Real Estate Recap: February 2017

Apr 04, 2017

Florida Realtors® has released its report for the South Florida real estate market’s performance in February, and the balanced market we’ve witnessed since the start of the new year has largely continued to further settle. That said, some statistics continue to suggest some parts of our market may soon be working in favor of buyers, while others favor sellers. As we monitor these changes, our knowledgeable professionals will steer members of our real estate family toward successful transactions as always.

Palm Beach County

For the most part, the statistics for Palm Beach County’s single-family homes followed the trends set forth in January. Overall, the numbers in this area of the market are balanced for both buyers and sellers alike, presenting a healthy market for both groups. The median sale price rose by 6.8% year-over-year from February 2017 (to $315,000, from $295,000) and 1.6% from January 2017 (from $310,000 to $315000). There was also an increase in active listings, number of homes sold and month’s supply of inventory, which means more opportunity for buyers with increased competition. Most notably, the median time to contract increased by 14.3%, rising from 56 days in February 2016 to 64 in February 2017.

Much like with single family homes in Palm Beach County, February’s statistics for townhouses and condos showed consistent trends. While the percentage shift year-over-year was not quite as significant as reported for January 2017, closed sales rose by 4.1% in February. Also good news for sellers, the median sale price grew to $165,000 (13.8%), compared to 2016’s $144,950. Buyers will be happy to learn that active listings did tick up slightly (by 2.2%), though not as much as January’s 7.5%.

Broward County

Unlike Palm Beach County, Broward County’s market for single family homes is showing a dramatic reduction in closed sales (-15.9%) and active inventory (-8%) when compared to February 2016. Interestingly, the median home price was up slightly by only 1.2% ($302,500, from $299,000 in 2016) and was down 2.8% when compared to January 2017 — an interesting trend considering the limited inventory.

February’s statistics for Broward County townhouses and condos showed a slight increase in the number of closed sales (up 1.8%, compared to 2017) and a larger increase in median sales price of 8.2% (from $136,500 to $147,750) and an increase of 3.3% (from $143,000) compared to January 2017. At the same time, active listings reduced by almost 8%, which is favorable to sellers given this reduction. With the help of a skilled South Florida real estate professional, buyers and sellers alike can navigate this changing market.

Miami-Dade County

Even though closed sales for Miami-Dade County single-family homes dropped by 10% between February 2016 and February 2017, the median sale price rose by a whopping 18.8% when compared year-over-year, sitting at $321,000 last month (from $270,221). This is also an increase of 3.5% from January 2017, indicating the market for single-family homes in Miami-Dade is HOT for sellers. Active listings fell slightly (1.1%), indicating continued strength for Miami-Dade County home sellers.

Statistics for February 2017 were very similar to the changes reported back in January. The month’s supply of inventory was once again the largest shift, rising 29.2% year-over-year. Median days to contract were also on the rise, increasing by 15.3% since February 2016. Closed sales fell by nearly as much as active listings rose (10% and 10.4%), indicating the largest risk for sellers and greatest opportunity for buyers in our tri-county market. Interestingly, given these statistics, the median sale price increased by 6.3% (from $206,950 to $220,000) in February 2017, when compared to 2016 but slightly down (1%) when compared to January 2017.

Our Featured Listing

2887 Via Venezia, Deerfield Beach, FL 33442

This gorgeous remodeled 4 bedroom, 3 bathroom home in Villa d’Este boasts a brand new kitchen with a huge double island that is perfect for entertaining. All bathrooms have been completely remodeled and all new flooring throughout. Contact Stacia Iaia to schedule a private showing. Click here to learn more about this home.

New Stein Posner Listings

While February was a strong month for sales at Stein Posner, our real estate professionals also brought five beautiful new listed properties to market. Stacia Iaia can be credited for three of these, two rentals in Boca Raton and one beautiful home in Deerfield Beach.

-9763 W McNab Road, Tamarac, FL 33321 — Beatriz Ramirez (954.261.5608)

-2887 Via Venezia, Deerfield Beach, FL 33442 — Stacia Iaia (561.305.7699)

-5338 NW 121st Ave., Coral Springs, FL 33076 — Gary Carpenter (561.632.3034)

-6481 SW 18th St., Boca Raton, FL 33428 — Stacia Iaia (561.305.7699)

-11632 Timbers Way, Boca Raton, FL 33428 — Stacia Iaia (561.305.7699)

Stein Posner Sales

Stein Posner’s South Florida real estate professionals had a strong month full of closings. Judi Colclasure secured four sales for her clients, extending from Boynton Beach to Miami Beach. Our other professionals covered the South Florida map with sales as well, closing on homes as far north as Port Saint Lucie and as far south as Sunny Isles Beach. Karen Novick also notably delivered on a sale in Arlington, Virginia which she received from a referral.

-17001 Collins Ave, Unit 3202, Sunny Isles Beach, FL 33160 (Rental)

-1272 S Military Trail, Unit 313, Deerfield Beach, FL 33442 — Beatriz Ramirez (954.261.5608)

-7214 Panache Way, Boca Raton, FL 33433

-41 Deer Creek Road, Unit G208, Deerfield Beach, FL 33442 — Judi Colclasure (954.665.0601)

-2444 Martella Ave., Boca Raton, FL 33433 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)

-8967 SW 7th St., Boca Raton, FL 33433 — Arifa Sikder (954.554.4116)

-10804 Royal Caribbean Circle, Boynton Beach, FL 33437 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)

-100 Golfview Terrace, Unit 120, Boynton Beach, FL 33426 — Judi Colclasure (954.665.0601)

-8305 NW 81st, Unit 202, Tamarac, FL 33321

-201 N Riverside, Unit 402, Pompano Beach, FL 33062 — Michael Wagner (917.912.7279)

-11255 N Kendall Drive, Unit G212, Miami, FL 33176 — Sasha Pena (786.277.1843)

-6725 Moonlit Drive, Delray Beach, FL 33446

-2226 SW Cape Cod, Port Saint Lucie, FL 34953 — Judi Colclasure (954.665.0601)

-22705 Neptune Road, Boca Raton, FL 33428 — Andres Frontado (361.815.8332)

-664 29th Road S, Arlington VA 22202 (Referral) — Karen Novick (561.235.6800)

-16701 NE 13th Ave., Unit 114, Miami Beach 33162 — Judi Colclasure (954.665.0601)

-11632 Timbers Way, Boca Raton, FL 33428 — Stacia Iaia (561.305.7699)

As the South Florida real estate market continues to develop for the benefit of both buyers and sellers in different product types and markets, guidance from an expert you can trust is of the utmost importance. If you’re looking to buy or sell a home in our local area, call us today!