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.
