Boca Raton 2Q 2012 Market Report

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.