Boynton Beach, Florida Real Estate Market Report – October 2024
Market Overview
Boynton Beach, Florida is currently a Seller's Market, indicating higher demand relative to supply, though months of inventory at 5.23 suggests the market is moving closer to balance. Key market highlights include rising median sold prices, steady activity in pending and sold listings, and robust new listings coming to market.
Market Trends
Inventory:
Months of Supply: Inventory levels increased by 1.4% month-over-month, with a total supply of 5.23 months, indicating a relatively balanced supply-demand dynamic.
Active Listings: A total of 1,509 active properties, a modest increase of 0.4% from last month, with a median list price of $394,000.Prices
Active Market Snapshot
Median List Price: $394,000
Median Living Area: 1,582 sqft
Median $/Sqft: $255
Median Sold Price: Up by 5.88% to $400,000, reflecting ongoing price growth due to sustained demand.
Median $/Sqft: Sold properties averaged $251/sqft, indicating stable price per square foot trends.
Median Estimated Property Value
Sales Volume:
New Listings: 482 new properties entered the market, an increase of 10.3% from the prior month, with a median list price of $425,000.
Total Sales Volume: Significant growth in total sales volume, with $122.8M representing a 32.1% month-over-month jump.
Market Speed:
Median Days on Market: Properties are taking 53 days to sell on average, an increase of 15.22% month-over-month, suggesting a slightly slower pace.
Insights for Buyers and Sellers
For Sellers: The high list-to-sold price ratio of 98.8% indicates strong negotiation leverage. Rising home prices and growing demand favor sellers in this competitive market.
For Buyers: Inventory is expanding, providing more choices, but quick action is essential due to shorter market times and competitive pricing.
Conclusion
The Boynton Beach market continues to show strength, with a seller-friendly dynamic. However, increased inventory and modest growth in time on the market suggest some balance may emerge in the coming months. Buyers and sellers should monitor these trends closely to capitalize on opportunities. For more information about your specific location, please contact us at Sancastle Realty.
