Well, the November market stats are in and its not pretty. 

Hi everybody,  It’s Joe Hillner with Your Home Sold Guaranteed Realty, where we will sell your home for just a 1% commission, guaranteed! 
Ok, so every week, I share market data to keep you informed with the local real estate market.  
Here is this week’s Boca Market Watch.

First, Single Family Homes:

This past week, an average week, with 41 new homes on the market, ranging from $335,000 to $9.25 Million!   13 homes back on the market, while 21 homes listed took a price decrease, and 2 sellers raised their asking price.  And  a decent with 43 different properties under contract, and 27 going pending.  And just 14 homes were unsuccessful in selling and were taken off the market or the listing expired outright.  And a poor week with 39 homes sold in the past week,  ranging from $364K to $5 Million! 

Next up, Condos and Townhomes:

59 new listings, not great, and ranging from $98 Grand to $2.5 Million.  
23 units came back on the market, 17 properties with a price decrease, and 8 sellers with an increase.  51 different properties went under contract, and another 40 went pending, a pretty good week.  And just 10 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired - never seen so few!  84 closed sales this week, another decent week for condos, and ranging in price from $65 Grand to $3.7 Million!

Here's what's making news right now.

The South Florida luxury real estate market is heating up as year end approaches.  Luxury real estate is in high demand in Florida’s housing market, as November alone saw 55% more sales than listings, according to a report by the Institute for Luxury Home Marketing.

While single-family luxury homes (defined as $1 million or more) have seen only a 7% increase on the median list price, that figure will likely climb in 2022, primarily because of the unrelenting demand in the Miami area.  And remember, median list price is a leading indicator, so that's why we watch it closely. 
 However, in Boca, we are up 16% year over year, but whats interesting is the short term trend. Since June, we have essentially been in a narrow trading range - a little up, then a little down and so on, but essentially flat for the last  5 months.

That could be the early sign of the slowdown that everyone has been expecting.  But then again, maybe not.  I just got a nice listing under contract today, with multiple offers, of course, and the buyer paying 10% over asking price and no contingencies, and we know that it's not going to appraise!  You think those sellers are happy?  

Purely anecdotal, but that doesn't sound like a market that is cooling off.  Inventory, or lack thereof, continues to be the story.  In Palm Beach County last month, we had 4129 properties available vs 9519 a year ago.  That's a 57% drop and we were already in a tight supply situation back then.  And days on market have dropped from an avg of 68 days to 59 days, so buyers are forced to move quickly and decisively or risk missing out.

We'll have to wait and see if the median list price continues to trend sideways, if the days on market starts to go up and if the price per square foot levels off - then we'll know that the market is actually changing.  Till then, we remain in a strong sellers market, oh my!