Boca Raton Florida Real Estate Trends
The Florida real estate market is a dynamic ever evolving market. Each county in Florida has a life of its own. While Florida continues to receive ever increasing transplants and retirees, real estate trends do not necessarily match the rest of the nations.
Boca Raton was once known as a retirement area but most would be surprised to know that the median age in the city of Boca Raton is 46 years old. The median household income is $70,638 ,with a population nearing 90,000. Newly released statistics from Florida Realtors® are in showing that recent sales are beginning to slow in Boca Raton Florida and any good deals are snatched up quickly.
The competition is fierce and having the right mortgage broker is critical to winning your dream home. For today’s best rates and a fast 21 day close, visit https://www.ADreamLoan.com. Recent listings have decreased 3.3 percent for single family homes and one percent for townhomes/condo homes. Pending sales have decreased 3.1 percent for single family homes and 14 percent for townhouses/condo sales.
Boca Raton Real Estate Growth Signals
Real estate in the Boca Raton area has continued to see steady growth since the middle of 2012. In 2014, foreclosures in the county were down 40% from a year prior with another drop in 2015 to a current rate of just 2.28%. As foreclosure rates drop, median sales prices have continued to rise in Boca Raton. From its low in 2011 of $149,000, the median sales price is currently now over $275,000, a 84.56% increase. The average price per square foot in Boca Raton is $162, which is an increase of 5.9% from last year year. South Florida real estate is considered a “good buy” once again, and both buyers and sellers are operating with renewed confidence.
According to a recent report released by Freddie Mac, South Florida’s housing market now ranks as one of the most stable in the country.
The mortgage company gave the South Florida MSA a score of 82.4 on its Multi-Indicator Market Index, up 14% from a year ago.
The health of the housing market in Boca Raton has turned the area into somewhat of a seller’s market. There is limited inventory to keep up with buyer demand here, and this is prompting developers to build new homes and condos wherever they can. In a nearly built out area, this is sometimes easier said than done.
Boca Raton and Investment Properties
While South Florida remains one of the nation’s most active markets for investment properties and flipped homes, studies show signs of the trend cooling in 2015. While having a percentage of investment properties isn’t a bad thing, too many can create instability in the market as we experienced first-hand in The Great Recession.
The good news is that there has been a growing reduction of straight cash sales in the state of Florida, an indicator that many homes are being purchased by household owner-occupants. The rise in mortgage loan closings as a percentage of total sales in Boca Raton is an indicator that more and more people are looking to make the area their home as opposed to an investment.
The Future of Boca Raton Real Estate
The future of Boca Raton real estate is promising. While the area is built up, where there is a will and demand, there is a way and developers will nearly always find a way. In October 2015, the Planning and Zoning Board of the city granted approval for a master plan that calls for the development of Boca Raton’s last vacant parcel of land. The 80-acre tract adjacent to I-95 and Spanish River Blvd. could hold 829 new residential units.
Another project is a 25-unit condo project in downtown Boca Raton called “327 Royal Palm.” With construction already underway, it is reported that half of these units are already under contract. Finally, the once-home to the Boca Raton Army Airfield Headquarters is now the future site of a luxury townhouse development. This 1.14-acre parcel is located north of Palmetto Park Rd. and west of Northwest Fourth St. The plan is to build four three-story buildings of townhomes that have four bedrooms and approximately 3,740 square feet.
If you prefer to feel as if you’re really on vacation all the time, you may wish to check out the condo hotel trend that has moved into the area. You can own a condo at prestigious Boca Resort and Golf Club, and there are plans in the works to allow the same at the newly built Via Mizner Mandarin Hotel Oriental.
Home Loans Boca Raton Florida
Home Loans in Boca Raton Florida
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Some of the more popular Boca Raton Home Loan and Refinance programs include:
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Refinancing and Cash Out refinancing.
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