Interest Rate Drop Boosts Listings 3 Months Straight!

BOCA REAL ESTATE MARKET WATCH

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Hey, everyone! Joe Hillner here with Your Home Sold Guaranteed Realty. Let's dive into what's happening right now in the Boca real estate market.

According to Realtor.com's latest report, the Boca real estate market is experiencing a notable shift. Active and new listings have seen single-digit increases for the third consecutive month, signaling a departure from the previously sluggish market.

The easing of mortgage rates has encouraged more homesellers to list their properties, resulting in a 6.5 percent annual increase in overall listings. Additionally, the Miami Metropolitan Statistical Area (MSA), including Boca Raton, has seen a substantial rise in new listings, up by 24%.

Despite the increase in inventory, home prices have remained strong, with median home prices in Boca rising by an impressive 23.7% year over year. This surge in prices can be attributed to renewed buyer activity and a flattening of days on market.
 

Industry News

In other news, Keller Williams recently settled commission lawsuits, underscoring the changing landscape of real estate practices. With settlements totaling over $200 million, the industry faces significant shifts in how business is conducted.

Boca Real Estate Market Watch - Single Family Homes

Turning our attention to the market specifics, this past week saw 61 new listings for single-family homes in Boca, with prices ranging from $400K to $21.95M. Additionally, 38 properties went under contract, and 27 homes were sold, showcasing a diverse range of options for buyers.

Boca Real Estate Market Watch - Condos and Townhomes

For condos and townhomes, there were 145 new listings, ranging from $90K to $6.4M. Contract activity improved, with 45 properties under contract and 33 pending sales. The week also saw 48 closed sales, demonstrating continued activity in this segment.

That wraps up today's Boca Real Estate Market Watch. Thank you for tuning in, and remember, for personalized market data in your neighborhood, feel free to reach out to us. If you enjoyed the information, don't forget to like, subscribe, and hit the notification bell on our YouTube channel. Until next time, this is Joe Hillner signing off. Go Serve Big, everyone, and I'll catch you next week!