Market Report Royal Palm Quarter 3 2019
Hello and welcome to the 3rd Quarter 2019 Royal Palm Market Report. I'm Rochelle LeCavalier, bringing you the very best of Boca Raton Luxury Real Estate. So, in short, prices are up, sales are up, velocity is up, and marketing time and inventory are down. What does that mean for you? That means we are looking at what will very likely be a very robust sales season in the first and second quarters of 2020. quarters of 2020. That, my friends, is an anomaly. Why? Well, we are headed into an election year. So generally what happens when we're heading into an election year, people, you know, regardless on what side of aisle you like to sit, what your politics are, what your economic, you know, bent might be, people tend, going into an election year, to adopt a wait-and-see attitude. So when this happens, sellers sometimes hurry to sell, sometimes they wait to sell but in general, buyers are going to do the wait-and-see move, regardless of what else is happening. So the statistics here in Royal Palm that I'm going to share with you some of the specifics, it's really an anomaly and it is a departure from what's going on in Boca Raton as a whole. Just very exciting for the neighborhood. So year over year, the average price per square foot is up 6.8 percent, that's 736 dollars from 713 dollars. Our average sales price here at Royal Palm today is four million four hundred thirty and, four hundred, four hundred thirty thousand and fifty three dollars. So about 4.4 million dollars this quarter. Our quarter over quarter average sales price went from three million seven hundred thirty six thousand seven hundred eleven dollars, and that's up 18.6 percent. Year over year, our average sales price went from about 4.1 million up 7.6 percent. about 4.1 million up 7.6 percent. Now, these are numbers that are statistically accurate. However, they can sometimes feel a little misleading and might really not apply to your situation. That's why we have whole section on the back of our market report that goes into waterfront homes versus golf-course homes versus interior homes, and at the bottom you'll see new construction and resale matrix. As we all know, in the Royal Palm marketplace, a lot of the original build era homes are sold for land value. Whereas a number of the new construction offerings can very quickly skew our data. So when in doubt, ask your trusted professional realtor. I know a good one, if you need, and find out how do these things apply to you. But in general, you know, you can see a lot of very tiny fonts here, and this will apply directly to your situation. For example, if you happen to be on a waterfront home, then you can be happy to know that the average sales price for the third quarter 2019 was just under 7.7 million dollars. was just under 7.7 million dollars. That is pretty well flat for quarter over quarter That is pretty well flat for quarter over quarter and year over year, but there was a slight dip on those numbers. So that could be explained by multiple new construction offerings, and maybe some other things. Our new construction matrix tells us that the average selling price of the new construction homes this quarter was seven million two hundred forty nine thousand eight hundred dollars. Whereas on the resale side, there were fewer land value transactions this last quarter. That was just about 3.4 million dollars. So I want to issue a little disclaimer, if you want. It's actually maybe not a disclaimer. It's a, what's the opposite of a disclaimer? It's a proclamation. I'm very proud to announce that this report was prepared in partnership with Miller Samuel Real Estate Appraisal and Consulting Services. It's an independent third party firm and they put that together for Pink Palm Group of Douglas Elliman for our exclusive use. So if you have not yet received this in the mail, or perhaps you'll like to receive it by email, feel welcome to reach out anytime. You can email me at Rochelle@PinkPalm.com or give me a call 561-300-2648. or give me a call 561-300-2648. Thanks so much for watching and I look forward to seeing around the neighborhood soon.