Douglas Elliman Market Reports
Each quarter we provide you with an in-depth market report for the Boca Raton and Royal Palm 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 Q4 2023 Market Report
All single family price trend indicators rose year over year, and median sales price reached a new record for the second consecutive quarter. Median sales price jumped 19.8% from the year-ago quarter to $920,000, the highest on record, nearly double the pre-pandemic level.
Single family sales slipped 2.9% over the same period to 398 as listing inventory rose 12.6% to 706. While increasing supply is expected to enable more sales, the current total is still 34.1% below pre-pandemic levels.
Like single families, all condo price trend indicators increased annually. Condo median sales price rose by 5.% to $369.500, reaching the second-highest on record. Condo listing inventory has been expanding for six straight quarters, up 45% annually to 1,073, but remained 20.4% below pre-pandemic levels.
The condo luxury market, representing the top ten percent of all condo sales, started at $941,705 as a price trend indicators increased year over year. The condo luxury listing inventory expanded annually by 44.% to 245, still 5.8% less than the pre-pandemic levels.
royal palm yacht & country club Q4 2023 Market Report
While single family price trend indicators showed significant year over year declines, the the average size of a sale fell sharply. The average square footage of a sale was 4,936 square feet, 14.3% less than the prior-year quarter and 23.1% below pre-pandemic levels. The average price per square foot fell below the $1,000 per square foot threshold, down almost by half from last year to $976. There were three sales in the quarter, 50% below the same period the previous year and the lowest total on record. The spike in mortgage rates over the past two years and the chronic shortage of listing inventory have restrained sales levels. Listing inventory
increased annually for the seventh time, up 379% to 40, but is still 24.5% below pre-pandemic levels. With sales falling and listing inventory rising, the pace of the market was slower than last year.