Is The Boca Raton Housing Market Changing?

Readers of my weekly newsletter are aware our local real estate prices continue to go upward.

Sequentially, prices have been climbing about more than 1% or so each month.

This is important information for both my home sellers and home buyers.

As sellers, we want to price into the direction of the local market.

Home buyers need to realize the flow of prices and make their offers accordingly, in order to meet the expectation of home sellers in the current market.

Both my home seller and home buyer customers are curious as to when the market may take a turn.

The mortgage rates are climbing and prices are appreciating, which could cause the real estate market to slow down.

A recent report by Redfin might indicate prices are beginning to peak or perhaps just slowing down price increases.

So far from the four weeks ending April 3, 2022, 12% of sellers dropped their prices compared with 9% a year earlier, according to Redfin.

Price reductions are still rare, however, Redfin reports the number of price drops are growing faster this time of year since 2015.

The “sky’s the limit” pricing for home sellers may have to be tapered a little bit.

However, Redfin is reporting that homes are typically selling for 2.1% over the list price.


For all local real estate information go to my Website : Mike In Boca



Michael Friedman

Broker-Associate, Realtor, CDPE eXp Realty

Cell : 561-247-3550

mikeinboca.com

Location: Boca Raton, FL, USA

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