September 2024
Boca Raton Market Stats
The real estate market in Boca Raton during September 2024 reflected notable changes across both single-family homes and townhouses/condos. This comprehensive analysis highlights key shifts in closed sales, median prices, inventory, and new listings, helping buyers and sellers understand current trends.
Boca Raton Single-Family Home
The single-family home market in Boca Raton continues to show strong pricing trends despite decreased sales activity. The rise in median sales price and active inventory may suggest an increased demand for premium homes, while reduced new listings and pending sales indicate a cautious seller approach or slower buyer demand.
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Closed Sales: 68, down 21% compared to last year. Fewer transactions suggest potential shifts in buyer demand or reduced inventory.
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Median Sales Price: $1,247,599, up 38% year-over-year. This increase indicates a stronger demand or a rise in luxury home sales.
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Active Inventory: 375, up 7.4% from last year. The increased availability offers more choices for buyers.
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Months Supply of Inventory: 5.0 months, up from 4.8 months a year ago. A slight increase suggests a market leaning towards balance but still favoring sellers.
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New Listings: 94, down 24% year-over-year. Fewer homes entering the market could intensify competition among buyers.
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New Pending Sales: 61, down 24% from a year ago, highlighting a slower pace of sales contracts being signed.
Boca Raton Townhouses and Condos
The townhouse/condo segment in Boca Raton reveals strong pricing gains amid lower sales and fewer new listings. With a significant rise in active inventory and months of supply, the market is showing more balance, giving buyers more options while prices remain competitive.
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Closed Sales: 47, down 28% from last year, pointing to a significant reduction in sales activity.
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Median Sales Price: $660,000, up 31% year-over-year. The increase underscores ongoing demand or a shift towards higher-priced units.
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Active Inventory: 484, up 39% compared to last year. This rise offers a wider selection for prospective buyers.
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Months Supply of Inventory: 7.0 months, up from 5.0 months a year ago, indicating a more balanced market but with more inventory than single-family homes.
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New Listings: 101, down 7.3% year-over-year, suggesting less new inventory entering the market.
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New Pending Sales: 41, down 33% from last year, indicating a slower rate of contracts being signed.
Boca Raton’s real estate market for September 2024 shows increased median prices and rising inventories, but reduced sales and new listings for both single-family homes and townhouses/condos. This combination points to potential opportunities for buyers seeking more choices while keeping sellers motivated.
