Monthly Market Update | February 2018
The Florida Realtors® report on the South Florida real estate market in February is here. As always, our real estate professionals are sharing everything buyers and sellers need to know about the month’s activity.
Palm Beach County: Single Family Homes
The month-over-month shifts for Palm Beach County’s single family homes market were not nearly as drastic in February as they were in January. Since the market usually amps back up in January after the holiday lull, we can view February as its true return to status quo. That said, there were still some changes to note. For starters, closed sales brought a 10.2% increase, with 1,216 sales completed during the month. However, those sales did not progress quite as quickly as the month prior. Median time to sale was up from 91 days in January to 95 days in February (4.4%). Median time to contract rose as well, going from 48 to 54 days last month, a 12.5% increase. Sellers shouldn’t fear though, because new pending sales offered a 7% spike, coming in at 1,785 compared to the 1,668 the month prior. Additionally, the median sale price ticked up to $345,000, a 6.2% increase compared to January’s $325,000.
As for year-over-year comparisons, the changes in February were mostly more of the same we saw in January – with two exceptions. First, closed sales turned around with a 4.8% increase since February 2017, which had 1,160 closed sales. Also showing nearly opposite trends was new listings, which at 2,168 was 3% higher when compared year-over-year. Other shifts mirrored the opposite of month-over-month comparisons, with 15.6% fewer days to contract and 10.4% fewer days to sale. On the other hand, the median sale price was up when compared year-over-year as well, sitting 9.5% higher than February 2017’s $315,000.
Palm Beach County: Townhouses & Condos
As predicted, the surplus of new pending sales in January translated to an increase in closed sales in February, as the 953 reported sales were up 4.6% since the month before. New listings too a slump, though considering the 51.8% month-over-month spike last month, the 8.7% drop that put new listings at 1,932 in February is insignificant. On the rise were median time to contract, with at 54 days coming in 10.2% higher than January’s 49, and new pending sales once again, with 1,452 listings heading toward close, a 4.5% month-over-month increase.
Year-over-year, this market has remained remarkably consistent. New listings did notable bring an 11.5% increase when compared to February 2017’s 1,732 newly listed properties. Also up was the median sale price, which at $170,000 was 3.0% higher than the same month the year before, when it was $165,000. On the opposite end of the spectrum was median time to sale, which dropped from 95 days in February 2017 to 92 days last month, a 3.2% change.
Broward County: Single Family Homes
In Broward County, the single family homes market was a bit more stable than in January last month, at least in terms of month-over-month comparisons. New pending sales were on the rise again, this time 10.4% higher at 1,572 when compared to the 1,424 in January. Median time to contract took an opposite shift in February, with the 44 days reported sitting 10.2% lower than the 49 days in January. Median time to sale was also down. Now at 85 days, it dropped 8.6% when compared to January’s 93 days. This all points to a competitive market, yet not one that is necessary translating to heightened sale prices. The median sale price was at $335,000 (-2.9%), while the average sale price was $437,771 (-3.4%).
Alternatively, when compared to the same month the year before, the median and average sale prices offered the most notable increases. The former increased by 10.7% year-over-year from $302,500, and the average sale price was up 10.3% compared to $396,906 in February 2017. New listings were up as well, a contrast to last month’s shift. Properties new to market last month totaled 2,008, which was 8.4% more than the 1,852 in February 2017. On the other hand, median time to contract and sale were both down when compared year-over-year as well, by 12% and 9.6%, respectively.
Broward County: Townhouses & Condos
In terms of month-over-month shifts, the townhouses and condos market in Broward County mellowed out in February. Signifiant shifts included a 7.3% increase in closed sales, with 1,252 closings compared to 1,167 in January. There were more active listings for buyers to choose from once again, with the 8,322 properties on the market at the close of last month totaling 3.1% higher than January’s 8,074. This likely influenced the increase in the median time to contract, which at 57 days was 3.6% higher than the 55 days reported the previous month. This was in spite of a 6.4% month-over-month decline in new listings, which came in at 2,396 compared to 2,561 in January. Meanwhile, the average sale price was up to $220,316, a 3.3% increase from $213,193.
Year-over-year, this market offered an even more significant increase in the average sale price. The $220,316 average sale price in February was 17.3% higher than the $187,803 reported i February 2017. Closed sales and median sale price both had 6.9% increases, while median time to contract and median time to sale were both down when compared to February 2017, the latter coming in 6.7% lower at 98 days. Total active listings dropped as well year-over-year, coming in at 8,322 compared to 8,952 last year. New listings were up though, rising 7.8% from February 2017’s 2,222.
Miami-Dade County: Single Family Homes
The month-over-month decline for closed sales in Miami-Dade County’s single family homes market was less drastic in February. At 820, closed sales totaled 6.3% fewer than the 875 completed in January. New listings were down in this market as will, with a 7.2% decline bringing the number to 1,775 in February. Median time to sale was down as well, coming in at 94 days and 4% lower than the 98-day median the month before. On the upswing were the average sale price, rising 14.2% from $465,672 to $531889, and new pending sales, showing a 3.7% spike at 1,323.
When compared year-over-year, median time to contract and median time to sale showed staggering differences. At 46 days, the median time to contract was 24.6% lower than the 61 days in February 2017, while at 94 days, median time to sale produced a 16.1% decline when contrasted with 112 days during the same month the year prior. New pending sales were down by 5.% year-over-year at 1,323, and closed sales fell by 6.9% when compared to February 2017. Trending upward were new listings (up 11.3%) and the median sale price, which at $332,500 was 3.6% higher than the $321,000 reported the year before.
