June 2023 Boca Raton Area Luxury Market Report from Jean-Luc Andriot and The Institute for Luxury Home Marketing
Posted by Jean-Luc Andriot on Tuesday, June 20th, 2023 at 9:48am.
As I am a member of The Institute for Luxury Marketing, I thought I would share with you their June 2023 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:
Luxury Trends for the Summer
As we head into summer, what trends are set to define this season’s must-haves, and are there any surprises?
Smart technology and wellness amenities are certainly top favorites of the affluent homeowner, but today’s buyer is also looking for the home that will fulfil their lifestyle decisions – this more than just the style of the home and/or its location, it is the experience offered by the property that will likely set it apart.
This experience tends to encompass not only unique and spectacular features within the home and its grounds but also the property’s location and surrounding amenities. Affluent buyers’ expectations have shifted, becoming honed by the need to find a sense of purpose for their chosen property and its location as well the opportunity to still add their personal identity and style.
Despite lingering uncertainty outside the luxury real estate market, the steadiness of prices, sales, and inventory levels have resulted in a consistent increase in the demand for luxury properties during the first five months of 2023.
The number of luxury properties sold has risen month over month since the start of 2023, aside from January, which did see a downturn in sales. Despite the slight plateau in April, May’s figures saw a 33% increase in sales for single-family homes compared to April and attached properties sales were 26% higher.
This has been assisted by the increased level of new inventory entering the market, up 22% compared to April 2022 for single-family homes and 14% for attached homes – putting inventory levels back on par with levels seen in May 2022.
While an increase in new inventory has resulted in a greater number of sales, the significant difference in percentage increase of sales versus new inventory proves that the demand for luxury properties continues, enabling the market to remain strong.
Sold Prices also indicate stability in the current market as overall, the monthly median price for both single-family and attached properties has barely shifted, but more significantly, the homes that are selling are being sold very close to their list price.