When it comes to buying and selling homes in Boca Raton Florida real estate conditions can change rapidly. It might seem a little difficult to know what’s going to come next, but when you’re familiar with the most intimate details of the real estate market, it’s possible to work out the best time to buy or sell to maximize your gains. Consider the most recent changes and see how they took place and why.
The Current State of Real Estate in Boca Raton FL
The best way to understand the market for the kind of real estate Boca Raton FL offers is to take a look at the events of the last few years. When you eat to understand the ups and downs of the market as a whole within the state, you should use an example like the changes to the single family-appropriate real estate Boca Raton FL is known for.
State-wide figures for closed sales can be broadly applied to Boca Raton FL real estate. Once you get a feel for how much real estate is exchanging hands and how this compares to previous years, you can talk to your realtor in an informed manner. This will only help you to get the best deal possible.
- 2011 – 187,213 closed sales (year-over-year change of 5.9%)
- 2012 – 203,073 (8.5%)
- 2013 – 225,446 (11.0%)
- 2014 – 240,286 (6.6%)
- 2015 – 266,209 (10.8%)
- 2016 – 268,731 (0.9%)
You easily see here that the market is still growing year-over-year and has been doing so for at least the past 6 years. However, growth is slowing down for a number of reasons and you’ll have to be more careful about buying a property as there might be less choice.
Reasons for Changes in the Market
In Boca Raton real estate for sale is always going to be available due to the location as well as the vast range of amenities present. Nevertheless, you need to pay attention to changes in the market and act accordingly.
Despite real estate prices and availability being partially a product of local forces, Boca Raton real estate for sale is also dependent upon more global factors. Things like a changing economy and reduced construction projects lead to prices that are harder to afford compared just a few years back.
When it comes to the latest updates on the market in Boca Raton Florida real estate professionals like ours are always first to analyze and act upon the changes we detect. We’ll recommend exactly the right course of action for you to make the most of any situation that occurs.