Q1-2020
Report
Boca Raton Sales
Boca Raton Condo Matrix
Q1-2020
%Δ (QTR)
Q4-2019
%Δ (YR)
Q1-2019
Average Sales Price
$384,369
17.6%
$326,828
7.7%
$356,731
Average Price Per Sq Ft
Condo
Dashboard YEAR-OVER-YEAR
+ 10.3%
Prices Median Sales Price
+ 10.2%
Sales Closed Sales
- 13.0%
Inventory Total Inventory
- 1 day
Marketing Time Days On Market
Single Family Dashboard YEAR-OVER-YEAR
+ 9.4%
Prices Median Sales Price
+ 18.5%
Sales Closed Sales
- 28.4%
Inventory Total Inventory
+ 11 days
Marketing Time Days On Market
Median Sales Price
$230
9.0%
$211
3.6%
$222
$240,000
6.7%
$225,000
10.3%
$217,500 597
658
-3.5%
682
10.2%
Days on Market (From Last List Date)
79
9.7%
72
-1.3%
Listing Discount (From Last List Price)
6.8%
Listing Inventory (Active)
1,329
-1.4%
1,348
-13.0%
6.1
3.4%
5.9
-20.8%
7.7
1,671
7.9%
1,549
4.0%
1,607
Number of Sales (Closed)
Months of Supply Average Square Feet (Closed)
6.5%
Boca Raton Condo
Median Sales Price
80 6.8% 1,527
Number of Sales
$300K
900
$240K
800
$180K
700
Boca Raton Condo
Median Sales Price $120K
Number of Sales600 900 500
$300K $60K $240K $0 $180K
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Condo listing inventory fell year over year for six straight quarters with the most significant decline in the current quarter
•
Single-family listing inventory declined annually over the past four quarters at a rising rate
•
Single-family median sales price increased annually for the eighth time in nine quarters
700
Boca Raton Single Family Matrix
Q1-2020
%Δ (QTR)
Q4-2019
%Δ (YR)
Q1-2019
$120K Average Sales Price
$840,655
11.7%
$752,875
9.8%
600 $765,708
$232
6.9%
$217
5.0%
$221 500
$492,250
3.6%
$475,000
9.4%
$450,000
Average Price Per Sq Ft $60K Median Sales Price $0
400
Number of Sales (Closed) 2012 2010 2011 2013 2014 576 2015 2.1% 2016 2017 564 2018 18.5% 2019 2020 486 Median Sales Price Number of Sales Boca Raton Single Family 85 -1.2% 86 14.9% 74 Days on Market (From Last List Date) 900 7.1%
$625K Listing Discount (From Last List Price)
6.7%
Listing Inventory (Active)
1,026
-4.2%
1,071
-28.4%
5.3
-7.0%
5.7
-39.8%
3,624
4.4%
3,472
4.8%
$500K
Months of Supply
$375K Average Square Feet (Closed)
7.0%
Boca Raton Single Family
Median Sales Price $250K
1,432 780
8.8
660 3,457
Number of Sales540 900 420
$625K $125K
780 300
$500K $0 $375K
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
660
$250K
540
$125K
420 300
$0
•
800 400
2010
2011
Median Sales Price Condo
2012
2013
2014
2016
Boca Raton Luxury
Single Family
Final two weeks of March 2020 • While the number $3.0M of sales rose year over year for both property types, it did not reflect the market conditions of $2.5M the final two weeks of the quarter. Real estate
$2.0M Median Sales Price Condo Single Family $.15M
2015
2017
2018
2019
2020
Number of Sales
Condo
Single Family
market participants became fully aware of the 100 Coronavirus global pandemic after two significant rate cuts by the Federal Reserve and the state stay88of at-home orders. As a result, the final two weeks
76 Number of Sales Condo Single Family 64
Boca Raton Luxury
$3.0M $1.0M $2.5M $500K $2.0M $.15M
100 52
Prepared by Miller Samuel Real Estate Appraisers & Consultants 2012
2013
2014
2015
2016
2017
2018
2019
2020
88 40 76 64
Boca Raton Condo
Median Sales Price
Number of Sales 900
$300K
Q1-2020 The Elliman Report • Quarterly Survey of Boca $240KRaton and Highland Beach Residential Sales the quarter saw limited activity. The most important metric from mid-March and on has been the declining trend in listing inventory since year-end. Luxury listing inventory declined year over year by 5.8% for condos
2010
Luxury
2011
Average Sales Price
• Condo and single-family inventory fell short of year-ago levels
2012
2013
declined year over year for the fourth straight quarter
2.6%
23.8%
$1M – $2M (%)
3.5%
12.1%
Min. – $1M (%)
93.9%
64.2%
Sales Share
Volume Share
7.3%
36.0%
$1M – $2M (%)
10.2%
16.7%
Min. – $1M (%)
82.5%
47.3%
Luxury Single Family Mix
> $2M (%)
This sub-category is the analysis of the top ten percent of all sales. The data is also contained within the other markets presented.
