The real estate market in Boca Raton and Delray Beach continues to hold strong, even as home sales show signs of slowing. The latest Elliman Report, produced by Miller Samuel Real Estate Appraisers and Consultants, reveals that while prices have dropped slightly from the first to the second quarter of 2024, homes in both areas are still commanding significant increases compared to last year.
Boca Raton: Strong Prices Despite Slight Drop
In Boca Raton, the average sales price of a single-family home dropped 6% from the first quarter to the second quarter of this year, now sitting at $1,739,413. While this is down from the first quarter's average of $1,852,708, the market remains robust with a 22.8% increase year-over-year. This time last year, the average home price was $1,416,048.
Homes in Boca are also staying on the market a bit longer, with an average of 64 days to sell compared to 53 days last year. Currently, there are 717 homes on the market in Boca Raton, indicating continued strong inventory for potential buyers.
Boca Raton Price Predictions for Next Months and Years: 2023, 2024, 2025, 2026, 2027, 2028, 2029
Delray Beach: Rising Home Prices Amid Slower Sales
Delray Beach is seeing a different trend, with home prices continuing to rise. The average selling price for a single-family home in the second quarter of 2024 hit $1,325,066, a 19.4% jump from the first quarter's $1,109,576. Year-over-year, the price increase is smaller, at 3.8%. Last year, the average selling price in Delray Beach was $1,276,021.
Like Boca Raton, homes in Delray Beach are taking longer to sell, averaging 66 days on the market, up from 50 days this time last year.
Condo Market: Mixed Results for Boca Raton and Delray Beach
The condo market, however, presents a mixed picture. In Delray Beach, the condo market has taken a substantial hit. The average sales price of a condo has dropped 28.8% from the first quarter to the second quarter of 2024, now averaging $1,393,506. This is an even steeper 46.5% drop from this time last year when the average price was $2,605,794.
Conversely, Boca Raton’s condo market is thriving. The average selling price for a condo in the second quarter of 2024 was $2,732,451, a 13% increase from the first quarter and an impressive 50% jump from this time last year when condos averaged $1,814,563.
What This Means for Buyers and Seller
Despite slower sales activity, both Boca Raton and Delray Beach remain hot markets, particularly for single-family homes. While homes are taking longer to sell, the price increases year-over-year are substantial, indicating strong demand.
The condo market tells a different story, with Boca Raton condos seeing major gains while Delray Beach condos have experienced sharp declines. For buyers, this could present opportunities to find value in Delray Beach's condo market, while sellers in Boca Raton may benefit from the surge in condo prices.
Overall, the real estate market in these areas continues to evolve, and both buyers and sellers should stay informed to make the most of the current trends.
Reach out to The Mastropieri Group today to embark on your real estate journey with our expert realtors in Boca Raton. Give us a call at 561-544-7000 to discuss how we can assist you in achieving your real estate goals. Whether you're buying, selling, or looking for investment opportunities, our team is ready to offer expert advice and support to help you navigate the dynamic South Florida real estate market. Let us put our expertise to work for you and turn your real estate ambitions into reality.
Homes for Sale in Boca Raton
Posted by Larry Mastropieri on
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