As I am a member of The Institute for Luxury Marketing, I thought I would share with you their October 2021 report for Boca Raton - Delray Beach.
It is your guide to a general analysis on the trends and comparative data on the top-residential markets in the Boca Raton - Delray Beach area.
Statistics are separated between single family homes and condominiums / townhomes in Boca Raton - Delray Beach.
At the national level:
Seven takeaways for the North American Luxury Market:
1. The number of sales in the luxury real estate market, year to date, have already surpassed the number of sales for the full year of 2019.
2. Demand remains strong, with the majority of luxury markets reporting sales in 2021 already outpacing the total number of sales in 2020.
3. The luxury markets whose sales are not currently outpacing 2020 are, for the most part, predicted to do so by the end of 2021.
4. Demand for properties in the $5 million range and above in 2021 is currently in the double digits compared to 2019, ie. there are more than double the number of $5 million + homes sold in 2021
than in the full year of 2019.
5. Sales of properties in the $1-5 million range are currently 50% higher than the full year of 2019 but are predicated to be as much as 100% higher by the end of 2021.
6. Inventory levels continue to remain at one of the lowest levels of availability, certainly over the last 20 years, if not longer.
7. The median sold price in for luxury single-family homes, year to date in 2021, is approximately US$1.7 million, a 22% increase compared to 2020, and for luxury attached homes it is
approximately US$1 million, a 12.8% increase compared to 2020.