Miami-Dade County: Townhouses & Condos
Many of the changes this market brought in January were flipped last month, most notably the month-over-month shifts for median time to contract. While the timeframe to contract was on the decline in January, February’s 83 days offered a 10.7% increase when compared month-over-month. The average sale price rose as well, with $435,262 reported last month, a 7.2% increase from $406,131 in January. Closed sales also ticked upward, as the 983 closings last month were 4% higher than the 945 in January. On the other hand, new listings showed a decline of 6.8%, with 2,590 properties coming to market compared to 2,779 in January.
Year-over-year, Miami-Dade County’s townhouses and condos market brought a lot of the same shifts as last month. The Average sale price was up again, this time by 13.7% when compared to the previous year’s $382,784 in February, and the median sale price rose with it, with last month’s $230,000 showing a 4.5% increase compared to $220,000 in February 2017. New listings were also up year-over-year, noting a 7,3% increase. Only one significant decline was reported for year-over-year comparisons, as the median time to sale fell by 3.1%, now sitting at 123 days.
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New Stein Posner Listings in February
Many of our team’s February listings came in pairs, with Tyler Mattson, Samona Rosenberg, Cheryl Feinman, Team Judi, and our founders all bringing two properties to market. If you are looking for a South Florida home from Fort Lauderdale, to Wellington, and everywhere in between, our team has you covered.
3041 Indiana St., Coconut Grove, FL 33133 — Montana Hughes (954.790.7003)
3800 Galt Ocean Drive, Unit 503, Fort Lauderdale, FL 33308 — Cheryl Feinman (561.706.0534)
3800 Galt Ocean Drive, Unit 614, Fort Lauderdale, FL 33308 — Cheryl Feinman (561.706.0534)
75 Markham D, Deerfield Beach, FL 33442 — Team Judi (954.665.0601)
565 Oaks Lane, Unit 502, Pompano Beach, FL 33069 — Tyler Mattson (561.644.9277)
11936 NW 11th Court, Coral Springs, FL 33071 — Ron Posner (561.239.8040) / Adam Stein (561.241.2103)
359 E Mallory Circle, Delray Beach, FL 33483 — Tara Rosenthal (561.702.4723)
8316 NW 8th Terrace, Boca Raton, FL 33487 — Tyler Mattson (561.644.9277)
5860 Sugar Palm Court C, Delray Beach, FL 33484 — Samona Rosenberg (917.969.7768)
9286 Wrangler Drive, Lake Worth, FL 33467 — Ron Posner (561.239.8040) / Adam Stein (561.241.2103)
9394 Saddlebrook Drive, Boca Raton, FL 33496 — Samona Rosenberg (917.969.7768)
2364 Waburton Terrace, Wellington, FL 33414 — Team Judi (954.665.0601)
Stein Posner Sales in February
Our real estate rockstars delivered 20 sales for our real real estate family in February. Matt Hornaday and Sheri Anstis each claimed three of these, with sales spanning from Delray Beach to Deerfield Beach. Other sales covered the map as far south as North Miami, as far north as Riviera Beach, and as far west as Coral Springs.
3351 Spanish Trail, Unit 313 B, Delray Beach, FL 33483 (Rental) — Sheri Anstis (561.706.1186)
9240 Edgemont Lane, Boca Raton, FL 33434 (Rental) — Matt Hornaday (561.859.7323)
1074 Centerstone Lane, Riviera Beach, FL 33404 — Michael Seville (561.412.5433)
2803 Victoria Way, Unit K-1, Coconut Creek, FL 33066 — Tyler Mattson (561.644.9277)
3872 Summer Chase Court, Lake Worth, FL 33467 — Samona Rosenberg (917.969.7768)
233 S Federal Highway, Unit 404, Boca Raton, FL 33432 (Rental) — Cheryl Feinman (561.706.0534)
6116 NW 19th Court, Margate, FL 33063 — Stefanie Garcia (708.829.8198)
9729 Via Emilie, Boca Raton, FL 33428 — Sheri Anstis (561.706.1186)
7484 La Paz, Unit 202, Boca Raton, FL — Anita Docmanov (561.699.8487)
1072 Cornwall D, Boca Raton, FL 33434 — Cheryl Feinman (561.706.0534)
1215 SE 10th Terrace, Deerfield Beach, FL 33441 — Matt Hornaday (561.859.7323)
1805 N Flagler Dr, Unit 117, West Palm Beach, FL 33407 (Rental) — Michael Seville (561.412.5433)
1629 Riverview Road, Unit 120, Deerfield Beach, FL 33441 (Rental) — Sheri Anstis (561.706.1186)
1910 S Ocean Blvd., Unit 306, Delray Beach, FL 33483 — Anita Docmanov (561.699.8487)
20191 E Country Club Drive, Unit 2400, Aventura, FL 33180 (Rental) — Team Judi (954.665.0601)
9001 Wiles Road, Unit 303, Coral Springs, FL 33067 — Team Judi (954.665.0601)
7429 Campo Florido, Boca Raton, FL 33433 — Michael Wagner (917.912.7279)
12500 NE 15th, Unit 607, North Miami, FL 33161 — Andres Frontado (361.815.8332)
21181 Oakley Court, Boca Raton, FL 33433 — Michael Wagner (917.912.7279)
9513 SW 2nd Road, Boca Raton, FL 33428 — Matt Hornaday (561.859.7323)
Have additional questions about the South Florida real estate market? Our team is here to guide you. Call us today to get a customized market analysis, tailored to your buying or selling goals.