Boca Raton, Florida
2Q-2012
Quarterly Survey of Boca Raton and Highland Beach Residential Sales
Condo/Townhouse • Price indicators moved to multi-year high, as number of sales fell short of prior year levels Median sales prices was $125,000, its highest level in two years, and up 9.4% from $114,250 in the prior year quarter. Average sales price and price per square foot followed the same pattern. Number of sales were 8.1% below prior year levels, but represented 54.2% of all market sales. • Properties sold faster as buyers and sellers moved closer The average condo sold two weeks faster than in the prior year quarter, taking an average of 158 days to sell. Listing discount, the percentage difference between list price at time of contract and contract price, compressed to 7.0% from 9.3%.
Single Family •P rice indicators were mixed as number of sales edged higher Median sales price slipped 1.7% to $285,000 from prior year levels, while average sales price increased 1.5% to $518,485 over the same period. Number of sales were 1.5% above prior year levels and represented 45.8% of all market sales. •D ays on market fell from prior year levels as conventional mortgage share grew Properties sold in an average of 171 days, 11 faster than the prior year average. Listing discount was consistent with the trend, falling to 6% from 8.2% over the same period. Use of mortgage financing jumped to 50.7% of all sales, from 37.4% in the prior year quarter.
Boca Raton Market Matrix (Condos/TH) Average Sales Price
2Q-2012 % Chg (qrt) $245,753
20.8%
Average Price per Sq Ft
1Q-2012
% Chg (yr)
$203,488
2Q-2011
10.8%
$221,788
$167
16.0%
$144
4.4%
$160
$125,000
13.6%
$110,000
9.4%
$114,250
Number of Sales (Closed)
705
12.6%
626
-8.9%
774
Days on Market (From Last List Date)
158
-4.2%
165
-8.1%
172
Median Sales Price
Listing Discount (From Last List Price)
7.0%
7.9%
9.3%
Listing Inventory (active)
1,319
N/A
N/A
5.6
N/A
N/A
Absorption Rate (mos)
Quarterly Average Sales Price
Number of Sales
BOCA RATON CONDO/ TOWNHOUSE
$500,000
1,000
$400,000
800
$300,000
600
$200,000
400
$100,000
200
$0
06
07
08
09
10
11
12
0
Note: All condo/townhouse sales in Boca Raton and Highland Beach.
Quarterly Average Sales Price Boca Raton Market MatrixSales (Single Price Family) $500,000 Quarterly Average Average Sales Price $400,000 $1,000,000 Average Price per Sq Ft $300,000 $800,000 Median Sales Price $200,000 $600,000 Number of Sales (Closed) $100,000 $400,000 Days on Market (From Last List Date) $0 $200,000 06 Last List Price) 07 Listing Discount (From $0 06 07 Listing Inventory (active)
Number of Sales BOCA RATON 1,000 qrt yrSales 2Q-2012 % Chg ( ) 1Q-2012 % Chg (of ) 2Q-2011 CONDO/ TOWNHOUSE Number BOCA RATON $518,485 24.2% $417,488 SINGLE FAMILY
N/A
22.6%
$168
5.6%
$270,000
595
22.2%
487
171
-3.4%
6.0%
09
08 1,193
Absorption Rate (mos)
177 6.7%
10 09
10
6.0
Quarterly Average Sales Price
N/A
$206
08
Quarterly Average Sales Price $1,000,000 $1,000,000 $800,000
N/A
$511,023 800 750 4.6% $197 600 600 -1.7% $290,000 400 450 1.5% 586 200 300 -10.9% 192 0 150 11 12 8.2% 0 11 12 N/A
$285,000
BOCA RATON SINGLE FAMILY BOCA RATON LUXURY CONDO/ TOWNHOUSE
1.5%
Number of Sales Number of Sales
750 100 600
$800,000 $600,000 $600,000 $400,000
80 450 60 300
$400,000 $200,000 $200,000 $0
40 150 020
06 07 08 $0 11 Raton and Highland 3Q 11 Beach. Note: All single family sales2Q in Boca
Quarterly Average Sales Price
09 4Q 11
10 1Q 12
BOCA RATON LUXURY
