Boca Raton Housing Market Report: October 2024

Описание: Boca Raton Housing Market Report: October 2024

In this October 1st, 2024 real estate market update, Larry Mastropieri delivers an insightful overview of the current trends in Boca Raton and the surrounding South Florida areas. With his characteristic depth of knowledge, Larry breaks down the numbers and shares a clear picture of where the market stands—highlighting the balance between home sales, listing prices, and the extended days on market.

Larry begins by discussing how the market has seen a significant increase in days on market, with a 42% jump in the time homes sit before accepting an offer compared to last year. While this slow-down may initially raise concerns, he explains that pricing trends have remained unexpectedly resilient. Despite homes sitting longer, average sale prices have increased by 15%, though the median sale price has stayed flat year-over-year. This suggests stability, signaling that the market is balancing out after an era of rapid growth.

He goes on to explain the importance of the absorption rate, which measures how long the current inventory would last at the current sales pace. With the absorption rate close to six months, the market is transitioning from a seller’s market to a more neutral state, offering buyers increased negotiating power.

Larry emphasizes that while the market is cooling off compared to the frenzy of the past few years, it remains healthy, particularly for homes in top condition and desirable locations. His final takeaway is that South Florida is experiencing a smooth landing, with plenty of opportunities for both buyers and sellers.
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00:00 What is happening in the Boca Raton housing market
00:20 Cumulative days on market and sales prices In Boca Raton
02:38 Changes in listing prices and the number of listings
05:46 Home sale prices versus absorption rate in Boca Raton
07:27 Where is the Boca Raton housing market headed
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