Monthly Market Update | April 2018
The Florida Realtors® real estate report for April 2018 is in! Our rock star real estate professionals make it a priority to understand current real estate trends so we can keep you informed! Whether you are browsing out of general curiosity, or actively in the market to buy or sell, stay sharp and check out South Florida’s real estate statistics from this past April below.
Palm Beach County: Single Family Homes
There were some interesting shifts in Palm Beach County’s single-family homes month-over-month data. In March of 2018, the median time to contract was 56 days, compared to 42 days this past April, a 25.8% decrease. New listings suffered a 4.3% decrease, dropping from 2,278 new listings in March 2018, to 2,179 this past April. On the other hand, there were 1,669 closed sales in March, while April saw 1,690 closed sales, a small, yet significant 1.13% increase.
Year-over-year, the average sale price proved to be the most notable shift in Palm Beach County’s single-family homes market. In April 2017, the average sale price was $521,652 but rose to $617,407 in April 2018, an impressive 18.4% increase. Complementing the average sale price was an 8.7% decrease in median time to contract, falling from 46 days in April 2017 to 42 days in April 2018. While sellers will be happy with these changes, buyers have reason to smile as well. In April 2017 there were 2,080 new listings reported, but during April of 2018, there was a 4.8% increase, with 2,179 newly-available homes.
Palm Beach County: Townhouses and Condos
Month-over-month numbers for Palm Beach County’s townhouses and condos proved consistent, with no category except for average sale price shifting more than 6%. The average sale price in March was $288,058 but in April increased by 9.1% to $314,139—which is good news for sellers! The next notable shift was a 5.3% decrease in new listings. In March 2018, 1,874 new listings were reported, but April 2018’s new listings decreased to 1,774. Finally, total active listings decreased from 6,737 in March to 6,495 during April, a 3.6% drop.
Looking at year-over-year trends, Palm Beach County’s townhouse and condo market flourished in April 2018. First, the median sale price significantly increased by 10.2%, from $165,000 in April 2017 to $181,750 in April 2018. Secondly, in April of last year, there were 1,283 closed sales compared to 1,407 closed sales in April of this year – a 9.7% increase. On the other hand, there was no change in the median percentage of original list price received year over year for April, remaining at 93.5%.
Broward County: Single Family Homes
The most significant shift in Broward County’s single-family homes month-over-month data was the median time to contract. In March 2018, the median time to contract was 41 days, but in April 2018 it lessened by 14.6% to 35 days. There was a 3.0% increase in closed sales, from 1,338 closed sales in March to 1,378 closed sales this past April. New listings experienced a modest increase as well. In March there were 2,121 new listings, which rose by 0.6% to 2,134 new listings during April.
Broward County’s single-family homes statistics increased notably year-over-year. There was a 12.9% increase in average sale price, rising from $397,005 in April 2017, to $448,147 in April 2018. New listings grew 9.9%, from 1,941 in April of last year, to 2,134 this year. This comes as no surprise due to the increased interest in South Florida real estate. Finally, the median time to contract dropped from 39 days in April 2017 to 35 days in April 2018, a 10.3% decrease.
Broward County: Townhouses and Condos
Looking at month-over-month comparisons for Broward County’s townhouses and condos real estate market, the trends appear to favor sellers. There was a 7.0% increase in closed sales, with March of 2018 seeing 1,524, compared to 1,631 for April. The average sale price rose 3.5%, from $218,841 in March to $226,422 in April. However, buyers should pay attention to the median sale price, which fell 0.8%, from $162,750 in March to $161,500 during April.
Broward County townhouses and condos housing statistics flourished when examining April 2017 and April 2018. There was a 9.5% increase in overall closed sales, rising from 1,489 in April 2017 to 1,631 in April 2018. The median sale price also improved, from $148,500 in April 2017 to $226,422 in April 2018, a notable 8.8% increase. New listings also increased by 8.8%, from 2,082 in April 2017 to 2,265 in April 2018. The most drastic change, however, was in average sale price, which climbed 15.2% from $196,509 in April 2017 to $226,422 in April 2018.
