• Sun. Aug 7th, 2022

Home sales prices soar in Boca Raton, Delray Beach

Inventory down. Homes are selling faster and for longer than last year.

BY: ANDREW COLTON | Editor and publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) – Home prices are still skyrocketing in Palm Beach County, with the latest report from Douglas Elliman revealing huge increases in what people pay for condos and single family homes in and around Boca Raton.

Produced by Miller Samuel Real Estate Appraisers and Consultants, the report was published on BcoaNewsNow.com on Thursday morning.

BOCA RATON

In Boca Raton, the average closing price for a single-family home in the fourth quarter of 2021 jumped 21.4% from the previous quarter. This brings the average price paid to $1,296,483. The sale price increased by 19.6% compared to the same period in 2020, when the average price of a house sold was $1,083,661.

The average price of luxury homes in Boca Raton rose again, with the fourth quarter of 2021 posting an average sale price of $5,731,860, a 30.5% 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-over-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 fourth-quarter sale price of $497,665. This is an increase of 6.4% compared to the third quarter and 38.6% compared to the previous year. The average price paid for a condo in the fourth quarter of 2020 was $359,152.

The average sale price for luxury condos in Boca Raton was $1,987,804 during the fourth quarter of 2021, an increase of 6.5% from the third quarter. The average sale price for a luxury condo during the fourth quarter of 2020 was $1,361,777, which means the year-over-year sale price jumped 46%.

DELRAY BEACH

Delray Beach sale prices were also significantly 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 an increase of 41.2% over the third quarter and 92.4% over the previous year, when the average sale price was $770,112.

The average sale price for luxury homes during the fourth quarter in Delray Beach was $7,562,788. This is a huge jump of 92.4% from the third quarter and 195.8% 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 sale price for a condo in Delray Beach during the fourth quarter of 2021 was $288,963, which represents an increase of 13% compared to the third quarter and 23.3% compared to the fourth quarter of 2020, when the average price paid was $234,344.

The average sale price during the fourth quarter of 2021 for “luxury condos” in Delray was $1,005,118, which represents an increase of 14.4% compared to the third quarter and 6% compared to the fourth quarter of 2020, when the average sale price was $949,730.

GOOD TIME TO SELL

Whether it’s a standard condo or a luxury home, the data suggests that now is a good time to sell in Boca Raton and Delray Beach.

In Boca Raton, during the fourth quarter of 2021, there was only 1.1 months of home supply on the market, which is down 26.7% from the third quarter and 47, 6% from the fourth quarter of 2020. The average “days on market” from the last list update to the date of sale was 34 during the fourth quarter. This represents a 50.7% drop from the fourth quarter of 2020, when the average “days on market” was 69.

In Delray Beach, the fourth quarter showed just 1.1 months of single-family home supply, down 26.7% from the third quarter and 45% from the fourth quarter of 2020. The average “ days on market” for the last update of the list on the date of sale in Delray Beach is the 32nd.

Luxury homes take longer to sell, with an average “days on market” of 66 in Boca Raton and 81 in Delray Beach.

Content Copyright © 2022 Metro Desk Media, LLC. All rights reserved. BocaNewsNow.com ® is a registered trademark. We vigorously protect our intellectual property and journalistic product. Broadcast stations must credit BocaNewsNow.com on-air. Imprint must reference BocaNewsNow.com. Online must link to BocaNewsNow.com. We have agreements with several organizations. Contact news(at)bocanewsnow.com. Call 866-4-FL-NEWS. Arrest reports are charges from the police. guilt or innocence is determined by a court.

The latest from BocaNewsNow.com

Printable, PDF and email version