Monthly Market Update | October 2018

Dec 03, 2018

The South Florida Realtors® October real estate market has recently been released, and there have been some impressive shifts. As the winter months begin, Stein Posner agents are here to analyze and interpret the very notable changes in Palm Beach, Broward, and Miami-Dade Counties. 

Palm Beach County: Single-Family Homes

Interestingly, Palm Beach County's single-family homes month-over-month shifts didn’t see any negative shifts, good news for both buyers and sellers. October 2018 saw 1,458 closed sales compared to the 1,227 this past September; an impressive 18.8% increase. Continuing the positive trend, the average sale price grew by 13.3%, from $480,937 in September to $544,964 in October of 2018. Lastly, during October 2018, new listings rose significantly from 1,824 in September  to 2,124 - a 16.4% increase. 

Year-over-year real estate comparisons for Palm Beach County's single-family homes showed a few downward figures, beginning with new pending sales declining 9.9%, dropping from 1,570 in October 2017 to 1,414 this past month. Median time to sale fell from 98 days to 93 days, 5.1% less this past October than during the previous year. On the other hand, the most drastic percentage increase was seen in the average sale price, an upward shift of 21.2% from October 2017 to 2018, when comparing $499,538 to $544,964.

Palm Beach County: Townhouses and Condos

The month-over-month data for Palm Beach County's townhouses and condos market also saw positive adjustments. In September 2018 there were 1,499 new listings, which since increased by a notable 20.9% to 1,812 in October 2018. New pending sales rose from 1,097 to 1,180 when comparing September to October 2018; a 7.6% increase. Finally, total active listings increased by 6.1%, from 5,678 in September 2018 to 6,022 in October 2018.

Year-over-year correlations between October 2017 and 2018 show shifts in favor of sellers. First, closed sales shifted from 901 in October 2017 to 1,074 in October 2018, an impressive 19.2% increase. Average sale price grew close to that amount as well at 18.9 %. The median time to sale remained constant at 95 days. 

Broward County: Single-Family Homes 

Broward County's single-family homes shifts showed percentage changes meaningful to buyers. New listings increased by 17.3%, from 1,714 in September to 2,010 in October of 2018. This had a spillover effect on closed sales, which rose from 1,142 in September 2018 to 1,322 in October 2018; a 15.8% change. However, it took longer to reach closing with a 2.5% increase in median time to sale, moving from 81 days in September to 83 days this past month.  

The year-over-year data portrays similar yet less extreme percentage changes. Total active listings jumped from 5,109 in October 2017 to 5,904 in October 2018, a 15.6%increase. Average sale price also saw a swell of 6.3% from $420,288 seen in October 2017 to $446,567 in October 2018. However, comparing October 2018 to October 2017, new pending sales dropped by 6.0%, from 1,480 to 1,391. 

Broward County: Townhouses and Condos

In terms of the month-over-month shifts for Broward County's townhouses and condos, new listings and closed sales saw the most notable increases, both in a positive direction. Closed sales increased by 23.1%, climbing from 1,199 in September 2018 to 1,476 in October. The recorded 2,347 new listings in October 2018 rose by 23.7% when compared to the 1,898 new listings this past September. New pending sales also showed signs of growth, rising from 1,477 in September to 1,620 in October, a 9.7% increase. Overall, the month-over-month comparisons in Broward County's townhouses and condos market portray a healthy real estate market in favor of both buyers and sellers.

Regarding year-over-year changes, townhouse and condo sellers in Broward County will take delight in the following market comparisons. In October of 2017, the average sale price was recorded to be $195,240 and jumped by 13.9% to $222,303 in October this year. Additionally, the median time to sale fell from 104 days to 87 days, speeding up the closing process by 16.3%. Finally, there were 20.0% more closed sales in October of this year, looking at the 1,230 in October 2017 to 1,476 this past month. 

Miami-Dade County: Single-Family Homes

Miami-Dade County's single-family homes month-over-month comparisons continued to show trends of a growing real estate market. New pending sales leapt from 1,106 in September of 2018 to 1,292 in October 2018, a 16.8% rise. Buyers should take note of the growth in new listings and also total active listings. New listings rose 13.6%, from 1,682 in September to 1,910 in October. The total active listings moved up by 3.1%, from 6,652 in September 2018 to 6,859 in October of 2018. 

