Boca Raton Home Prices and Sales Up Again
Only four months into the year and we are watching an upward trend of Boca Raton home prices and sales. Boca Raton home prices averaged more than a 13% increase on a year over year basis, while sales on homes climbed 18% overall.
According to MLS statistics, on a year to year basis, Boca Raton home prices and sales, especially those in the $150,000 – $400,000 price range, continue to their upward moves.
Family income determines Boca home buying range.
Preston Ware, of The Mortgage Firm, suggests that growth in this range of Boca Raton home prices and sales is not surprising. “The largest percentage of mortgage applicants we work with have incomes from $50,000 to $150,000,” Ware said.
“That means the homes they can comfortably afford will fall into the $400,000 and under price range.” In the lower price categories Ware indicated that Federal Housing Authority (FHA) loans are the most popular because they allow a down payment of as little as 3.5% of the purchase price. “More mature buyers, typically those people who are older and more established financially, are likely to go with Fannie Mae loans, where they put down 20% or more of the purchase price.”
Year over year Boca home sales up by 20% or more. Prices trending up. The number of Boca homes sold in the $200,000-$249,000 range showed an increase of almost 37%, those sold in the $250,000 – $299,000 range climbed more than 43%, and the number of Boca homes sold between $350,000 and $399,000 increased by more than 23%.
The active median list price of a home in Boca Raton increased from just above $340,000 in January to around $360,000 by March of this year.
The supply of Boca Raton homes is still very tight.
Market equilibrium is considered a 6 month supply. Right now, however, there is approximately a 4 month supply of homes for sale in Boca Raton. Because of this low inventory, which usually provides an advantage to the seller, Boca Raton home prices and sales are likely to continue their upward trend.
Thinking about buying a home in Boca Raton?
Thinking about selling a home in Boca Raton?
Please call us at 561-213-6139.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions