East Boca Raton FL Single Family homes sales for the 1st Qtr 2019
How did homes sell in East Boca Raton FL for the 1st Qtr ending 2019? Was the market up or down or no change? I’ve been reporting on home sales in East Boca Raton throughout the years trying to keep East Boca Raton residents and those wanting to move to East Boca Raton informed on local Real Estate market conditions. Remember, when you’re in the know you’ll make wiser decisions.
East Boca Raton is within the city limits of Boca Raton, where my reporting is focused upon. (see rough draft of map below).
The market has shifted a bit and differs from the condo market to the single family home market. Are you selling a single family home in East Boca Raton? What will matter to you? What about luxury home sales in East Boca Raton? More on that later below.
Knowing these important Real Estate market statistics will help any home Seller knowing how to best position their home for sale in East Boca Raton. In addition, the home Buyer in East Boca Raton will know about what they’re up against and how to best position any offer that they have for a home their considering to buy. Let’s jump in and discover how the East Boca Raton Real Estate market performed ending out the 1st qtr for 2019.
In today’s Real Estate market report, we’ll answer the following questions for single family homes:
- How many homes sold in East Boca Raton?
- What is the Median home sales price in East Boca Raton?
- How long did it take for homes to sell in East Boca Raton?
- What’s the inventory level (supply) of homes available for sale?
- What’s the absorption rate in East Boca Raton?
- And is it a Seller’s Market, Balanced Market or Buyer’s Market in East Boca Raton Florida?
Number of Homes Sold
Ending the 1st qtr of 2019, 201 homes sold, averaging 67 homes sold a month, which is down significantly from the year ending 2018 where we saw an average of 87 homes sold for the 4th qtr ending 2018.
201 homes sold during the 1st qtr ending 2019, which averages selling 67 homes a month
Median Sales Price
$580,000 was the median sales price, which reflects a high of $16,500,000.00 and a minimum of $100,000. Who says you can’t find a home for sale in Boca Raton for less than $150,000? While there aren’t many, obviously they’re out there, as reported sales indicated ending the 1st qtr. Luxury home sales will be reported on later within the article. Stay tuned.
$580,000 was the median sales price ending the 1st qtr 2019 in East Boca Raton. Down from $604,000 a year ago 2018.
Days on the market (DOM) before homes sold
Homes were on the market for 45 days before they sold.
Supply of Homes
The supply of homes indicates what the inventory level is of homes currently available for sale in East Boca Raton. Should no other homes enter the real estate market for sale in East Boca Raton it would take approximately 9.63 months to sell what is currently active for sale based on prior reported home sales.
The supply of homes have increased since a year ago 2018, where the supply showed just over 8 months.
Absorption Rate (rate in which homes are absorbed/sold)
How many homes are being bought by home Buyers in East Boca Raton; what is being absorbed by them? Currently, it shows that just over 10% of homes are being “absorbed” by these home Buyers. A strong indicator of a Buyer’s market.
Less homes have been sold as compared to a year ago 2018, where over 12% of homes were absorbed by the East Boca Raton home Buyer.
It’s a Buyer’s Market in East Boca Raton Florida
Typically, when there is less than a 6 months of inventory supply we’re in a Seller’s Market, 6 months of inventory supply we’re in a Balanced/Stable market and over 6 months inventory supply of homes reflects a Buyer’s market.
It’s always important to understand, that the type of Real Estate market will vary by city, right down to the specific neighborhood. When you hear another city is experiencing a Seller’s market, for example, it does not mean that the same Real Estate activity holds true for you, in East Boca Raton. You’ll always want to speak with a skilled Real Estate professional to get the specifics depending upon where you live.
Through the first quarter of 2019, the Real Estate market has further settled into being a Buyer’s market. Last year ending 2018 the local East Boca Raton Real Estate market was also experiencing a Buyer’s market. The trend continues within the 1st quarter of 2019.
Luxury Home Sales in East Boca Raton
The neighborhoods of Old Floresta, Royal Palm Yacht & Country Club and Spanish River Land had the most luxury homes sold ending the 1st quarter of 2019.
Number of Homes Sold
Ending the 1st qtr of 2019, 54 luxury homes sold in East Boca Raton, averaging 18 a month.
Median Sales Price
$1,687,500 was the median sales price of luxury homes, with the highest price point at $16,500,000.
Days on the Market (DOM)
Luxury homes in East Boca Raton where on the market for a median of 78 days, where the highest priced home took 766 days to sell.
Supply of Homes
There is over a 16 months supply of Luxury homes for sale in East Boca Raton. If no additional luxury homes entered the market for sale, it would take just over 16 months for the luxury home Sellers to sell their homes.
Absorption Rate (rate in which homes are absorbed/sold)
How are luxury homes being absorbed into the East Boca Raton luxury home market? Currently, it is showing that 6% of luxury homes for sale are being absorbed or bought by home buyers seeking the luxury lifestyle of East Boca Raton Florida.
Find Luxury Homes for Sale in East Boca Raton, city of Boca Raton limits.
East Boca Raton Real Estate Market Report prepared by local East Boca Raton Realtor with eXp Realty, Lynn Pineda. Delivering Real Estate Promises, while selling homes since 2005.
The results reported here are based upon local MLS reporting and are not guaranteed.
