third quarter, and up 195.8 percent from the fourth quarter of 2020 when the average price paid was $2,556,776.
The condo market is also hot in Delray Beach.
The average selling price for a condo in Delray Beach during the fourth quarter of 2021 was $288,963 which is up 13 percent from the third quarter, and up 23.3 percent from the fourth quarter of 2020 when the average price paid was $234,344.
The average sales price during the fourth quarter of 2021 for “Luxury Condos” in Delray was $1,005,118 which is up 14.4 percent from the third quarter, and up 6 percent from the fourth quarter of 2020 when the average sales price was $949,730.
GOOD TIME TO SELL
Whether it’s a standard condo or a luxury home, data suggests this is a good time to sell in Boca Raton and Delray Beach.
In Boca Raton during the fourth quarter of 2021, there was just a 1.1 months supply of homes on the market which is down 26.7 percent from the third quarter, and down 47.6 percent from the fourth quarter of 2020. The average “days on market” from last listing update to sales date was 34 during the fourth quarter. That is down 50.7 percent from the fourth quarter of 2020 when the average “days on market” was 69.
In Delray Beach, the fourth quarter revealed just 1.1 months supply of single-family homes which is down 26.7 percent from the third quarter, and down 45 percent from the fourth quarter of 2020. The average “days on market” for last listing update to sales date in Delray Beach is 32.
Luxury homes are taking longer to sell, with an average “days on market” of 66 in Boca Raton and 81 in Delray Beach.