Highland Beach Condo • Condo sales surged year over
year while listing inventory fell sharply
• Condo price trend indicators
continued to show mixed results from the prior-year quarter
Single Family • Single-family sales activity was
nominal with a significant decline in listing inventory
• Single-family listing inventory
fell for the fourth consecutive quarter
This sub-category is the analysis of Highland Beach sales. The data is also contained within the other markets presented.
Questions or comments? Email report author Jonathan Miller at jmiller@millersamuel.com Methodology: millersamuel.com/research-reports/methodology
$1,175,000
10.0%
60
105
-1.4%
146
27.8%
66
-4.3%
144
37.1%
2018
8.4%
2019
2020
8.2% Number of Sales -5.8% 313
295
13.5%
260
13.4
18.6%
11.3
-14.6%
900 15.7
$665,000 780
$620,000
4.2%
$595,000
-6.8%
3,174
19.1%
2,666
3.5%
$375K Luxury Single Family Matrix
Q1-2020
%Δ (QTR)
Q4-2019
%Δ (YR)
660 Q1-2019
$3,481,339
17.8%
$2,955,270
7.0%
$3,254,449 540
$437
7.4%
$407
-4.0%
$455
$2,548,830
34.5%
$1,895,000
39.3%
$1,830,000
58
0.0%
58
18.4%
Median Sales Price
> $2M (%)
-2.1%
69
$1,150,000
2017
Entry Price Threshold $500K
$125K Volume Share
$900,000
$465
2016
Boca Raton Single Family
Average Sales Price $250K
Sales Share
$522
14.0%
Average Price Per Sq Ft
Luxury Condo Mix
1.5%
$530
Average Square Feet (Closed)
• Condo median sales price
$1,600,855
$1,233,567
$625K Months of Supply
footage reached its largest size recorded in this series
5.1%
36.4%
$1,682,398
2015
8.2%
Listing Discount (From Last List Price) Median Sales Price Listing Inventory
• Single-family average square
400 Q1-2019
Q4-2019
Days on Market (From Last List Date)
trend indicators showed mixed results
%Δ (YR)
%Δ (QTR)
2014
Average Price Per Sq Ft Median Sales Price
500
Q1-2020
Number of Sales (Closed)
• Condo and single-family price
700 year. Highland Beach condo sales were jumped over the same period, while single-family sales showed 600 nominal activity.
$180K and by 25.6% for single-family properties. New Year 2020 through mid-March 2020 • Condo sales $120K increased 10.2% to 658, and single-family sales rose 18.5% to 576 respectively from the same period last $60K $0 Condo Matrix Luxury
elliman.com/marketreports 800
Number of Sales (Closed) $0
2014 167 2015 -9.2% 2016
(From Last2012 List Date) 2013 Days on Market2011 2010
Listing Discount (From Last List Price)
2017 184 2018 22.8% 2019
8.8%
9.6%
3,067
420
49 300 2020 136
9.4%
Listing Inventory
305
-10.0%
339
-25.6%
410
Months of Supply
15.8
-9.7%
17.5
-37.1%
25.1
$1,557,500
26.4%
$1,232,500
15.4%
$1,350,000
7,969
9.7%
7,267
11.6%
7,139
Entry Price Threshold Average Square Feet (Closed)
Boca Raton Luxury
Median Sales Price Condo
Number of Sales
Single Family
Condo
Single Family
$3.0M
100
$2.5M
88
$2.0M
76
$.15M
64
$1.0M
52
$500K
2012
2013
2014
2015
2017
2018
2019
2020
40
Q1-2020
%Δ (QTR)
Q4-2019
%Δ (YR)
Q1-2019
$1,129,635
66.1%
$679,934
34.3%
$840,907
$468
26.1%
$371
24.8%
$375
$528,000
-7.1%
$568,500
-8.2%
$575,000
Highland Beach Condo Matrix Average Sales Price
2016
Average Price Per Sq Ft Median Sales Price
37
0.0%
37
37.0%
27
Days on Market (From Last List Date)
126
35.5%
93
-1.6%
128
Listing Discount (From Last List Price)
8.0%
%Δ (YR)
Q1-2019
Number of Sales (Closed)
7.3%
DONTQ1-2020 USE-STACKS %Δ (QTR)THE AREA Q4-2019 Highland Beach Single Family Matrix Average SalesPrice Price Median Sales Condo Single Family Average Price Per Sq Ft
$4,000,000
155.1%
$1,568,000
8.9% 131.2% $1,730,000 Number of Sales Condo Single $346 Family 85.8%
$643
26.8%
$507
Median Sales Price $2.5M Number of Sales (Closed) $2.0M Days on Market (From Last List Date)
$4,000,000
155.1%
$1,568,000
131.2%
1
0.0%
1
-50.0%
13
-86.0%
93
-89.7%
Listing $1.5M Discount (From Last List Price)
-1.3%
14.8%
$1,730,000 125 2 100 126 6.6% 75
$10M
50
$500KDouglas Elliman Real Estate
340 Royal Poinciana Way, Suite 318 Palm Beach, FL 33480 $00 561.655.8600 | elliman.com 2012 2013 2014
Miller Samuel Real Estate Appraisers & Consultants 25 21 West 38th Street, New York, NY 10018 212.768.8100 • millersamuel.com 2015
2016
2017
2018
2019
2020
0
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