Boca Raton Real Estate Sales On The Rise

Boca Raton real estate sales are on the rise. According to data released by the Florida Association of Realtors (FAR) on January 25, 2010, Florida’s existing home sales rose in December 2009 by 33% for a total of 14,630 homes sold statewide compared to 11,013 homes sold December 2008. Home sales rose 4.3% over December 2009. This makes 16 months that sales activity has increased in Florida statewide.   Condo sales rose 91% compared to December 2008 and there was a 22% increase in condo sales over November 2009. The FAR also reported a 91% increase in statewide sales of existing condos in December compared to the previous year’s sales. Statewide existing condo sales for December 2009 rose 22% over condo sales in November 2009.

The median sales price for existing homes for December 2009 was $140,400 compared to $155,300 in December 2008 for a 10% decrease. The statewide median sales price for condos for December 2009 $107,000 compared to $130,300 in December 2008 for an 18% decrease.

According to the NAR, the reason for distressed home sales distorting median home sale prices is because distressed properties sell at discounted prices compared to non-distressed properties. However, the NAR reports that home sales are expected to increase because they estimate that 4.4 million households are expected to claim the extended home buyer credits this year before the June 30, 2010 expiration date.  Home buyers must enter into a contract on or before April 309, 2010 to take advantage of the either the $8,000 first time home buyer credit or the $6,500 non-first time home buyer credit.

According to FAR, the West Palm Beach-Boca Raton MSA reported that 849 homes sold in December 2009 compared to 638 homes sold in December 2008 which represents a 33% increase in home sales. The median home sale price for December 2009 for West Palm Beach and Boca Raton was $247,900 compared to $246,000 in December 2008, for an increase of 1%. There were a total of 763 condos sold in area in December 2009, which was up 45% over the 527 units sold in December 2008. The existing condo median sold price for December 2009 was $111,400 compared to $112,900 for a decrease of 1%.