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Monthly Market Update | August 2018

Oct 02, 2018

The Florida Realtors® Report for August has arrived!  As the summer season comes to a close, buyers and sellers can expect to see more dramatic increases in monthly statistics. Stein Posner's real estate professionals are here to educate you on all of the latest trends. 

Palm Beach County: Single-Family Homes

The month-over-month statistics for Palm Beach County's single-family homes showed changes that affected both buyers and sellers. Closed sales showed a 2.7% increase, with 1,576 in August, compared to 1,534 in July 2018. Average sale price experienced a 3.4% decrease, from $518,819 in July 2018 to $501,088 this past August. New listings rose slightly from 1,913 in July compared to 1,926 in August, a 0.7% increase. 

Palm Beach County's single-family homes year-over-year comparisons demonstrated larger percentage changes compared to the month-over-month data. The average sale price had the largest percentage change in favor of sellers. In August 2017, the average sale price was $462,917 which rose to $501,088 in August 2018 - an 8.2% shift. However, new pending sales dropped by a significant 7.2% when comparing the 1,711 new pending sales in August 2017 to the 1,588 in August 2018. Median time to sale experienced a 4.3% decline, from 92 days in August 2017 to 88 in August 2018, pleasing news for buyers and sellers alike. 

Palm Beach County: Townhouses and Condos 

Palm Beach County's month-over-month comparisons for townhouses and condos showed progress across the board. New listings showed a significant 11.3% increase, from 1,388 in July 2018 to 1,545 in August 2018. Additionally, the 53 day median time to contract reported in July 2018 fell 13.2% to 46 days in August. As for the average sale price, the $252,394 average sale price in July 2018 increased to $272,281 in August 2018.  

Year-over-year comparisons between August 2017 and August 2018 show very encouraging shifts for those looking to sell their townhouse or condo in Palm Beach County. In August 2017, the average sale price was reported at $239,954, while August 2018’s average sale price came to at $272,381, showing a 13.5% improvement year-over-year. The median time to contract also decreased by a striking 17.9%, dropping from 56 days in August 2017 to 46 days in August 2018. On the other hand, the total active listings fell from 5,775 August of last year to 5,564 August of this year, a 3.7% decrease. 

Broward County: Single-Family Homes

The most impressive month-over-month change for Broward County’s single-family homes market came in closed sales. In July 2018, there were 1,460 closed sales which grew by 4.9% in August 2018 to1,531. In July 2018, there were 1,618 new pending sales, however, these declined by 7.5% to 1,496 in August 2018. Interestingly, the median sale price saw no change, remaining at $360,000 in both July 2018 and August 2018. 

Year-over-year comparisons for Broward County’s single-family homes showed several noticeable shifts. New pending sales showed the greatest percentage change, falling 13.2%  from 1,724 in August 2017 to 1,496 in August 2018. Now at 5,604, the total active listings increased by 7.5% when likened to August 2017’s 5,211. August 2017’s $350,000 median sale price was 2.9% lower than the $360,000 in August 2018.

Broward County: Townhouses and Condos 

In terms of month-over-month changes, the townhouses and condos real estate market in Broward County showed slight signs of market growth. The most substantial change in August 2018 was the 6.5% increase in new listings, from 1,972 in July 2018 to 2,101 this past month. This impacted the new pending sales slightly, with the 1,972 in July of 2018 moving in a positive direction to 1,616 in August 2018 - a 1.9% rise. On another note, closed sales increased by 2.8%, increasing from 1,440 in July 2018 to 1,480 in August 2018. 

Year-over-year, Broward County’s townhouses and condo market offered more significant shifts, with the majority of them affecting sellers positively. The average sale price increased from $199,640 in August 2017 to $220,116 in August 2018; a 10.3% rise. The median sale price also increased by 6.1%, moving from $156,000 in August 2017 to $165,500 in August 2018. The 52-day median time to contract in August 2018 was 8.8% shorter than the 57 days in August 2017. 

Miami-Dade County: Single-Family Homes

Buyers and sellers should pay close attention to the Miami-Dade single-family home market data from this past August. There was a 7.4% increase in closed sales, moving from 1,104 in July 2018 to 1,186 in August 2018. New pending sales were up as well, coming in at 1,398, 10.4% higher than the 1,266 new pending sales the month prior. Lastly, new listings extended to 1,923 in August 2018 compared to the 1,808 in July 2018, a 6.4% increase. 

Next to month-over-month, the year-over-year movements were less dramatic overall, save for closed sales and median time to contract. There was a 10.5% increase in closed sales, rising from 1,073 in August 2017 to 1,186 in August 2018. For median time to contract, in August 2017 it was 45 days, which shortened to 40 days in August 2018, an 11.1% drop. New pending sales slowed by 2.4%, decreasing from 1,433 in August 2017 to 1,398 in August 2018. 

Miami-Dade County: Townhouses and Condos

In Miami-Dade County, the townhouses and condos market month-over-month data appeared to favor both buyers and sellers. Firstly, closed sales rose 2.7% from 1,225 in July 2018 to 1,258 in August 2018. The average sale price in July 2018 was $373,634 and increased to $397,106 in August, a 6.3% difference. Alternatively, the median sale price dropped from $243,000 in July 2018 to $230,000 this past August, a 5.3% decline. Potential new homeowners will enjoy the fact that new listings were reported to be 9.4% higher, from 2,145 in July 2018, to 2,347 in August 2018. 

