Blog

Monthly Market Update | June 2018

Aug 01, 2018

 

The Florida Realtors® South Florida real estate market report for June is here. Summer is in full force and there have been striking changes in the Palm Beach, Broward, and Miami-Dade real estate markets. Check out our real estate recap for the month of June. 

Palm Beach County: Single Family Homes 

Month-over-month comparisons show median time to contract for single-family homes in Palm Beach County declined from 49 days in May 2018, to 43 days in June 2018 - a 12.2% decrease. Closed sales grew by 4.9% this past month, from 1,721 closed sales in May to 1,805 closed sales in June. New listings suffered a drop, from 2,145 new listings in May to 1,965 new listings in June, a 8.4% reduction. 

When comparing Palm Beach County's single-family home statistics year-over-year, the differences are less staggering. The average sale price increased by 4.3%, from $545,034 in 2017 to $568,414 in 2018. The most drastic shift pertained to the median time to contract, which took 46 days in June 2017, but dropped by 6.5% to 43 days in June 2018. Finally, the median percentage of original list price received rose 0.3% from 94.7% in 2017 to 95.0% in 2018. 

Palm Beach County: Townhouses and Condos 

Month-over-month comparisons of Palm Beach County's townhouses and condos speak to the slow nature of our local real estate market during the summer months. Closed sales were reduced by 12.6%, from 1,476 closed sales in May 2018 to 1,290 closed sales this past June. The average sale price in May was $331,001 which then decreased to $304,478 in June 2018, an 8.0% adjustment. Furthermore, new pending sales saw a decline of 12.1%; from 1,467 new pending sales in May 2018, to 1,290 new pending sales in June 2018. 

June's year-over-year numbers favored sellers, and also portrayed the improvement in property value for Palm Beach County's townhouses and condos. The median sale price grew by a substantial 10.1%, from $172,500 in June 2017 to $190,000 in June 2018. Closed sales for townhouses and condos jumped from 1,230 in June 2017 to 1,290 in June 2018, a 4.9% rise. Of note to both buyers and sellers is the 10.0% decrease in the median time to contract, from 60 days in June 2017 to 54 days in June 2018. 

Broward County: Single Family Homes

Broward County's month-over-month comparisons for single-family homes showed several interesting shifts, especially in the number of closed sales. In May 2018, 1,518 closed sales were recorded, compared to 1,648 in June 2018, an increase of 8.6%. The most significant adjustment can be seen in new pending sales, which fell by 15.7%, from 1,865 new pending sales in May 2018 to 1,572 in June 2018. Similarly, new listings slumped from 2,260 in May 2018 to 2,034 in June 2018, a 10.0% variation. On the other hand, median time to sale saw no change, remaining at 77 days in both May 2018 and June 2018.  

When analyzing the year-over-year data, the noted shift in average sale price will positively impact sellers. The average sale price jumped by 8.4%, from $426,304 in June 2017 to $462,275 in June 2018. Buyers should be wary of the number of closed sales, which fell from 1,692 in 2017 to 1,648 in 2018, a 2.6% decrease. Finally, new pending sales saw a 14.8% plunge from 1,846 in 2017 to 1,572 in 2018. 

Broward County: Townhouses and Condos 

Looking at the month-over-month data for Broward County's townhouses and condos market, the most significant shift is seen in the average sale price, which rose 14.6% from $231,288 in May 2018 to $264,975 in June 2018. New listings dropped from 2,236 in May 2018 to 2,087 in June 2018, a 6.7% decrease. In contrast, closed sales climbed 8.3%, from May 2018's 1,667 closed sales to June 2018's 1,806 closed sales. 

Broward County's townhouses and condos year-over-year analysis showed tremendous real estate shifts between June 2017 and June 2018. The median sale price swelled by 15.6%, from $160,000 in 2017 to $185,000 in 2018. Also in sellers’ favor was the average sale price, which increased from $214,677 in June 2017 to $264,975 in June 2018 - a 23.4% expansion. Yet the most significant shift came in the median time to contract, a 34.5% decline from 58 days in June 2017 to only 38 days in June 2018. 

Miami-Dade: Single Family Homes 

Month-over-month data for Miami-Dade single-family homes revealed less significant, yet still powerful changes compared to the market in Broward. A 6.4% drop was recorded in new pending sales, falling from 1,457 in May 2018 to 1,364 in June 2018. The $547,640 average sale price in May 2018 compared to the $598,494 in June 2018 showed a 9.3% increase. Finally, new listings sank by 7.2%, from 1,881 in May 2018 to 1,745 in June 2018. 

Larger swings were demonstrated in the year-over-year Miami-Dade single-family homes market, as the average sale price rose by 18.0% from $507,082 in June 2017 to $598,494 in June 2018. 6,052 total active listings were reported in June 2017 compared to 6,206 total active listings in June 2018, a 2.5% gain. Median time to sale declined 6.0%, from 100 days in June 2017 to 94 days in June 2018. 

