Monthly Market Update | September 2018

Nov 01, 2018

The South Florida Realtors® real estate market report for September is here, and we've seen some dramatic shifts compared to previous months. As fall winds down, our real estate professionals are here to provide you with the most current data regarding September's activity in Palm Beach, Broward, and Miami-Dade Counties. 

Palm Beach County: Single-Family Homes 

Palm Beach County's single-family homes month-over-month data shows a drastic shift in closed sales. August 2018 saw 1,576, compared to 1,227 this past September; a 22.1% decrease. New pending sales also experienced a 12.6% decline, from 1,588 this past August to 1,388 in September of 2018. On a positive note, during September 2018 the median sale price rose slightly from $340,000 in August 2018, to $345,000 - a 1.5% increase. 

Year-over-year real estate statistics for Palm Beach County single-family homes also showed generous shifts. The highest change recorded was the 59.2% growth in new listings, jumping from 1,146 in September 2017 to 1,824 in September 2018, positively impacting both buyers and sellers. The next notable shift was seen in new pending sales - rising from 927 to 1,388 - 49.7% more over this past month than in September 2017. Contrasting with the month-over-month shift in closed sales, there was an upward move of 12.9% from September 2017 to 2018, with 1,087 closed sales compared to 1,227.

Palm Beach County: Townhouses and Condos

The month-over-month comparisons for Palm Beach County's townhouses and condos market depict equal percentage increases and decreases within September's real estate data. In August 2018 there were 5,564 total active listings, which since increased by 2.0% to 5,678 in September 2018. On the other hand, closed sales saw a 13.7% decline, from 1,198 in August 2018 to 1,034 in September 2018. Finally, the median time to contract shifted up to 53 days in September 2018 from 46 days in August 2018 - a 15.2% surge. 

Year-over-year comparisons between September of 2017 and 2018 show significant increases in favor of both buyers and sellers. First, new listings shifted from 990 in September 2017 to 1,499 in September 2018, an impressive 51.4% rise. New pending sales also grew close to that amount, from 723 new pending sales reported in September 2017 to 1,097 this past September, a 51.7% jump. The closed sales also increased by a striking 24.3%, rising from 832 closed sales to 1,034. 

Broward County: Single-Family Homes

Broward County’s single-family homes data showed less drastic shifts compared to Palm Beach County, but buyers and sellers should still take note. In August 2018, there were 1,531 closed sales, however, these declined by 25.4% to 1,142 in September. This affected the average sale price slightly, resulting in a 5.3% decrease, from $449,870 in August 2018 to $425,833 last September. Median time to sale saw a slight uptick, moving from 36 days in August to 39 days in September of this year, an 8.3% inflation. Interestingly enough, total active listings saw nearly no change between August 2018 and September 2018. 

Year-over-year comparisons show more drastic shifts next to the month-over-month numbers. New listings for single family homes jumped from 1,085 in September 2017 to 1,714 in September 2018, a staggering 58.0% year-over-year increase. New pending sales also saw a swell of 46.6% with 960 new pending sales seen in September 2017, and 1,407 in September 2018. Additionally, in September 2017, closed sales also rose by 18.5%, from 964 to 1,142. 

Broward County: Townhouses and Condos 

In terms of month-over-month shifts for Broward County's townhouses and condos, buyers and sellers alike should be enthusiastic about the numbers. The most notable recorded data was seen in closed sales. In August 2018, there were 1,480 closed sales, which plummeted to 1,199 in September 2018, a 19.0% decrease. New listings also saw a decline of 9.7% when looking at the 2,101 new listings in August 2018 compared to the 1,898 in September 2018. Lastly, the median sale price saw a change of 0.3%, dropping from $165,500 to $165,000 between August and September of 2018. 

Regarding year-over-year changes, new pending sales saw one of the most significant increases, from 995 in September 2017 to 1,477 in September 2018, a 48.4% eruption. However, the most significant shift was in new listings, which rose by 49.2%, from 1,272 in September 2017 to 1,898 in September 2018, a sign of a healthy buyer's market. As opposed to the month-over-month drop in median sale price, the year-over-year records showed a 5.8% increase, from $156,000 in September 2017 to $165,000 in September 2018. 

Miami-Dade County: Single-Family Homes

The month-over-month data for Miami-Dade County's single-family homes showed a 20.9% drop in new pending sales. In August of 2018, there were 1,398 new pending sales, yet only 1,106 were recorded in September 2018. New listings were down as well, with 1,682 in September 2018 - 12.5% lower than the 1,923 this past August. Finally, total active listings extended slightly to 6,652 in September 2018 as opposed to the 6,436 new listings in August 2018. 

