Monthly Market Update | January 2018
With the January report from Florida Realtors® officially out, our South Florida real estate professionals are sharing the first look at 2018’s market. Overall, January brought a wave of new properties for prospective buyers and declines in closed sales when compared to December’s market.
Palm Beach County: Single Family Homes
Palm Beach County’s single family homes market bounced back from its end-of-year slump in January. New listings totaled 2,344, a significant 58.9% increase from December’s 1,475. On the other hand, while closed sales were down from 1,387 in December to 1,103 in January, the 1,668 new pending sales at the end of January came in 31.2% higher than the month prior. Sales which had been completed by the month’s close were at higher price points on average, with the $606,112 reported totaling 19.3% higher than December’s $508,253 average sale price. Total active listings were also up, with January’s 7,383 listings sitting 7.8% higher than the month before, while median time to contract and median time to sale were both down month-over-month.
In terms of year-over-year shifts, January brought many of the same trends as December. The average sale price continued to climb, coming in $28% higher than January 2017’s $473,478. Inventory was down when compared to the same month in 2017 as well, with 401 fewer listings on the market, or 5.2%. Two key differences when compared to the trends witnessed in December were median time to contract and sale. Median time to contract fell from 57 days to 48 (15.8%), and median time to sale dropped from 103 days to 91 (11.7%), a stark difference compared to December’s positive year-over-year shifts. All of this suggests that even though buyers were met with more options than the month before, seller’s can still expect to thrive in this area.
Palm Beach County: Townhouses & Condos
The townhouses and condos market in Palm Beach County looks quite different than it did in December, with a number of notable changes. The first came in the form of new listings, with January’s 2,116 new properties brought to market totaling 51.8% higher than December’s 1,394. Since it is not uncommon for December to bring a slump in new listings, this is more likely indicative of a healthy start to the year rather than a market shift. Also up were new pending sales, with 1,390 pending transactions in January compared to 1,013 in December — a 37.2% increase. On the opposite end of the spectrum was closed sales, which brought a 15.3% month-over-month drop, as 911 sales were closed in January as opposed to 1,075 in December. Much like in this county’s single family homes market, the spike in new pending sales likely supports that this number will stabilize in February.
When compared year-over-year, closed sales showed a contradictory shift, with last month’s total sitting 7.6% higher than January 2017’s 847. New pending sales showed a year-over-year increase of 7.6% as well as well, with 98 more sales heading toward closing. Also trending upward was the median sale price, which at $170,000 came in 13.3% higher than the $150,000 reported the year prior.
Broward County: Single Family Homes
Telling a different story than December, Broward County’s single family homes market brought more of a balance for buyers and sellers in January. Closed sales fell from 1,291 in December to 979 in January, a 24.2% decline. On the other hand, median time to contract and median time to sale were higher when compared month-over-month, by 14% and 14.8% respectively. All of these stats can likely be linked to the increase in new listings by 62.4%, with 2,007 new homes entering the market in January compared to December’s 1,236.
When compared year-over-year, the shifts in this market were mostly insignificant — with a few exceptions, of course. The average sale price was up from $381,478 in January 2017 to $453,087 in January of this year, an 18.8% spike. The median sale price was on the rise as well, with the $345,000 reported last month totaling 10.8% higher than the $311,250 reported the year prior. Median time to contract was also up from 49 to 45 days, even though total active listings declined by 7.2% year-over-year. Active homes on the market shrank from 5,486 in January 2017 to 5,091 last month.
Broward County: Townhouses & Condos
Closed sales took a downturn in Broward County’s townhouses and condos market as we entered January, and as we consider the other month-over-month changes, it is no surprise as to why. A whopping 53.2% more listings entered this market when compared to December, rising from 1,672 to 2,561. That said, new pending sales were up in this market as well, with 1,773 sales pending in January as apposed to 1,325 in December, a 33.8% increase. The median time to contract also increased from 51 days last month to 55 in January (7.8%), another factor which can be linked to the rise in pending sales.
Much like last month, the median sale price and average sale price were higher than the year before. However, with an 8.8% increase bringing the median sale price to $155,562, and a 7.7% increase bringing the average sale price to $213,193, the year-over-year shifts were not quite as notable as December’s. What stood out in terms of year-over-year comparisons is new pending sales, which at 1,773 came in 10.8% higher than January 2017’s 1,600. Closed sales were also up when compared year-over-year, with a 7.3% increase from the 1,088 reported in January of last year. This is likely linked to the 9.8% drop in active listings, which came in at 8,074 while January 2017’s market had 8,951 new townhouses and condos come to market.
Miami-Dade County: Single Family Homes
Many of the month-over-month shifts for Miami-Dade’s single family homes market reflect those witnessed in Broward County. Closed sales dropped from 1,065 in December to 875 in January, a 17.8% decline. This was paired with a 50.5% increase in new listings, as 1,913 new homes came to market, compared to December’s 1,271. Keeping with trends seen thus far, new pending sales were up by 23.8%, rising from 1,031 in December to 1,276. Median time to contract rose right along with them, with the process taking 47 days as opposed to 43 days in December.
