Real Estate Recap: December 2017

Jan 31, 2018

Florida Realtors® has released the numbers for December’s South Florida real estate market, and as always our real estate professionals are shedding light on the market shifts buyers and sellers in our local area should know about.

Palm Beach County: Single Family Homes

In terms of month-over-month shifts, the most notable change was the drop in new listings, with 364 fewer single family homes listed in Palm Beach County from November (1,839) to December (1,475). That said, the height of holiday season is known to slow down new listings, supported by the comparable number of new homes listed during December of 2016 (1,461).

Also of note was the increase in the median sales price by 3.5%, rising to $341,500 in December from $330,000 in November, and a 6.5% increase compared to December 2016 ($315,000), and a massive 20% increase in the average sales price compared to December 2016. Another noteworthy drop was new pending sales, which came in at only 1,271 compared to November’s 1,409.  That said, even though pending sales were down, closed sales brought an 11.6% increase, rising from 1,243 in November to 1,387 last month. This, coupled with the small pool of inventory and 2-day month-over-month drops for both the median time to contract and median time to sale, points to a market that sellers can thrive in with help from the right real estate professional.

Palm Beach County: Townhouses & Condos

Much like Palm Beach County’s single-family homes market, the market for townhouses and condos seems to be favoring sellers, with a 22.9% reduction of new inventory, as only 1,394 new townhouses and condos came on market in December, compared to 1,809 in November. The shortage of supply caused a 9.7% increase in the average selling price to $255,013, compared to $232,123 in November. Furthermore, the median time to contract and median time to sale fell drastically as well, by 14.3% (8 days) and 9.6% (9 days) respectively. One positive sign overall is that number of closed sales (1,075) was up compared to both November 2017 (958 / 12.2%) and December 2016 (1013 / 6.15%).

Broward County: Single Family Homes

December brought good news for those looking to sell a home in Broward County as well, with a 15.8% increase in the number of closed sales compared to November. Also, both the median time to contract and time to sale decreased by about 14%, or 7 days and 14 days respectively, indicating demand remains strong. Similar to Palm Beach County, 379 fewer new homes came on the market when compared month-over-month, a 23.5% reduction, and the 324 fewer homes on the market overall, a 6.4% overall reduction.

With high demand and diminished supply, the average sale price was up, rising from $427,257 to $444,640 (+4.1%) between November and December, and by an impressive $47,853 (+12.1%) when compared year-over-year. A real estate professional can help both buyers and sellers understand what these changes might mean for their particular situation.

Broward County: Townhouses & Condos

Yet another seller-friendly market, Broward County’s townhouse and condo sales increased from 1,244 in November to 1,338 last month (+7.6%). Median sale price also increased by $5,000 when compared month-over-month (+3.1%) and $15,300 year-over-year (+10.2%). That year-over-year jump is on par with the shift witnessed in this market last month, demonstrating that townhouses and condos are continuing to sell for higher prices in Broward County.

Also keeping with the trends seen thus far, new listings and total active listings were both on the downswing. Only 1,672 new townhouses and condos came on market in December, a stark contrast to November’s 2,043 (-18.2%) and December 2016’s 1,743 (-4.1%). As for total listings, the 7,620 available properties came in 227 lower than the month before (-2.9%), and 671 less than the December 2016’s 8,291 (-8.1%).

Miami-Dade County: Single Family Homes

Miami-Dade’s single family home market had a wave of month-over-month shifts in December. Most notably, the median time to contract was shortened by 12 days compared to November, and the median time to sale dropped by 11 days. Also down were new listings, with 313 fewer homes coming on the market compared to November (-19.8%). That said, the 1,271 new listings in December still totaled higher than the same month in the previous year, in which only 1,178 homes were listed (+7.9%).

Speaking of year-over-year shifts, there were two notable changes when comparing last month’s numbers to December 2016’s. First, the average sale price increased by $77,807, going from $428,089 to $505,896 (+4.4%). On the opposite end of the spectrum was the median time to contract, which dropped by 7 days when compared to December 2016 (-14%). Keeping on trend with other areas of our local market, these shifts point to a market that’s currently favoring sellers. However, time will tell if the hustle and bustle of the holiday season had anything to do with the changes reported.

