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Real Estate Market Update for Boca Raton in October 2024

Real Estate Market Update for Boca Raton in October 2024

October 2024 

Boca Raton Market Stats 

The real estate market in Boca Raton during October 2024 showcased diverse trends for single-family homes and townhouses/condos. While some metrics reflected a cooling market, others signaled resilience and sustained activity. Here’s a breakdown of the market performance for both property types:

Boca Raton Single-Family Home

The single-family home market in Boca Raton experienced a slight decline in activity compared to the same period last year, accompanied by stable pricing and subtle shifts in inventory levels.

  • Closed Sales: 69 homes sold, marking a decline of 8.0% from October 2023.
  • Median Sales Price: The median price held steady at $1,175,000, showing no change from the previous year.
  • Active Inventory: There were 368 active listings, a modest increase of 0.8% compared to last year, indicating a balanced market.
  • Months Supply of Inventory: Inventory levels slightly tightened to 4.9 months, down from 5.0 months in October 2023.
  • New Listings: Only 76 new listings entered the market, representing a sharp 31% decline year-over-year, contributing to the tightening inventory.
  • New Pending Sales: Pending sales grew by 1.6%, reaching 62 transactions, signaling continued buyer interest.

The steady median sales price combined with a slight increase in pending sales suggests that demand remains relatively strong, even amid fewer new listings.

Boca Raton Townhouses and Condos

The townhouse/condo market displayed contrasting trends, with notable increases in inventory and months of supply but a dip in sales and median prices compared to the previous year.

  • Closed Sales: A total of 51 townhouse/condo units sold, reflecting a decline of 7.3% year-over-year.
  • Median Sales Price: Prices dropped to $379,000, representing a 26% decrease from October 2023.
  • Active Inventory: Listings surged to 519, a substantial 33% increase compared to last year, highlighting growing availability.
  • Months Supply of Inventory: The months of supply rose to 7.5 months, up from 5.5 months a year ago, indicating a shift toward a buyer's market.
  • New Listings: There were 128 new listings, a slight increase of 1.6% from last year, contributing to the higher inventory.
  • New Pending Sales: Pending sales decreased by 23%, with only 49 new contracts signed during the month.

The increase in inventory and months of supply, coupled with declining median prices, reflects a more favorable environment for buyers in the townhouse/condo segment.

Boca Raton’s real estate market in October 2024 highlighted the evolving dynamics between supply and demand. Single-family homes continue to demonstrate stability, with strong pricing and steady buyer activity despite fewer new listings. Meanwhile, the townhouse/condo market is seeing growing inventory and a shift in favor of buyers, as affordability pressures and increased options create opportunities for negotiation. Both segments remain active, catering to a range of preferences and needs in Boca Raton’s competitive market.

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