We’ve been doing real estate reports for a while now, but to help our readers better understand the market, we’re starting a new series of reports analyzing real estate data to get a better sense of market trends specifically for West Boca.
We’re starting with Boca Falls. We looked at closed real estate transactions in the first half of 2015, and compared them with the second half of 2014 and the first half of 2014 as well. Our spreadsheets are at the bottom of the article for those who want to get into the nitty gritty.
Average transaction prices were up compared to a year ago, but on a $/sq.ft. basis there was not much change. Houses do seem to be selling more quickly.
Overall prices seem steady with some hints of increases. The average transaction price of non-REO* sales in Boca Falls in the first half of 2015 was $556,990, just a few hundred dollars less than the second half of 2015. This is significantly higher than the first half of 2014, which was $495,763.
*REO (generally meaning bank-owned) transactions tend to be lower prices and of less interest to readers thinking of selling their house.
The average price in per square foot hasn’t changed much, staying pretty close to $177/sq.ft. For the more recent two data sets we broke them down by number of floors. Single-story homes sold for roughly $10-20 more per square foot but there is still plenty of variability.
Non-REO homes did move more quickly in the first half of the year, selling on average in 53 days, 23 days quicker than in the previous six-month period. Transaction prices are nearly 95% of the original list price, with a few sales at the listing price. Back in the first half of 2014 we saw houses selling for closer to original list price, suggesting that sellers are asking for more now but not getting much more.
REO homes are selling for closer to 90% of the original list price, and that actually declined in the first half of 2015.
We’ll do some more neighborhoods over the next few weeks and eventually try to tie it all together with a larger analysis of neighborhoods that have a lot in common.
First half (January to June) of 2015
Second half (July to December) of 2014
First half of 2014 – There was only one REO transaction which was removed from this data.