In the comprehensive Real Estate Market Report for Boca Raton, Florida, as of January 2024, Larry Mastropieri, the broker and owner of The Mastropieri Group, provides a detailed analysis of the local real estate trends. The report begins with a striking revelation of a 12% year-over-year increase in average sale prices comparing December 2023 to December 2022. A deeper dive into annual data shows a 6% rise in average sales price, from $842,000 in 2022 to $892,000 in 2023.

Mastropieri emphasizes the importance of considering median sales data alongside average data to avoid skewing by outlier transactions. This approach reveals a 10% year-over-year increase in median sales price for December 2023 compared to the same month in 2022, and an 8% increase for the year as a whole, with median prices rising from $525,000 in 2022 to $565,000 in 2023.

The report also delves into the sale-to-original list price ratio. Early 2022 saw properties selling at or above asking price, but this trend shifted later in the year, with properties trading 7-9% below original asking prices, aligning with historical norms of 2015-2019.

An analysis of the average days on market reveals an 8% increase in December 2023 compared to the previous year, with homes taking about 57 days to go under contract. This trend is interpreted as a signal of healthy market demand.

Mastropieri also highlights the existing home sales data as a lagging indicator, noting a slight decrease in home sales and a 21% increase in inventory as of January 2024, though still lower than historical averages.

Under contract data, viewed as a leading indicator, suggests a potential softening in the market. However, the sales price data does not reflect this trend.

The absorption rate indicates a shift from a seller's to a buyer's market, with the current rate reflecting a more neutral market condition, similar to the period from 2015-2019.

In conclusion, Mastropieri forecasts continued price growth for 2024, despite the affordability crisis and high interest rates. He anticipates a more normalized market similar to 2015-2019, with sufficient demand to absorb increasing inventory. This optimistic outlook underscores the resilience and dynamism of Boca Raton's real estate market.

Questions or comments?  Drop them below!

Posted by Discover South Florida on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.