Today's top story: Florida is the Top State for 2022 Home Value Increases! 

Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

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, 67 new listings, that's decent, and ranging in price from $250K to $11M! 18 homes back on the market, while 71 homes listed took a price decrease, that's a bunch, and 6 sellers raised their asking price. And a slightly better week, with 30 different properties under contract, and 28 going pending. 26 homes were unsuccessful in selling and were taken off the market or the listing expired outright And another poor week with only 27 homes sold, ranging from $350K to $4.2M!

Next up, Condos and Townhomes:

80 new listings, two good weeks in a row, and ranging from $100 Grand to $6.9 Million. 14 units came back on the market, 87 properties with a price decrease, and 8 sellers with an increase. And a little better week with 46 different properties under contract, and 29 going pending! 16 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 44 closed sales this week, not good, and ranging in price from $100K to $1.6M.

Here's what's making news right now.

Florida home values rose more in 2022 than in any other state, according to data analyzed from real estate company, Zillow. Fla. home prices rose 17.27% last year, the most in the U.S., with Vermont second at 15.15%. But in last-place Idaho, values sank 0.18%.


The average value of a Florida home, per the most recent publicly available data measured in December 2022, was just under $405,000 – That’s up more than $56,000 from $345,305 in January 2022.

The 17.27% change in value outpaced every other state in the nation. The housing crisis facing America is particularly acute in Florida. Researchers at Florida Atlantic University study the price of housing across the country and in our state. The data from FAU and Florida International University, called the Beracha and Johnson Index, analyzes home prices by comparing their expected prices and list prices.

As recently as December, FAU reported that five Florida real estate markets were among the most overpriced in the country.

“We hear how slow the U.S. housing market is,” Ken H. Johnson, Ph.D., a real estate economist in FAU’s College of Business, said, “but consumers are still buying and selling, and that activity is keeping prices elevated in a lot of metro areas.”


FAU and FIU said in December that Florida markets like North Port and Cape Coral were starting to go down in price for the first time since their markets peaked, but that Florida prices remained elevated.

“It is hard to say where prices will go from here in Florida,” said Eli Beracha, Ph.D., of FIU’s Hollo School of Real Estate. “But it seems most likely that Florida housing markets will fare better than most other markets across the country due to the persistent shortage of homes for sale and the pace at which people are relocating to the state.”


As I've previously reported, we have about 1100 people a day net moving into the state and that is not expected to slow down any time soon. If nothing else, that flood of new residents will artificially prop up prices into the forseeable future.


That being said, it's still a bit of a mixed bag in our local market. In Boca, the avg sale price of single family home in December was down 18% vs a year ago. However, for the year, 2022 saw an increase in prices of nearly 11%, and the median sale price was up over 25% for the year, wow!


Inventory was up 74% for the month of December vs a year ago. That sounds startling, but in reality we still only have a 3.5 month supply. That's well short of the 5.5 - 6 month supply for the market to be in balance. But we're heading in that direction, so buckle up for an interesting ride!