Miami-Dade County: Townhouses & Condos

Overall, the month-over-month changes in Miami-Dade’s townhouses and condos market were similar to those for single family homes, though on a larger scale. When compared to November, 189 more sales were completed (+19.6%). New listings, on the other hand, brought a downturn for December, with 1,782 new townhouses and condo coming on market, compared to November’s 2,290 (-22.2%). New pending sales were also down (-16.5%), as 211 fewer properties were on their way to closing at December’s conclusion.

As for year-over-year changes, the most significant statistic was for the average sale price, which grew from $312,765 to $385,338 (+11.1%). Median time to contract was up as well, with 12 more days reported than the same month the year prior. This shows that even though this market is hot, buyers here still aren’t moving as fast as they were a year ago on condos and townhomes.

Our Featured Listing

1137 Boca Cove Lane, Highland Beach, FL 33487

Are you in search of a fabulous waterfront townhouse, complete with boat dockage and deeded beach access right across the street? Ron Posner has just the one! This rarely available home is fully updated, offering 3 bedrooms, 2.5 baths, an attendee garage, a wet bar, a large private deck, and so much more.

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Stein Posner Sales

Even in the midst of the holiday season, our dedicated team was able to deliver 25 closed sales for our real estate family. One of these included a referral all the way from Ontario, while Florida sales spanned the map going as far north as Palm Beach Gardens, as far south as Miami, and as far west as — you guessed it — Weston. Also notably, Montana Hughes logged three sales during December.

-4025 N Federal Highway, Unit 124-C, Oakland Park, FL 33308 (Rental) — Michael Seville (561.412.5433)

-10774 Sunset Ridge Circle, Boynton Beach, FL 33473 (Rental) — Samona Rosenberg (917.969.7768)

-471 Capistrano Drive, Palm Beach Gardens, FL 33410 (Rental) — Joan Alpert (678.618.8811)

-21374 Bridge View Drive, Boca Raton, FL 33428 (Rental) — Adriana Deutsch (561.239.5080)

-565 Oaks Lane, Unit 504, Pompano Beach, FL 33069 — Tyler Mattson (561.644.9277)

-2000 Jasmine Crescent, Unit 309, Ottawa, Ontario (Referral) — Andres Frontado (361.815.8332)

-8099 Santa Fe Trail, Boca Raton, FL 33487 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)

-200 Biscayne Way, Unit 3507, Miami, FL 33131 (Rental) — Montana Hughes (954.790.7003)

-15015 Michelangelo Blvd., Unit 206, Delray Beach, FL 33446 (Rental) — Samona Rosenberg (917.969.7768)

-1440 Seabay Road, Weston, FL 33326 (Rental) — Judi Colclasure/Team Judi (954.665.0601)

-1941 NW 136th Ave., Sunrise, FL 33323 (Rental) — Lydia Ford (954.401.3442)

-2881 N Oakland Forest Drive, Unit 204, Oakland Park, FL 33309 6560 Winfield Blvd., Unit 205, Margate, FL 33063 — Beatriz Ramirez (954.261.5608)

-1111 Oakridge V, Deerfield Beach, FL 33442 — Lydia Ford (954.401.3442)

-8362 Logia Circle, Boynton Beach, FL 33472 (Rental) — Judi Colclasure/Team Judi (954.665.0601)

-7813 NW 70th Court, Unit 7813, Tamarac, FL 33321 (Rental) — Eva Carrington (561.358.8216)

-2941 Angler Drive, Delray Beach, FL 33445 — Jeremy Charles

-11351 Woodchuck Drive, Boca Raton, FL 33428 — Matt Hornaday (561.859.7323)

-117 Lake Emerald Drive, Unit 106, Oakland Park, FL 33309 — Montana Hughes (954.790.7003)

-18287 Clearbrook Circle, Boca Raton, FL 33498 — Tara Rosenthal (561.702.4723)

-1165 Yellowheart Way, Hollywood, FL 33019 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)

-1951 NE 2nd Ave., Unit 114-I, Wilton Manors, FL 33305 — Montana Hughes (954.790.7003)

-3935 Village Drive, Unit C, Delray Beach, FL 33445 — Cheryl Feinman (561.706.0534)

-550 Okeechobee Blvd., Unit 1013, West Palm Beach, FL 33401 (Rental) — Michael Wagner (917.912.7279)

-14427 Campanelli Drive, Delray Beach, FL 33484 — Eva Carrington (561.358.8216)

If you desire a more detailed analysis of the South Florida real estate market, our real estate professionals are happy to provide it. Give our office a call to speak with a member of our team today!