The Chart above depicts properties sold and properties active on the market for June, July, and August of 2008. Unfortunately, as most areas have been hit with an over abundance of supply so to has Boca Raton.
In the month of June 2008 we had 1768 properties on the market, and only 293 sold which is a 16.5% rate of solds.
In the month of July we had 2453 properties on the market, and only 259 sold which is a 10.5% rate of solds.
In the month of August we had 3349 properties on the market, and only 217 sold which is a rate of 6.5% rate of solds.
At this rate it would take over 15.4 months to sell on the inventory if no more listings came on the market which is not so. Most of these properties that are included are condos which seems to have a much lower rate of selling for a much lower rate.
On the bright side the buyer in this market is going to benefit from not only a low price (back to 2003 levels), but many options. I have been in most houses in Boca Raton and in many different price ranges the reason why most of these homes have not sold is because the seller only wants to sell, and not need to sell. There is a lot of junk out there. The properties that are upgraded, in move in condition, and priced right sell very quickly. There are not many of those on the market. Boca Raton still is much more favorable then the neighboring cities of Delray Beach, and Boynton Beach.
There is no better time to buy then now. When everyone is buying you should be selling, and when everyone is selling you should be buying. Since everyone is looking to time the bottom, by the time you try and time the bottom it is way too late. Buy now, and be near the bottom, and watch your money grow in several years. Wait, and watch the potential growth widdle away.
David Serle
Vice President/Managing Broker
RE/MAX Services
561-912-3500 Office
561-912-3502 Direct
561-756-3104 Mobile