Miami-Dade: Townhouses and Condos 

New listings for townhouses and condos in Miami-Dade County experienced a downward turn of 17.1% from 2,629 new listings in May 2018 to 2,179 new listings in June 2018. New pending sales also slipped from 1,533 to 1,421, resulting in a 7.3% decrease. Good news for buyers - the average sale price fell 5.3% from $463,906 in May 2018 to $439,546. 

Year-over-year comparisons seem to record opposite trends for each category of reported data for Miami-Dade townhouses and condos. In June of 2017, the average sale price was $384,319 while in June of 2018 the average sale price was $439,546, a 14.4% spike. Total active listings climbed by 1.3% from June 2017 to June 2018, rising from 15,067 to 15,264. Finally, the median sale price grew from $235,000 in June 2017 to $240,000 June of this year. 

Featured Listing

117 NW 8th Street, Boca Raton

This newly renovated 5 bed, 4 bath estate is located in the desirable Spanish Village in Boca Raton. Complete with a vast upstairs loft, state-of-the-art appliances, innovative 3-zone AC, advanced surround sound audio system, and modern home surveillance system, it is hard to find a higher caliber home. The backyard is just as impressive, featuring tropical landscaping and an elegant outdoor spa and hot tub all enshrined by Eureka palms. This HOA-free property is only 1 mile away from Boca Raton’s beaches and within walking distance of Mizner Park. 

If you are interested in seeing this home yourself, call Ethan Beck at 646.208.9859 to schedule an exclusive tour. 

New Stein Posner Listings in June

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

-3221 S Ocean Boulevard 303, Highland Beach, FL 33487 — Michael Wagner (917.912.7279)

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

-117 NW 8th Street, Boca Raton, FL 33432 — Ethan Beck (646.208.9859)

-10145 S 44th Avenue, Boynton Beach, FL 33436 — Adriana Deutsch (561.239.5080)

-9323 Lake Serena Drive, Boca Raton, FL 33496 — Joan Alpert (678.618.8811)

-1204 S Lake Drive 3, Lantana, FL 33462 — Michael Johnston (561.577.0398)

-1204 S Lake Drive 11, Lantana, FL 33462 — Michael Johnston (561.577.0398)

Stein Posner Sales in June 

Our real estate rockstars closed a grand total of 23 sale is June! For the second month in a row, Team Judi took the lead with 4 sales made this month.

-3269 Riverside Dr D503, CS 33065 — Cheyl Feinman (561.706.0534)

-2220 Shoma Dr, Royal Palm Beach, 33414 — Cheryl Feinman (561.706.0534)

-8639 Via Guilia, Boca Raton, FL 33496 — Joan Alpert (678.618.8811)

-14428 Canalview Drive C, Delray Beach 33484 

-101 E McNab Rd #223, Pompano Beach 33060 — Michael Johnston (561.577.0398)

-10141 NW 36th St, Coral Springs 33065 — Lydia Ford (954.401.3442)

-3609 Moon Bay Cir, Wellington 33414 — Team Judi (954-665-0601)

-11936 NW 11th Ct ,Coral Springs 33071 — Adam Stein (561.241.2103/Ron Posner (561.239.8040)/Allison Kaufman (561.212.4502)

-7433 Estrella Cir, Boca Raton 33433 — Anita Docmanov (561.699.8487)

-10330 Buena Ventura Dr, Boca Raton, 33498 — Alison Kaufman (561.212.4502)

-9286 Wranger Dr, LW 33467 — Bianca Moussawer (561.299.1552)/Ron Posner (561.239.8040)

-9880 Grand Verde Way Boca Raton 33428 — Allison Kaufman (561.212.4502)

-2519 N Ocean Blvd, Boca Raton 33431 Rental — Michael Johnston (561.577.0398)

-721 Nw 69th Ave, Margate 33063 — Stefanie Garcia (708.829.8198)

-940 Village Trail #9-101 Port Orange 33127 — Adriana Deutsch (561.239.5080)

-7310 Ashford Place #608 Delray Beach 33446 — Michael Seville (561.412.5433)

-208 Meridian Cir #5 Miami Beach Rental — Barry Gray (305.613.0566)

-8161 SW 7th Ct, North Lauderdale 33068 — Team Judi (954-665-0601)

-1137 Boca Cove Lane, Highland Beach 33487 — Bianca Moussawer (561.299.1552)/Ron Posner (561.239.8040)

-536 Club Drive, PBG 33418 —Team Judi (954-665-0601)

-8635 Brian Blvd Boynton Beach 33472 — Michael Johnston (561.577.0398)

-1014 SW 7th Ave, Delray Beach 33444 (seller) — Team Judi (954-665-0601)

-1014 SW 7th Ave, Delray Beach 33444 (buyer) — Bianca Moussawer (561.299.1552)/Ron Posner (561.239.8040)

-17818 Lake Azure Way Boca Raton 33496 Rental — Michael Wagner (917.912.7279)