Buyers will be excited by the movements in Miami-Dade County’s single-family homes year-over-year trends. The 684 closed sales in September 2017 rose to 978 this past September, an impressive 43.0% jump. There was also an extraordinary 73.9% growth spurt seen in new listings, rising from 967 in September of last year to 1,682 in September 2018. Average sale price rose by 12.7%, increasing from $477,150 in September 2017 to $537,529 in September 2018.

Miami-Dade County: Townhouses and Condos 

The total active listings for townhouses and condos in Miami-Dade County experienced an upward tick of 2.4%, from 15,070 in August 2018 to 15,435 in September 2018. The median time to contract fell from 75 days in August 2018 to 70 days in September 2018, a 6.7% decline. A 3.3% rise was seen in the median sale price with an increase from $230,000 in August 2018 to $237,500 in September 2018. 

Miami-Dade County's townhouses and condos year-over-year trends are exemplified by the increase in new listings, echoing the overall positive shifts that are in favor of buyers and sellers alike. New listings grew by 59.9%, from 1,429 in September 2017 to 2,285 in September 2018. September 2017 saw 804 closed sales, while this past September experienced 1,041 closed sales, a 29.5% increase. To conclude, the 1,166 new pending sales were a 57.6% increase when compared to the 740 in September of last year. 

Our Featured Listing:

18708 Ocean Mist Drive, Boca Raton

Located in the desirable community of The Shores at Boca Raton, this fabulous waterfront single-family home offers a three car garage, five bedrooms, and four total baths within 4,506 total square feet. Interior features include beautiful closet cabinets, elegant Roman tubs, a convenient central vacuum system, protective storm shutters, soaring volume ceilings, and expansive walk-in closets. The Shores at Boca Raton offers their members access to a resort-style clubhouse, state of the art exercise room, tennis courts, an Olympic-sized pool, and a playground for children. 

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

New Stein Posner Listings in September:

18708 Ocean Mist Drive, Boca Raton,  33498 — Ron Posner (561.239.8040) /Adam Stein (561.241.2103)

171 Mohigan Cir, Boca Raton 33487 — Gayle Meyerson (561.706.2133)

1204 S Lake Drive 8, Lantana 33462 — Michael Johnston (561.577.0398)

6132 Petunia Rd, Delray Beach 33484 — Samona Rosenberg (917.969.7768)

554 Capri L, Delray Beach 33484 — Michael Johnston (561.577.0398)

Stein Posner Sales in September:

Stein Posner real estate professionals had 19 closed sales in September! We had a six-way tie for most homes sold between Michael Johnston, Allison Kaufman, Joan Alpert, Andres Frontado, Cheryl Feinman, and Bianca Moussawer.

4285 Wokker Dr, Lake Worth 33467 — Bianca Moussawer (561.299.1552)

3190 Holiday Springs Blvd #206 Margate — Andres Frontado (361.815.8332)

255 S Cypress Rd #338, Pompano Beach — Michael Johnston (561.577.0398)

4805 NW 35th St #403, Lauderdale Lakes 33319 — Joan Alpert (678.618.8811)

10906 NW 62nd Ct, Parkland, 33076 — Michael Johnston (561.577.0398)

5135 Floria Dr #A, Boynton Beach 33437 — Cheryl Feinman (561.706.0534)

2512 Key Largo Ln, Ft Lauderdale 33312 — Chris Eterno (954.854.9033)

6465 Terra Rosa, Boynton Beach 33472 

19505 Sedgefield Terrace, Boca Raton 33498 — Adriana Deutsch (561.239.5080)

333 E Palmetto Park Rd #511, Boca Raton — Melissa Roukous (954.593.7017)

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

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

9627 Town Parc Cir, Parkland 33076 — Allison Kaufman (561.212.4502)

1801 N Flagler Drive #230, West Palm Beach 33407 — Matthew Hornaday (561.859.7323)

6126 Bay Isles Dr, Boynton Beach — Andres Frontado (361.815.8332)

760 E Coco Plum Cir #2, Plantation 33324 — Arifa Sikder (954.554.4116)

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

2895 Hampton Cir E Delray Beach 33445— Ron Posner (561.239.8040) / Bianca Moussawer (561.299.1552)

2710 Azalea Ct, Delray Beach 33445 — Cheryl Feinman (561.706.0534)