With the Florida Realtors® report out for March 2017, it is clear that the South Florida real estate market is set to continue down its balanced path — though not all markets are keeping with trends seen in past months. Our real estate professionals are here to provide a thorough analysis of market conditions, and we’re giving you a brief overview below.
Palm Beach County
The statistics reported for Palm Beach County’s single-family homes market are largely positive, with sales on the rise by 10.3% and the median sales price up by $26,550 since 2016. Other statistics were similar to those seen in March 2016, though month’s supply of listings and inventory did fall slightly between February 2017 and March 2017. One statistic that fares well for buyers in this competitive market is the 19.1% spike in days to contract year-over-year. However, this number has fallen month-to-month as well, from 64 in February to 56 in March.
The shifts witnessed between March 2016 and March 2017 for Palm Beach County’s townhouses and condos market were less significant than with single family homes. That said, there were still shifts to report. For instance, closed sales and the median sales price were both on the upswing, by 6.5% and 4.5%, respectively. That said, the balance that has been building in recent months continued in March, with the month’s supply of inventory coming in at 6.0.
The most significant numbers reported regarding single family homes in Broward County brought good news for sellers. The median sale price came in at $331,000, 10.9% higher than what was reported in 2016. On the other hand, median days to contract fell by 12.2%, suggesting heightened competition in the market. This wasn’t the only drop seen year-over-year — active listings and month’s supply of inventory were down as well, by 6.9% for the former and 7.3% for the latter.
Though still hovering around a healthy balance, there were some changes in the townhouses and condos market in Broward County. Inventory dropped by 8.9%, and the month’s supply dropped from 6.8 in 2016 to 6.2 in 2017. Alternatively, the median sales price was on the rise, showing an increase of 7.6%. Likewise, days to contract were on the rise as well, increasing three days from the year before.
The two most significant statistics for single-family homes in Miami-Dade County continued to solidify the balanced state of the market. While the median sale price grew by 15%, days to contract increased right along with it by 17.7%. Closed sales were also up, though by 9.2%. The reported month’s supply of inventory also demonstrated the market’s balance, sitting at 5.8 in March 2017.
Diverging from the other markets in terms of statistics, Miami-Dade townhouses and condos continued to favor buyers in March. Month’s supply of inventory increased by 27.8% year-over-year, and active listings grew by 10.5%. Median sales to contract also showed a major shift, from 68 in March 2016 to 83 in March 2017. However, it wasn’t all negative for sellers. Closed sales increased by 2.3%, while the median sale price was up 7.4%.
Our Featured Listing
This 5 bedroom, 5 bath home boasts the best waterfront view in the sought-after Mizner’s Preserve community in Delray Beach. Other features include gorgeous landscaping, a massive kitchen, and a large outdoor entertainment area complete with a resort style pool, fire pit, a large grassy area, and an enclosed dog run. Contact Samona Rosenberg to schedule a tour of this stunning lakefront home!
New Stein Posner Listings
Our real estate professionals listed five amazing properties during the month of March. In addition to our featured listing, Samona Rosenberg brought one other home to market in Delray Beach. Judi Colclasure also listed a home in Delray Beach, while Sasha Pena and James Alfano listed homes further south.
- 701 SW 8th Ave., Delray Beach, FL 33445 — Judi Colclasure (954.665.0601)
- 67 Atlantic Grove Way, Delray Beach, FL 33444 — Samona Rosenberg (917.969.7768)
- 6094 Via Crystalle, Delray Beach 33484 — Samona Rosenberg (917.969.7768)
- 313 S Ketch Drive, Sunrise, FL 33326 — Sasha Pena (786.277.1843)
- 12763 Hyland Circle, Boca Raton, FL 33428 — James Alfano (561.886.8184)
Stein Posner Sales
Our skilled team continued to produce a hefty list of sales in March, extending from Lake Worth to Miami Shores. Judi Colclasure, James Davis, and the duo of Adam Stein and Ron Posner each accounted for two sales a piece.
- 924 SW 12th Ave., Deerfield Beach, FL 33441 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 8127 Rainforest Jasper Lane, Delray Beach, FL 33446 — Alex Alvastad (561.260.1415)
- 2202 Lucaya Bend, Unit O2, Coconut Creek, FL 33066 — Fernando Alves (202.538.4070)
- 7425 Estrella Circle, Boca Raton, FL 33433 — Anita Docmanov (561.699.8487)
- 3083 N Oakland Park Drive, Unit 207, Oakland Park, FL 33309 — James Davis (954.328.4370)
- 2866 W Sable Circle, Margate, FL 33063 — James Davis (954.328.4370)
- 4411 Trevi Court, Unit 104, Lake Worth, FL 33467 — Judi Colclasure (954.665.0601)
- 3500 Galt Ocean Blvd., Unit 1712A, Fort Lauderdale, FL 33308 — Arifa Sikder (954.554.4116)
- 8093 Green Tourmaline, Delray Beach, FL 33446 — Judi Colclasure (954.665.0601)
- 500 NE 102nd St., Miami Shores, FL 33138 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 1725 NE 22nd Terrace, Fort Lauderdale, FL 33305 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 2925 NW 69th Ave., Sunrise, FL 33313 — Melody Bedoya (954.778.8844)
- 12123 NW 15th Court, Coral Springs, FL 33071 (Rental) — Adriana Deutsch (561.239.5080)
If you’re interested in buying or selling South Florida real estate, our knowledgeable team is here to guide you through the process from start to finish. Start by contacting our office today to arrange a meeting, and you’ll be reaching your real estate goals before you know it!