Similar to month-over-month, Miami-Dade County's single-family homes year-over-year data were of interest to buyers again. Median time to contract dropped by 8.5%, taking 47 days in October 2017 to only 43 days in October 2018. One of the most significant increases was seen in new listings showing a 12.0% growth from 1,706 to 1,910 from October 2017 to October 2018. Finally, looking at year-over-year shifts for October, the 1,239 new pending sales grew to 1,292, a 4.3% spike in 2018. 

Miami-Dade County: Townhouses and Condos 

Miami-Dade County's townhouses and condos month-over-month variations showed similar shifts. Closed sales grew 16.3%, moving away from the 1,041 in September of this year to 1,211 in October. Alternatively, the average sale price dropped from $359,547 to $351,838, falling 2.1% from September to October 2018. Finally, the median time to contract saw no change, staying at 70 days. 

Miami-Dade County's townhouses and condos year-over-year shifts saw similar movements to the month-over-month data, besides the median sale price, which moved from $216,250 in October 2017 to $235,000, an 8.7% increase. Closed sales spiked 21.3% from the 998 recorded in October of last year to 1,211 in October of this year. Finally, new listings also rose to 2,639 in October 2018 from the 2,471 in October 2017, a slightly less drastic advance of 6.8%.

Featured Listing:

3196 NW 60th Street, Boca Raton FL

Located on one of the largest private lots in the esteemed Boca Raton Seasons neighborhood, this six bedroom, three full and two half bath estate sits on one of the largest private lots in the community. The contemporary open floor plan floods the home with beautiful natural light. 

The gorgeous kitchen includes a convenient cooking island, double ovens, a custom pantry, and is finished with a snack bar and elegant corner settee, all leading to the spacious family room. Make your way upstairs and find three oversized bedrooms, one of which has a private suite. This envious home is complete with a sizable three car garage.

Give Ron Posner a call at 561.239.8040 for an exclusive tour of this home! 

New Stein Posner Listings in October:

4830 NW 124th Way, Coral Springs 33076 — Ron Posner (561.239.8040) / Claudette Diamond (561.573.1800)

4600 S Ocean Blvd #201, Highland Beach 33487 —  Ron Posner (561.239.8040) / Bianca Moussawer (561.299.1552)

5786 Story Brook Ln B, Boynton Beach 33437 — Bianca Moussawer (561.299.1552)

17678 Circle Pond Ct, Boca Raton 33496 — Michael Wagner (917.912.7279)

4740 Poseidon Place, Lake Worth, 33463 — Matthew Hornaday (561.859.7323)

Stein Posner Sales in October:

Stein Posner real estate professionals had 20 closed sales in October! Matt Hornaday rocked and sold 7 homes this month, two of which were with Tiffany Campanharo! 

3736 Bird Rd #213, Miami 33146 — Montana Hughes (954.790.7003)

12 Royal Palm Way #501 Boca Raton 33432 Rental — Joan Alpert (678.618.8811)

607 Brittany M, Delray Beach 33446 — Robin Pugh (561.404.0301)

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

7739 Courtyard Run W, Boca Raton 33433 Rental — Matthew Hornaday (561.859.7323) /Tiffany Campanharo (561.414.6901)

15025 Michelangelo Blvd Delray Beach 33446 — Ethan Beck (646.208.9859)

4854 NW 124th Way, Coral Springs 33076 — Ron Posner (561.239.8040) /Adam Stein (561.241.2103)

2020 Park Ln #500 Mirimar — Lydia Ford (954.401.3442)

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

15365 Lakes of Delray Blvd #104, Delray Beach 33484 — Matthew Hornaday (561.859.7323)

461 NW 47th Deerfield Beach 33442 — Matthew Hornaday (561.859.7323)/Tiffany Campanharo (561.414.6901)

11111 Biscayne Blvd #14B, Miami 33181 — Montana Hughes (954.790.7003)

21211NW 14th Pl, Miami Gardens 33169 — Lydia Ford (954.401.3442)

642 Heritage Dr, Weston 33326 — Matthew Hornaday (561.859.7323)

22850 Cascade Rd, Boca Raton 33428 — Matthew Hornaday (561.859.7323)

632 Sea Pine Way, A1, Greenacres 33415

74 NW 3rd Ave, Delray Beach 33444 —  Samona Rosenberg (917.969.7768)

4266 Deste Court, #308, Lake Worth 33467 — Robin Pugh (561.404.0301)

18113 104the Terrace S, Boca Raton 33498 

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

4740 Poseidon Place, Lake Worth 33463 — Matthew Hornaday (561.859.7323)