Douglas Elliman Market Reports
Each quarter we provide you with an in-depth market report for the Boca Raton Luxury Real Estate market. Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. We share this information so that you can make more informed decisions regarding all of your real estate needs.
Boca Raton Q2 2024 Market Report
Single-family sales increased 4.1% to 629 for the third annual gain in four quarters as their listing inventory pressed higher, rising 22.5% to 714 for the third consecutive increase. With listing inventory growing faster than sales, the pace of the market slowed.
Months of supply, the time it would take to sell all listing inventory at the current sales rate, was 3.4 months, 17.2% slower than the same period last year.
Single-family cash buyers accounted for 52.9% of all buyers, up from 45% last year. Condo sales declined by 7.4% year over year to 790, below the 840 second quarter average for the decade. Listing inventory surged 82% to 1,338 over the same period, slowing the market pace to 5.1, nearly half the speed of the year ago quarter. Condo price trend indicators continue to rise to new records. The median sales price increased 8.2% to $395,000.
The condo luxury market representing the top 10% of all condo sales started at $1,250,000 and had a median sales price of 1,000,967 $550 up 24.9% year over year and the third highest on record.