East Boca Raton FL Real Estate Market Stats reported to close out the year ending 2018
Find out about the East Boca Raton, Florida Real Estate Market in this publication on single family home sales in East Boca Raton, Florida. East Boca Raton is within the city limits of Boca Raton. (see rough draft of map below).
How did home sales in East Boca Raton end the 4th Qtr year ending Dec 2018? If you’re buying a home in East Boca Raton or selling a home in East Boca Raton, this report will shed some important light on your decision making process. And remember, if you have more questions that aren’t answered here in my report, you can call/text/ me at 954-464-1100 or email at LynnP@ImagineYourHouse.com.
In today’s market report we’ll uncover the following for single family homes:
- The number of homes sold in East Boca Raton.
- The median home prices in East Boca Raton.
- The median square foot prices in East Boca Raton.
- How many days on the market (DOM) before homes sold in East Boca Raton?
- The level of distressed homes in East Boca Raton.
- The absorption rate/level of supply and inventory in East Boca Raton.
- Seller’s Market, Balanced Market or Buyer’s Market in East Boca Raton Florida.
Today’s report is for the 4th Quarter ending 2018. Let’s find out about homes sold in East Boca Raton.
Home Sales in East Boca Raton – at a glance.
Both the number of homes sold and the median price closed out the year down from the 3rd quarter.
During the 4th quarter, 84 single family homes sold in East Boca Raton Florida and the median sales price ended the year at $571,500 down from the 3rd quarter being $585,000.
The median sales price was up from a year ago 2017 by 2.7%.
The Real Estate market in East Boca Raton shows that the market has slowed from it’s peak in the beginning of the year with less homes being sold by years end for less money, yet again still up from 2017.
Homes took longer to sell and shifted back into a more predominant Buyer’s market. (Now more than ever is the time to scrutinize your home when trying to selling a home in Boca Raton Florida in a Buyer’s market)
Top neighborhoods for having homes sold occurred in Boca Raton Square, Palm Beach Farms and the luxury neighborhood of Royal Palm Yacht & Country Club.
Absorption Rates And Inventory Supply Reported In East Boca Raton Florida
How many homes are available for sale to meet the demand of Buyers? Here I illustrate how many months it would take to sell the current inventory of homes for sale (supply) should no other homes hit the market for sale in East Boca Raton based upon prior month home sales and what is being absorbed by home Buyers (absorption rate).
Absorption rates measure the rate in which the current inventory supply will be absorbed into the market based upon prior months of home sales, which will determine whether we’re in a Seller’s, Buyer’s or Balanced/Stable market. Just over 12% of the homes listed for sale were absorbed by home Buyers as the year closed out, another decrease in homes that were “absorbed” by home buyers as compared to the 3rd quarter.
Just over 12% was the absorption rate for 4th Quarter ending Dec 2018 – reflecting homes being absorbed by East Boca Raton home Buyers, down from the 2nd quarter and then down again from 3rd quarter; a continued slowing of homes sales over the course of 2018 by years end.
Typically, absorption rates of 20% and higher reflect a Seller’s Market and 15% and under reflect a Buyer’s market, while a Balanced market hovers in between the two.
Supply of Homes
The supply of homes increased by years end showing it would take 8.15 months to sell the current supply of homes should no further homes be listed for sale in East Boca Raton.
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.
The supply of homes for sale ending the 4th quarter 2018, increased to 8.15 months.
Reported East Boca Raton home sales – prior month’s reports
The absorption rates and supply/inventory levels that I report here are only for the city limits of Boca Raton or East Boca Raton. Keep in mind that these rates can vary by neighborhood and will vary by city also. When selling a home, it’s important to know your neighborhood rates/levels for a number of reasons, including knowing how to best position your home for sale.
Distressed Property Sales includes Short Sales and REO/Lender/Bank owned homes. The overall distressed rate ending 4th Quarter 2018 was nominal, hardly worth reporting on as far as distressed property sales.
Call me/text me now or email me, and I can tell you your local neighborhood absorption rate so you know how to best position your East Boca Raton home for sale
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Book an appointment now to learn more about the local East Boca Raton Real Estate Market or when you’re thinking; “I need to sell my home in East Boca Raton” or “I need to buy a home in East Boca Raton”. Call/Text Lynn at 954-464-1100 or email Lynn at LynnP@ImagineYourHouse.com
East Boca Raton FL Real Estate Market Report for ending 4th Quarter 2018 written by your neighborhood East Boca Raton Realtor, Lynn Pineda with eXp Realty, LLC serving Broward and Palm Beach counties. Based upon local MLS Statistical findings. Accuracy is not guaranteed. Top Boca Raton REALTOR® provided. Real Estate Agent delivering on promises.
Lynn hopes you enjoyed the most recent report on homes selling in East Boca Raton. You’ll also find Lynn selling homes in Southeast Florida in the cities of Boca Raton, Coral Springs, Parkland, Margate, Sunrise, Tamarac, Coconut Creek, Boynton Beach, Delray Beach and surrounding cities within Broward and south Palm Beach counties.