The year-over-year changes in this market were far more modest. Most notably, the median time to contract continued to decline in spite of the increase between December and January. The 47 days reported was still 23% lower than the 61 days January 2017’s market conditions brought. Median time to sale was down year-over-year as well, with 98 days between listing and closing as opposed to January 2017’s 113. Alternatively, the median sale price was up once again, sitting at $330,000 last month — a 6.5% increase compared to January 2017’s $310,000.
Miami-Dade County: Townhouses & Condos
Homes may not have been moving quickly in Miami-Dade’s townhouses and condos market in December, but that wasn’t the case for January. The median time to contract was down from 87 days in December to 75 days in January, a 13.8% decrease. It was down when compared year-over-year as well, dropping 11.8% from January 2017’s 85 days. Also down was the median time to sale of 123 days, dropping moderately by 3.1% when compared to December (127 days) and 6.1% when compared to January 2017 (131 days).
The report also detailed a month-over-month decline of 18.1% for closed sales, falling from 1,154 in December to 945 in January. That said, closed sales rose by 8.1% when compared to January 2017’s 874. The average sale price was up in both regards, coming in at $406,131, which is 5.4% higher than December’s $385,338 and %16.2% higher than last January’s $349,533. Much like in other local markets, new listings were also up. The 2,779 new listings on the market brought a 55.9% increase when compared month-over-month and a 5.4% increase year-over-year. The 1,337 new pending sales showed increases across the board as well, coming in 25% higher than the 1,070 in December and 4.4% higher than the 1,281 pending transactions in January 2017.
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New Stein Posner Listings in January
The Stein Posner team brought 9 homes to market in January, many of which are already under contract. New listings were located as far north as Boynton Beach and as far south as Sunny Isles Beach.
231 174th St., Unit 709, Sunny Isles Beach, FL 33160 — Michael Wagner (917.912.7279)
10 NW 7th Ave., Dania Beach, FL 33004 — Andres Frontado (361.815.8332)
1187 Hillsboro Mile, Unit 2W, Hillsboro Beach, FL 33062 — Montana Hughes (954.790.7003)
5191 Sabal Gardens Lane, Unit 2, Boca Raton, FL 33487 — Harry D’Onofrio (561.558.7863)
7 Royal Palm Way, Unit 504, Boca Raton, FL 33432 — Joan Alpert (678.618.8811)
6262 Brava Way, Boca Raton, FL 33433 — Ron Posner (561.239.8040 ) / Adam Stein (561.241.2103)
11563 Briarwood Circle, Unit 2, Boynton Beach, FL 33437 — Ron Posner (561.239.8040 ) / Adam Stein (561.241.2103)
9513 SW 2nd Road, Boca Raton, FL 33428 — Matt Hornaday (561.859.7323)
17574 Sealakes Drive, Boca Raton, FL 33498 — Bianca Moussawer (561.299.1552)
Stein Posner Sales in January
Our real estate rockstars started the year off strong, completing a grand total of 15 sales for our real estate family. Team Judi notably delivered 5 of those sales, each in a different area of South Florida. Overall, our team’s sales spanned the map as far north as Loxahatchee, as far south as Lauderdale Lakes, and as far west as Tamarac.
3179 Riverside Drive, Unit C-105, Coral Springs, FL 33065 — Cheryl Feinman (561.706.0534)
3221 S Ocean Blvd., Unit 303, Highland Beach, FL 33787 (Rental) — Michael Wagner (917.912.7279)
5200 N Ocean Blvd., Unit 804, Lauderdale by the Sea, FL 33308 (Rental) — Team Judi/Judi Colclasure (954.665.0601)
400 N Federal Highway, Unit 408N, Boynton Beach, FL 33435 (Rental) — Team Judi/Judi Colclasure (954.665.0601)
2070 Homewood Blvd., Unit 3100, Delray Beach, FL 33445 — Team Judi/Judi Colclasure (954.665.0601)
2081 W Woolbright Road, Apt 1101, Boynton Beach, FL 33426 (Rental) — Vinia Valmy (561.251.4182)
4719 NW 22nd St., Coconut Creek, FL 33063 — Team Judi/Judi Colclasure (954.665.0601)
1801 N Flagler Drive, Unit 636, West Palm Beach, FL 33407 — Michael Seville (561.412.5433)
1351 S Federal Highway, Unit N-415, Boynton Beach, FL 33435 (Rental) — Sheri Anstis (561.706.1186)
2100 NE 38th St., Unit 208, Lighthouse Point, FL 33064 — Anita Docmanov (561.699.8487)
7811 NW 72nd Ave., Tamarac, FL 33321 — Eva Carrington (561.358.8216)
15553 N 77th Place N, Loxahatchee, FL 33470 — Matt Hornaday (561.859.7323)
3680 NW 29th Court, Lauderdale Lakes, FL 33311 — Team Judi/Judi Colclasure (954.665.0601)
5526 NW 77th Terrace, Coral Springs, FL 33067 — Sheri Anstis (561.706.1186)
5256 NE 4th Ave., Oakland Park, FL 33334 — Michael Johnston (561.577.0398)
Looking to buy or sell in our local area? Contact our office today to get custom guidance on the South Florida real estate market from a member of our experienced team!