Boca Falls homes sold for higher prices in 2016 compared to previous years, but the numbers are mixed. The average transaction for the year was just under $593,000, up dramatically from the averages of $538K in 2015 and $522K in 2014. That’s a price increase of over 10% compared to the previous year.
When we dig into the numbers we find it’s not that simple. The reason for the increase appears to be the result of larger homes being sold. The average size in 2016 was nearly 3400 square feet (living area), up from 3100 square feet in 2015 and under 3000 square feet in 2014.
Measured in dollars per square foot the 2016 average was $178/sq.ft, up from $174/sq.ft. in 2015 (a 2% increase). The number in 2014 was $177/sq.ft. Looked at this way Boca Falls home prices have not increased significantly in the last two years. We checked the numbers after taking out REO (foreclosure-related) and short sale transactions. It did not make a noticeable difference.
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If you’re thinking of buying or selling a home in West Boca, choose a Realtor® who knows the market. Call Warren at 888-733-5299 or e-mail him – warren@WestBocaNews.com.
This is the first in a series of articles analyzing West Boca real estate numbers from 2016. Coming soon we will do the same for Boca Winds, Boca Isles, Saturnia, The Oaks and plenty of others.