The Douglas Elliman Report series is recognized as Average the industry standardCONDO/ for Quarterly Sales Price $1,000,000 TOWNHOUSE BOCA RATON LUXURY providing the state of the residential real estate market. The report includes $2,000,000 SINGLE FAMILY $800,000 an extensive suite of tools to help readers objectively identify and measure $1,600,000 $600,000 market trends, provide historical context to current information and provide $1,200,000 $400,000 comprehensive analysis of the results. $800,000 $200,000 $400,000 $0 $0
12 2Q 12
Number of Sales Number of Sales
0
100 100 80 80 60 60 40
2Q 11
3Q 11
4Q 11
1Q 12
2Q 12
40 20 020
2Q 11
3Q 11
4Q 11
1Q 12
2Q 12
0
Quarterly Average Sales Price $2,000,000
11
Prepared by Miller Samuel Inc. Appraisal and Consulting Services
BOCA RATON LUXURY SINGLE FAMILY
Number of Sales
100
200
$100,000
2Q-2012
$0
07
08
09
10
11
0
12
The Elliman Report • Quarterly Survey of Boca Raton and Highland Beach Residential Sales Quarterly Average Sales Price $500,000 Quarterly Average Sales Price
Luxury
Condo/Townhouse • Housing prices were up, as was the average size of a sale Median sales jumped 18.8% to $742,500 from $625,000 in the prior year quarter. The luxury entry threshold was $500,000 in the second quarter. The average square feet of a sale was 2,679, up 9.2% from 2,453 in the prior year quarter. • Days on market and listing discount fell from prior year levels The average listing was sold nearly two weeks faster than in the prior year quarter, averaging 208 days. Listing discount was consistent with this trend, slipping to 9.5% from 10.1% over the same period.
Luxury
•D ays on market and listing discount fell from prior year levels The average listing was sold one month faster than in the prior year quarter, averaging 337 days. Listing discount was consistent with this trend, dropping to 11.6% from 14.1% over the same period. • Housing prices posted gains despite modest decline in average size Median sales price was $1,669,000, 13.2% above prior year levels. The other price indicators also showed notable increases. The luxury entry threshold was $940,000 in the second quarter. The average square footage of a sale was 5,589, 2.2% below the prior year quarter.
Waterfront
Condo/Townhouse
• Condo price indicators were up sharply as sales slipped Median sales price was $216,500, up 31.2% from the same period last year. Average sales price and price per square foot were also above prior year levels. The number of sales declined 10.9% to 311 sales, representing 44.1% of all condo sales in the market.
Douglas Elliman Florida Real Estate 444 East Palmetto Park Road, Suite B Boca Raton, 33432 561.245.2635 / ellimanflorida.com
Luxury Market Matrix (Condos/TH) $400,000 $1,000,000 Average Sales Price $300,000 $800,000 Average Price per Sq Ft $200,000 $600,000 Median Sales Price $100,000 $400,000 Number of Sales (Closed)
$0 $200,000 06 07 Days on Market (From Last List Date) $0 Listing Discount (From 06 Last List Price) 07
Number of Sales BOCA RATON CONDO/ TOWNHOUSE Number of Sales 1,000 BOCA RATON qrt) 2Q-2012 % Chg ( 1Q-2012 % Chg (yr) 2Q-2011 800 750 SINGLE FAMILY
$1,144,484
21.5%
$942,063
$427
13.6%
$376
$742,500
25.8%
$590,000
70
11.1%
208
08 08
9.5%
09
-6.3%
09
63 222
10 10
8.3%
Listing Inventory (active)
267
N/A
Absorption Rate (mos)
11.4
N/A
Quarterly Average Sales Price Quarterly Average Sales Price $1,000,000 $1,000,000 $800,000 $800,000 $600,000
BOCA RATON SINGLE FAMILY BOCA RATON LUXURY CONDO/ TOWNHOUSE
9.4% $1,046,051 600 600 0.2% $426 400 450 18.8% $625,000 200 300 -9.1% 77 0 150 11 -5.9%12 221 0 11 12 10.1% N/A
Number of Sales Number of Sales
$600,000 $400,000 $400,000 $200,000 $200,000 $0
N/A 750 100 600 80 450 60 300
06
$0
07
2Q 11
08
09
3Q 11
10
4Q 11
11
1Q 12
12
40 150 20 0 0
2Q 12
Note: This sub-category is the analysis of the top ten percent of all condo/townhouse sales in Boca Raton and Highland Beach. The data is also contained within the other markets presented.