Miami-Dade County: Single Family Homes
Miami-Dade County’s single-family homes month-over-month trends have shifted in favor of buyers. Average sale price dropped from $535,462 in March to $520,378, a 2.8% decrease. There was also a 9.1% increase in new pending sales. There were 1,403 new pending sales in March 2018 which increased to 1,865 new pending sales in April 2018. Finally, sellers should be aware of the 10.2% increase in closed sales, from 1,104 in March to 1,217 in April.
Miami-Dade’s single-family homes year-over-year statistics stayed relatively constant, aside from the sizable 14.4% increase in new listings. In April 2017, there were 1,630 new listings, but 1,865 new listings were reported this past April. There was a 1.2% increase in new pending sales, from 1,513 in April 2017 to 1,531 in April 2018. Finally, closed sales spiked 2.1%, from 1,192 in April 2017 to 1,217 in April 2018.
Miami-Dade County: Townhouses and Condos
Last but definitely not least, let’s take a look at Miami-Dade County’s townhouses and condos month-over-month real estate market stats. With an impressive 32.7% increase in closed sales, the market is clearly showing high demand. In March 2018, there were 1,043 closed sales which rose to 1,384 closed sales in April 2018 – an impressive spike for a single month. In March, there were 1,414 new pending sales which increased 10.7% to 1,566 in April.
Looking at year-over-year comparisons, Miami-Dade’s townhouses and condos real estate market thrived, exemplified by a staggering 24.6% increase in closed sales. In April 2017, there were 1,111 closed sales but this past April saw 1,384. In April of 2017, there were 1,379 new pending sales, while in April 2018 there was a 13.6% increase to 1,566. Finally, average sale price rose 13.0%, from $361,544 in April 2017 to $408,527 in April 2018.
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New Stein Posner Listings in April
108 NW 118th Drive, Coral Springs, FL, 33071— Michael Wagner (917-912-7279)
359 E Mallory Circle, Delray Beach, FL 33483 — Tara Rosenthal (561-702-4723)
5262 Breadfruit Circle, Delray Beach, FL 33484 — Team Judi (954-665-0601)
7433 Estrella Circle, Boca Raton, FL 33433 — Anita Docmanov (561-699-8487)
7571 Mandarin Drive, Boca Raton, FL 33433 — Michael Wagner (917-912-7279)
536 Club Drive, Palm Beach Gardens, FL 33418 — Team Judi (954-665-0601)
Stein Posner Sales in April
With 16 closed sales in April, it is safe to say that our real estate stars rock! Adam Stein and Ron Posner took the lead this month with three sales!
5550 NW 44th St, #B117, Lauderhill, FL 33319 — Lydia Ford (954-401-3442)
13679 Date Palm Ct, Delray Beach, FL 33484 — Team Judi (954-665-0601)
1236 Hillsboro Mile #2063, Hillsboro Beach, FL 33062 — Team Judi (954-665-0601)
5860 Sugar Palm Ct Unit C, Delray Beach, FL 33484 — Samona Rosenberg (917-969-7768)
7770 NW 50th St Apt 509, Lauderhill, FL 33351 — Cheryl Feinman (561-706-0534)
7116 Damita Drive, Lake Worth, FL 33463 — Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
2200 S Cypress Bend Dr #808, Pompano Beach, FL 33096 — Lydia Ford (954-401-3442)
231 174th St, Apt 709, Sunny Isles, FL 33160 — Michael Wagner (917-912-7279)
750 Ocean Blvd #710 Pompano Beach, FL 33062 — Allison Kaufman (561-212-4502)
5032 Heatherhill Lane, Boca Raton, FL 33486 — Matt Hornaday (561-859-7323)
6172 Key Largo, Boynton Beach, FL 33472 — Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
20505 E Country Club Dr #436, Aventura, FL 33180 — Adriana Deutsch (561-239-5080)
1109 Bel Air Drive #6, Highland Beach, FL 33487 — Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
5150 E Club Cir #104 Boca Raton, FL 33487 — Matt Hornaday (561-859-7323)
8316 NW 8th Terrace, Boca Raton, FL 33487 — Tyler Mattson (561-644-9277)
2998 NW 48th Terrace, Laud Lakes, FL 33313
5790 W 20th Ct, Hialeah, FL 33016