The year end numbers for Boca Raton are in, and the only surprise is how strong they are!

Hi everybody, 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:

41 new listings, not too bad, and ranging in price from $410K to $16.5M.  
15 homes back on the market, while 8 homes listed took a price decrease, and 5 sellers raised their asking price.  And  another humdrum week with 37 different properties under contract, and 29 going pending.  Only 12 homes were unsuccessful in selling and were taken off the market or the listing expired outright.  And a poor week for sales with 41 homes closed in the past week,  ranging from $285K to $2.7M

Next up, Condos and Townhomes:

69 new listings, not bad, and ranging from $99 Grand to $2 Million.  
23 units came back on the market, 7 properties with a price decrease, and 9 sellers with an increase.  And a good week with 55 different properties under contract, and another 47 going pending.  And just 11 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 58 closed sales this week, not great, and ranging in price from $72 Grand to $4.5 Million!
 

Here's what's making news right now. 

Sales and supply of the most affordable homes in the United States surged during the fourth quarter (Q4) of 2021, according to a new report from Redfin. 

Sales of homes on the lowest end of the price spectrum increased 11.3 percent year over year in Q4, according to Redfin. At the same time, sales of luxury homes, defined as the top 5 percent of the market, dropped 16.3 percent. 

The surge can be attributed to a number of economic factors, including a strengthening job market among lower-wage earners, the prevalence of investors snatching up single-family homes, and the end of mortgage forbearance.

The Redfin report states, “The market for homes at lower price points is booming for a few reasons. Not only is there demand from workers who are now earning higher wages, but investors, who have an appetite for lower-priced homes, are buying up properties at record rates,” “And with the end of both mortgage forbearance and the foreclosure moratorium, many homeowners who don’t have much cash in the bank are choosing to sell their homes to clear their mortgage debt, providing plenty of supply to meet the high demand.”

So that's what's happening at the national level?  What about right here in Boca?

Well, that's a completely different story.  Let me share some amazing statistics.

Single Family Home sales were down 24% year over year in December...   but that's because inventory was down 62%!  Holy crap!  For the year, homes sales were up 8.1% over 2021, despite the lack of inventory.

The average sales price in December was up 44%, and up 29% year over year.  That's just startling!  And get this, the median list price, in the last 28 days, has jumped from $1.1M to $1.6M - just the last month - that's insane!

What about condos and townhomes you may ask?  Well, condo sales were up only slightly in December, even though condo inventory was down 71% from a year ago!  And for the year, sales were up 41%, wow!  The average sale price was up 68% in Dec, and up 48% year over year - again, just astonishing numbers!

So what's it all mean?  The rest of the country is seeing a general cooling off of the real estate market.  But it ain't happening here.  We still have 1300 people a day net inflow into the state, and nowhere for them to live.  Something's gotta give...  As always, stay tuned for whatever's next.