When it comes to comparing year-over-year trends, the average sale price skyrocketed by 20.0% from $330,969 in August of last year to $397,106 this year. This is one of the largest increases realized within Palm Beach, Broward, and Miami-Dade County’s real estate markets. Also, closed sales were up 15.9%, moving from 1,085 in August 2017 to 1,258 in August 2018. Interestingly, the median percentage of original list price received showed no change, remaining at 94.0%. 

Our Featured Listing:

22218 Hollyhock Trail, Boca Raton

This spectacular two-story custom home offers a split-level design and includes four bedrooms, four and one-half baths, and a loft that can double as a fifth bedroom. The beautiful open floor plan allows for natural light to flow throughout, illuminating the kitchen which features cherry cabinets, granite countertops, double ovens and microwaves, and dishwashers. The sizable, lush backyard and resort-style pool complete this impressive property. Perfect for homeowners who enjoy entertaining guests, this home is not one to miss!  

Ready to make your move? Contact Adriana Deutsch at 561.239.5080 to schedule your private tour! 

New Stein Posner Listings in August:

16314 Via Venetia W, Delray Beach 33484 — Samona E Rosenberg (917.969.7768)

184 Oregon Ln, Boca Raton 33487 — Gayle Meyerson (561.706.2133)

16314 Via Venetia W, Delray Beach 33484 — Samona E Rosenberg (917.969.7768)

354 Lake Monterey Cir, Boynton Beach 33426 — Mildred A Eugene (954.646.9487)

6141 Old Court Rd #230, Boca Raton 33433 — Matthew Hornaday (561.859.7323)/ Ty Trottill (561) 818-0888)

3300 N 34th St, Hollywood 33021

180 NE 4th Ave #404, Delray Beach 33483 — Samona E Rosenberg (917.969.7768)

6641 NW 99th Ave, Parkland 33076 — Allison Kaufman (561.212.4502)

516 NW 12th Terrace, Boca Raton 33486 — Joan  Alpert (678.618.8811)

632 Sea Pine Way A-1, Greenacres 33415

4854 NW 124th Way, Coral Springs 33076 — Ron Posner (561.239.8040) / Danielle Austin (754.422.8292)

890 N Federal Hwy #206, Lantana 33462 — Tyler Mattson (561.644.9277)

904 Springdale Cir, Palm Springs 33461 — Matthew Hornaday (561.859.7323)

Stein Posner Sales in August:

Stein Posner real estate professionals rocked August, closing with 31 sales! Matt Hornaday had six of these sales this month. Way to go Matt! 

10600 Placida Dr, Coral Springs 33065 — Stefanie Garcia (708.829.8198)

19299 Skyridge Cir, Boca Raton 33498 — Allison Kaufman (561.212.4502)

1204 S Lake Dr #11 Lantana, 33462 — Michael Johnston (561.577.0398)

1204 S Lake Dr #3, Lantana, 33462 — Michael Johnston (561.577.0398)

3 Frank Place, Palm Coast 33127  — Lydia Ford

381 SE 20th Ave, Deerfield Beach 33411 — Matt Hornaday (561.859.7323)

6900 NW 11th St, Margate 33063 — Andres Front ado

8782 Sydney Harbor Cir, Delray Beach 33446 — Samona Rosenberg (917.969.7768)

303 Norwich M, West Palm Beach 33417

451 NW 103rd Ter, #451, Pembroke Pines 33026 — Lydia Ford (954.401.3442)

650 NW 80th Terrace #102, Pompano Beach — Claudette Diamond (561.573.1800)

9179 Banquet Way, Lake Worth 33467

1713 NW 112th Terrace, Coral Springs 33071 — Matt Hornaday (561.859.7323)

26 Royal Palm Way #503, Boca Raton 33432 — Goli Eftekhari (310.902.7882)

8339 Via Leonessa Boca Raton 33433 — Robin Pugh (561.404.0301)

1505 15th Terrace, Palm Beach Gardens, FL — Eva Carrington (561.358.8216)

180 NE 4th Ave #307, Delray Beach 33483 — Samona Rosenberg (917.969.7768)

6401 Duckweed Rd, Lake Worth 33449 — Matt Hornaday (561.859.7323)

3390 N Pinewalk Drive N #1021, Margate 33063 —Vinia Valmy (561.251.4182)

4831 Fox Hunt Trail, Boca Raton, 3487 — Matt Hornaday (561.859.7323)

6952 NW 27th Ct, Margate, FL 33063 — Ron Posner (561.239.8040) / Jonathan Kramer (954.612.7461)

1805 N Flagler Dr #117 WPB 33407

1220 Alpha St, West Palm Beach 33401 — Matt Hornaday (561.859.7323)

2523 Sawyer Terrace Wellington Fl 33414

9731 Colorado Ct, Boca Raton 33434 —Matt Hornaday (561.859.7323)

495 Brickell Ave #3401, Miami 33131 — Montana Hughes (954.790.7003)

21754 Cypress Dr #19A Boca Raton — Samona Rosenberg (917.969.7768)

108 NW 118th Dr, Coral Springs 33071 — Michael Wagner (917.912.7279)

303 Greenbrier, West Palm Beach 33417 — Joan Alpert (678.618.8811)

3 Royal Palm Way #201, Boca Raton 33432

6952 NW 27th Ct, Margate, FL 33063 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040) /Jonathan Kramer (954.612.7461)