If the recent statistics reported by Florida Realtors® are any indication, the South Florida real estate market is continuing to balance out overall — primarily in our local Palm Beach County. That said, we are still seeing some conditions pointing to a shift from the seller’s market of low inventories and high demand that we had experienced through the middle of 2016. This shift is giving way to a more buyer-friendly market in Palm Beach and Miami-Dade Counties, with an increasing supply of listings in all property types while Broward’s active listing inventories continue to shrink. Our real estate professionals can help guide buyers and sellers alike to understand the ever-changing marketplace.
Palm Beach County
The percentage change in closed single family home sales year-over-year is exactly the opposite of what was seen in December 2016, and that’s good news for sellers. The traditionally lower sales in January rose 4.9% during 2017 when compared to 2016. In fact, all measures rose for Palm Beach County single-family homes year-over-year. In other positive news for sellers the median sale price increased by $25,500 to $310,000. Buyers, on the other hand, will be happy to learn that inventory has risen by 7.3%, availing more options.
The changes year-over-year for Palm Beach County townhouses and condos were similar to those for single family homes. Numbers for closed sales and median sale price increased when compared to the year prior, by 5.7% and 7.9% ($150,000), respectively. On the other hand, active listings were on the rise as well by 7.5%. Overall, the numbers point to a balanced market for both sellers and buyers.
Much like in Palm Beach County, the reported year-over-year changes in Broward County’s single-family homes market stayed on trend with those from December. The number of closed sales were down 5.3% and active listing inventory is also down 7.2%, while the median sale price was up again, by 9.6%, to $311,250, pointing to a positive trend for sellers at the moment.
Broward County’s statistics for townhouses and condos were similar to those witnessed for single family homes, though not nearly as extreme. Additionally, closed sales transactions did increase when compared to January 2016 (by 2.2%), which was not the case for single family homes. Also notable, the median days to contract dropped 9 days, inventory fell 2.9% and the median sale price was up by 10% ($143,000), all figures being positive for sellers.
Sellers and buyers alike will benefit from the statistics reported for Miami-Dade County’s single-family homes market in January. When compared year-over-year, the market produced 36 more closings, up 4.4% Also good for sellers, the median sale price grew by 14.8% to $310,000 year over year. Buyers will be happy to learn that 328 more homes hit the market last month than did in January 2016, an increase of 5.2%. This is a market that has clearly begun to stabilize in the new year.
The numbers for Miami townhouses and condos built off the trends seen in December 2016 Much like during the holiday season, closed sales fell year-over-year, this time by 9.8%. The median sale price, however, was on the rise, sporting an increase of 8.4%. The most notable statistic reported was the increase in the number of new listings on the market by 13.8% and an increase in the month’s supply of inventory, which rose 32.7% when compared to the year prior.
Our Featured Listing
5526 NW 77th Terrace, Coral Springs 33067
Those looking to experience a life of luxury will find it in this expansive Coral Springs home. Listed by Sheri Antsis, the home features 5 bedrooms, 4 bathrooms, and an open floor plan that its new owners are sure to love. It’s also complete with an updated kitchen, a new roof, and a large screened-in pool. Contact Sheri to take a tour! Click here to learn more about this home.
New Stein Posner Listings
Our team brought 7 listings to market during the month of January, ranging from Miami to Boynton Beach. For those in the market for a home in Boca Raton, Adam Stein and Ron Posner listed 2 beautiful homes in this sought-after city.
-16701 NE 13th Ave., Unit 114, Miami, FL 33162 — James Davis (954.328.4370)
-41 Deer Creek Road, Unit G208, Deerfield Beach, FL 33442 — Judi Colclasure (954.665.0601)
-5526 NW 77th Terrace, Coral Springs, FL 33067 — Sheri Antsis (561.706.1186)
-601 NW 14th Ave., Boca Raton, FL 33486 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
-7290 Le Chalet Blvd., Boynton Beach, FL 33472 — Sheri Antsis (561.706.1186)
-13870 Oneida Drive, Unit E1, Delray Beach, FL 33446 — Judi Colclasure (954.665.0601)
-20969 Certosa Terrace, Boca Raton, FL 33433 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
Stein Posner Sales
Our real estate professionals delivered 12 closed transactions for our real estate family during January. We serviced clients from Singer Island all the way down to Lauderdale-By-The-Sea.
-4200 N Ocean, Unit 8-204, Singler Island, FL 33401 (Rental) — Mike Wagner (917.912.7279)
-22521 SW 66th Ave., Unit 314, Boca Raton, FL 33428 — Dina Blau (201.788.6072)
-6912 NW 9th St., Margate, FL 33063 — Sasha Pena (786.277.1843)
-1461 S Ocean Blvd., Unit 322, Lauderdale-By-The-Sea, FL 33062 — Beatriz Ramirez (954.261.5608)
-10827 Waterberry Drive, Boca Raton, FL 33498 — Adriana Deutsch (561.239.5080)
-18284 Clear Brook Circle, Boca Raton, FL 33498 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
-3239 Clint Moore Unit 203, Boca Raton, FL 33496 (Rental) — Samona Rosenberg (917.969.7768)
-7357 NW 61st Terrace, Parkland, FL 33067 — Sheri Anstis (561.706.1186)
-523 Shady Pine, Unit D2, Greenacres, FL 33415 — Judi Colclasure (954.665.0601)
-13292 Alhambra Lake Circle, Delray Beach, FL 33446 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
-8521 Cypress Glen Court, Lake Worth, FL 33467 — Dolores Diaz (646.226.0067)
-1463 W Bexley Park Drive, Deerfield Beach, FL 33445 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
If you have questions about the South Florida real estate market, our professionals are always here to guide you. Give our office a call today to speak with a member of our team.