Boca Raton Q4 2022 Market Report

Boca Raton
Rochelle Le Cavalier Pink Palm Properties

Single-family median sales price continued to press higher despite declining sales as listing inventory remained well below pre-pandemic levels. While pricing in the luxury market, representing the top ten percent of all sales, generally declined year over year, it was substantially higher than pre-pandemic levels, up 68.2% for single families and 66.7% for condos. 

The median sales price for single families rose 11.3% annually to $768,000 and was 61.7% above pre-pandemic levels. The number of sales fell 41.3% year over year to 410, 27.3% below pre-pandemic levels. Over the same period listing inventory more than doubled to 627, which was still 41.5% short of pre-pandemic levels, and the market share of bidding wars was down to 11.7% from 29.3% during the prior year’s housing boom.

The condo market followed a similar pattern, with the median sales price rising 13.4% year over year to $351,450 and 56.2% above pre-pandemic levels. Condo sales fell 41.9%, and listing inventory nearly doubled year over year but remained 45.1% below pre-pandemic. Despite the slowdown to the 4.2-month pace of the condo market from last year’s housing boom, the market remained 28.8% faster than pre-pandemic levels.

Read the full report.


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