Quarterly Average Sales Price Luxury Market Matrix (Single Family) Quarterly Average Sales Price $1,000,000
Single Family
Douglas Elliman Florida LLC. ©2012
06
Average Sales Price $2,000,000 $800,000 Average Price per Sq Ft $1,600,000 $600,000 Median Sales Price $1,200,000 $400,000 Number of Sales (Closed) $800,000 $200,000 Days on Market (From Last List Date)
Number of Sales BOCA RATON LUXURY 2Q-2012 %TOWNHOUSE Chg (qrt) 1Q-2012 Number % Chgof (yrSales ) 2Q-2011 100 CONDO/ BOCA RATON LUXURY
$2,420,038 54.1% $1,570,816 SINGLE FAMILY $433
$400,000 $0 2Q Last 11 List Price) 3Q 11 Listing Discount (From $0 2Q 11 3Q 11 Listing Inventory (active) Absorption Rate (mos)
37.0%
$316
$1,669,000
45.1%
$1,150,000
59
20.4%
49
337
15.0%
293
11.6% 4Q 11
1Q 12.4% 12
397 4Q 11
1Q 12 N/A
20.2
Quarterly Average Sales Price $2,000,000
6.5% $2,273,058 100 80 8.8% $398 80 60 13.2% $1,475,000 60 40 0.0% 59 40 20 -8.4% 368 20 0 2Q 12 14.1%
0N/A
2Q 12
N/A
N/A
Number of Sales
BOCA RATON LUXURY SINGLE FAMILY
100
$1,600,000
80
$1,200,000
60
$800,000
40
$400,000
20
$0
2Q 11
3Q 11
4Q 11
1Q 12
2Q 12
0
Note: This sub-category is the analysis of the top ten percent of all single family sales in Boca Raton and Highland Beach. The data is also contained within the other markets presented.
Waterfront Market Matrix (Condos/TH) Average Sales Price
Average Price per Sq Ft
2Q-2012 % Chg (qrt) $370,592
22.6%
1Q-2012
$302,254
% Chg (yr)
9.6%
2Q-2011
$338,086
$229
13.4%
$202
1.8%
$225
$216,500
52.9%
$141,550
31.2%
$165,000
Number of Sales (Closed)
311
10.3%
282
-10.9%
349
Days on Market (From Last List Date)
183
8.3%
169
-9.9%
Listing Discount (From Last List Price)
9.2%
9.6%
10.3%
Listing Inventory (active)
702
N/A
N/A
Absorption Rate (mos)
6.8
N/A
N/A
Median Sales Price
203
Note: This sub-category is the analysis of Boca Raton and Highland Beach condo/townhouse sales tagged as “Waterfront” by Regional MLS. The data is also contained within the other markets presented.
Miller Samuel Inc. Real Estate Appraisers & Consultants 21 West 38th Street New York, NY 10018 212.768.8100 / millersamuel.com
©2012 Douglas Elliman Florida LLC and Miller Samuel Inc. All worldwide rights reserved. For more information or electronic copies of this report please visit ellimanflorida.com. Email report author Jonathan J. Miller at jmiller@millersamuel.com with questions or comments. Methodology: http://www.millersamuel.com/research-reports/methodology
Equal Housing Opportunity. All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate.