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Monthly Market Update | July 2018

Aug 31, 2018

The Florida Realtors® July report for South Florida’s real estate market is out! Our real estate professionals are here to educate you on everything that buyers and sellers need to know as the summer draws to a close.

Palm Beach County: Single-Family Homes

Palm Beach County's single-family homes month-over-month data showed a significant 15.0% drop in closed sales, with 1,805 in June 2018, compared to 1,534 in July. Median time to contract experienced a 9.3% increase, from 43 days in June 2018 to 47 days this past July. Median time to sale saw no change, remaining at 91 days in both June 2018 and July 2018.

Palm Beach County's single-family homes year-over-year comparisons show a notable change in median time to contract. July of 2017 showed that the median time to contract was 37 days, which rose by 27.0% to 47 days this past July. Total active listings saw a decrease of 5.1%, from 7,086 in July 2017 to 6,723 in July 2018. On a positive note for sellers, the average sale price in July 2017 was $478,717 and moved to $518,819, notching an 8.4% increase.

Palm Beach County: Townhouses and Condos

Month-over-month comparisons for Palm Beach County's townhouses and condos demonstrated mostly decreases. Average sale price dropped by 17.1%, from $304,478 in June 2018 to $252,394 in July 2018. Additionally, the 1,290 closed sales reported in June fell 8.5% to 1,180 in July. As for new listings, June 2018 saw 1,504 new listings become available for townhouses and condos in Palm Beach County, while only 1,388 were recorded in July 2018 - a 7.7% decrease.

Year-over-year comparisons between July 2017 and July 2018 show more encouraging shifts for those looking to sell their townhouse or condo. In July 2017, closed sales were reported at 1,075, while there were 1,180 in July 2018, an impressive 9.8% increase. The median sale price also increased by 4.1%, rising from $170,000 in July 2017 to $177,000 in July 2018. On the other hand, new pending sales fell from 1,294 in July 2017 to 1,205 in July 2018, a meaningful 6.9% drop.

Broward County: Single-Family Homes

The most significant month-over-month change for Broward County’s single-family home market was seen in median time to contract. In June 2018, the median time to contract was 31 days which grew by one week to 38 days in July, a 22.6% increase. The 5,467 total active listings in July 2018 increased by 1.1% when contrasted to the 5,407 in June 2018. Closed sales dropped by 11.4% however, from 1,648 in June 2018 to 1,460 in July 2018.

Year-over-year comparisons for Broward County's single-family homes showed less momentous shifts. New pending sales showed the greatest percentage change, falling 5.2% from 1,706 new pending sales in July 2017 to 1,618 in July 2018. Now at $441,555, the average sale price increased by 3.2% when likened to July 2017's $427,752 figure. Furthermore, the median sale price in July 2017 was $350,000 and rose 2.9% to $360,000 in July of this year, a notable detail for those looking to sell their single-family home.

Broward County: Townhouses and Condos

In terms of month-over-month shifts, the townhouses and condos market in Broward County showed signs of significant change. One of the most substantial adjustments this month included a 20.8% drop in average sale price from $264,975 in June 2018 to $209,956. This impacted the median sales price which decreased as well, from $185,000 in June compared to $165,000 in July - a 10.8% difference. On another note, the median time to contract increased by 36.8%, rising from 38 days in June 2018 to 52 days in July 2018.

Year-over-year, this market offered less significant shifts, however the changes noted were mostly positive. The 1,346 closed sales in July 2017 was 7.0% lower than the 1,440 reported in July 2018. The 1,879 new listings in July 2017 grew to 1,972 in July of 2018, a 4.9% improvement. Finally, the median sale price grew positively by 4.4%, from $158,000 in July 2017 to $165,000 in July 2018.

Miami-Dade County: Single-Family Homes

The month-over-month shifts for Miami-Dade County's single family homes depict the decelerating nature of the summer real estate market. Closed sales were down, coming in at 1,104, 17.3% lower than the 1,335 closed sales the month prior. The 1,364 new pending sales in June dropped 7.2% to 1,266 in July. Lastly, the median time to contract extended to 45 days in July 2018 compared to 43 days in June 2018, a 4.7% increase.

Next to month-over-month, the year-over-year movements were much more encouraging. At $369,450, the median sale price was 10.3% higher than the $335,000 noted last year. New pending sales increased by 3.3%, from 1,226 in July 2017 to 1,266 in July 2018. From 6,187 in July 2017 to 6,318 in July 2018, total active listings increased by 2.1% year over year.

Miami-Dade County: Townhouses and Condos

In Miami-Dade County, the townhouses and condos market month-over-month data was in favor of buyers. New pending sales dropped 7.2% from 1,421 in June 2018 to 1,319 in July 2018. The average sale price dropped by 15.0%, from $439,549 in June 2018 to $373,634 this past July. Both buyers and sellers may be discouraged by the fact that new listings were down overall by 1.6%, from 2,179 in June to 2,145 in July of 2018.

Alternatively, when it comes to comparing year-over-year trends, both buyers and sellers will be pleased. Closed sales rose from 1,132 in July 2017 to 1,225 in July 2018, an 8.2% jump. Total active listings were up 0.7%, moving from 15,077 in July 2017 to 15,181 in July 2018. Median time to sale decreased by 1.7%, shifting from 119 days in July 2017 to 117 in July 2018, helping to speed the closing process along.

Our Featured Listing:

6735 Royal Orchid Circle | Delray Beach 

This six bedroom, five bath estate home has been entirely renovated, including a brand-new roof, three new A/C units, a full house generator, and impact glass throughout. The main-level master suite features an ensuite bath, private home office, and sizable walk-in closets. The beautifully landscaped backyard is built to entertain, complete with a covered patio and built-in grill overlooking the updated pool.

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New Stein Posner Listings in July:

-1340 S Ocean Blvd 2003, Pompano Beach 33062 — Bianca Moussawer/Ron Posner (561.299.1552)/(561.299.1552)

-5010 NW 42nd St, Lauderdale Lakes 33319 — Andres Frontado (361.815.8332)

-84 Brittany B, Delray Beach 33446 — Gayle Meyerson (561.706.2133)

-6735 Royal Orchid Cir, Delray Beach 33446 — Samona Rosenberg (917.969.7768)

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

Stein Posner Sales in July:

Our real estate rockstars closed 29 sales in July! Adam and Ron had five of the sales with the help of Jeremey Charles and Jonathan Kramer!

-3611 N Pacific Coast Cir #306, Laud. Lakes 33309 Rental — Lydia Ford (954.401.3442)

-15431 Fiorenza Cir, Delray Beach 33446 — Adam Stein/Ron Posner (561.241.2103/ 561.239.8040)

-1919 Madeira, Weston, Rental 33327 — Montana Hughes (954.790.7003)

-7835 Lakeside Blvd Apt 914, Boca Raton 33434 — Adam Berthiaume (954.995.3140)

-706 Bridgewood Dr, Boca Raton, 33434 — Adam Berthiaume (954.995.3140)

-1187 Hillsboro Mile #2W, Hillsboro Bch 33062 — Montana Hughes (954.790.7003)

-4740 NW 22nd St #4290, Coconut Creek 33063 — Cheryl Feinman (561.706.0534)

-1100 SW 2nd St, Boca Raton 333486 Rental — Bianca Moussawer/Ron Posner (561.299.1552/561.239.8040)

-9 NE 20th Ave #401, Deerfield Beach 33441— Robin Pugh (561.404.0301)

-2360 NW 43rd St, Boca Raton 33431 — Tara Rosenthal (561.702.4723)

-5262 Breadfruit Cir, Delray Bch 33484 Rental — Judi Colclasure/Team Judi (954-665-0601)

-11141 Sandyshell Way, Boca Raton 33498 (seller) — Adam Stein/Ron Posner/Jeremy Charles (561.241.2103/ 561.239.8040/- 561-572-1749)

-9806 Goldenrod Dr, Boynton Beach 33437 (seller) — Adam Stein/Ron Posner (561.241.2103/ 561.239.8040)

-9806 Goldenrod Dr, Boynton Beach 33437 (buyer) — Bianca Moussawer/Ron Posner (561.299.1552)/(561.299.1552)

-14768 Enclave Lakes Dr, Delray Beach 33484 Rental Referral — Melissa Roukas (954.593.7017)

-3041 Indiana St, Miami, FL 33133 — Montana Hughes (954.790.7003)

-1046 NW 33rd Manor, Pompano Beach 33064 — Adriana Deutsch (561.239.5080)

-21 NE 12th St, Delray Beach 33444 — Michael Cimorelli 561-757-9550

-3170 Leewood Terrace, L111, Boca Raton 33431 Rental — Allison Kaufman (561.212.4502)

-2364 Waburton Terrace,Wellington 33414 — Judi Colclasure/Team Judi (954-665-0601)

-910 Doveplum Ct, Hollywood 33019 — Adam Stein/Ron Posner (561.241.2103/ 561.239.8040)

-67 Atlantic Grove Way, DB 33444 (buyer) — Samona Rosenberg (917.969.7768)

-67 Atlantic Grove Way, DB 33444 (seller) — Samona Rosenberg (917.969.7768)

-9323 Lake Serena Dr, Boca Raton 33496 — Joan Alpert/Georgia Valicenti (678.618.8811)

-3950 SW 132 Ave, Davie 33330 — Adam Stein/Ron Posner/Jonathan Kramer (561.241.2103/ 561.239.8040/954.612.7461)

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

-5500 N Military Trail, #554, Boca Raton 33496 Rental — Bianca Ferri 

-608 SW Natura Blvd #108, Deerfield Beach 33441 — Judi Colclasure/Team Judi (954-665-0601)

-1001 SW 133rd Terrace, Davie 33325 — Judi Colclasure/Team Judi (954-665-0601)