Wondering about the best time to sell your Boca Raton home? It may be right now. Because according to the National Association of Realtors (NAR) sales of pending homes increased by 3.4% in April. This is the highest monthly level seen since back in 2006.
In addition, their data says that the days on market (DOM) of homes are lessening, which means they move faster from listing to contract. In fact, days on market for a Boca Raton home for sale dropped from over 100 to just over 90.
So if you’re thinking about whether or not this is the best time to sell your Boca Raton home, suffice it to say that this pace of sales indicates that there are far more buyers for your home than there are homes for sale in Boca Raton.
Boca is back to being a seller’s market.
Once again, based on supply and demand, with a 3.7 month supply of homes in Boca Raton currently available, we have moved back into a seller’s market. Of course, there’s no guarantee that this will last.
Today’s Sun Sentinel indicated that foreclosures in Florida are increasing once again, which means there will soon be more homes for sale in a market that desperately needs them.
But even if a small increase in homes for sale in Boca occurs, a market typically does not reach equilibrium – (neither a buyer nor a seller’s market) – until there’s is a 6 month supply of homes available. That’s still quite a distance from the current numbers.
Sales are moving faster. Prices continue to rise.
However, what is most interesting about the increased pace of Boca Raton home sales, and the pace of home sales in general is this: even though the price of homes is rising rapidly, sales are moving just as fast. Average sale price of a Boca Raton home between this year and last is up 14.44%. At the moment, if you decided that now is the best time to sell your Boca Raton home, you’d see that the average list price of a Boca homes is up 20% on average from a year ago at this time.
Realtor.com says it is seeing 35% more searches than last year, which points to ever increasing interest in home purchases.
Mortgage rates are still very low.
And even though mortgage rates showed an uptick, today they are still trending around 4%. That is a very attractive price. Last year at this time they were around 4.17%. So if you think it’s the best time to sell your Boca Raton home, buyers are ready to buy because the cost of home purchase money is still extremely cheap.
Then, on top of continued low mortgage rates, active listings of Boca Raton homes are down an average of 4.3% from a year ago. This shrinking inventory keeps demand and prices high. Even a few more homes in the market will not create a price downswing.
Inventory is way down in the most popular price ranges.
What makes the market even tighter is that new listings in these popular price ranges – which is the range of affordability for most people – has also decreased.
Boca homes listed in the $250,000-299,000 range are down by 6.1%. In the $350,000-$399,000 range they are down by 3.8%. And Boca homes for sale in the $400,000-$449,000 price range are down by 7.8%.
So if you were wondering when might be the best time to sell your Boca Raton home, this sellers market may have provided the correct moment..
Looking to buy a Boca Raton home? Want to sell a Boca Raton home? Call us today.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions