Monthly Market Update | March 2018
March Market Update
Our real estate professionals are here to keep you up to date on South Florida’s monthly real estate trends. The Florida Realtors® real estate report for March 2018 is here, and we want to share and provide insight on the most interesting buying and selling trends.
Palm Beach County: Single Family Homes
As for year-over-year comparisons, the changes were relatively stable compared to March of 2017. The closed sales decreased by 0.4% to a total of 1,669 homes sold compared to 1,676 in March of last year. New listings declined to 2,278 compared to 2,321 last year, a 1.9% difference. The median time to contract had no change year-over-year, staying at 56 days. However, the percentage change in median sales price and average sale price should be noted. This past March, the average sale price closed at $580,913 which was 12.4% higher than the $516,919 average sale price the previous year.
Palm Beach County: Townhouses & Condos
Month-over-month shifts in Palm Beach County’s townhouses and condos market were also significant. To start, in March of this year, there were 1,347 closed sales compared to 953 the previous month, a 41.3% increase. This is good news for both buyers and sellers. The average sale price rose 11.6% from $258,179 in February to $288,055 in March. However, as the summer season approaches, we expect the average sale price to decrease.
The March real estate statistics are interesting to note in terms of year-over-year change. From March of 2017 to March of 2018, the median sale price spiked 9.3% from $162,000 to $177,000. The average sale price also rose 9.3% from $263,623 to $288,058. Buyers should pay attention to the year over year percentage drop in new listings of townhouses and condos. In March 2017, there were 1,938 new listings and in March 2018, there were 1,874, a 3.0% decrease. The median time to sale stayed constant at 93 days.
Broward County: Single Family Homes
In Broward County, the month-over-month real estate data demonstrated several interesting trends. Closed sales of single family homes were on the rise again, however at a much faster pace this month. In February there were 1,024 sales closed, while in March there were 1,338, a 30.7% increase. There was also a 12.0% increase in pending sales from 1,572 in February to 2,121 this past March.
When looking at the year-over-year numbers, the differences were less noticeable. The median time to sale decreased from 91 days in March 2017 to 83 days in March 2018. Buyers will appreciate this shortening of the closing process, helping save them time and stress. Finally, there was a 10.5% decline in closed sales from March 2017 to March 2018. Last year, there were 1,495 closed sales, while in March of this year only 1,338 sales were closed.
Broward County: Townhouses & Condos
In terms of month-over-month shifts, the townhouses and condos market in Broward County was also intriguing. The first shift was a 21.7% increase in closed sales, with 1,524 closings compared to 1,673 back in February. The median time to contract declined by 8.8% from 57 days in February to 52 this month. This was an unexpected shift, considering there was only a 0.2% increase in total active listings, from 8,322 in February to 8,338 this month. Sellers should pay close attention to the new pending sales, which increased by 11.3%, from 1,724 in February to 1,1918 this March.
In comparison to year-over-year statistics, median and average sale price jumped noticeably. Median sale price increased 10.0%, from $148,000 in March 2017 to $162,750 in March of this year. The average sales price rose 14.0%, from $191,992 in March of 2017 to $218,841 in March of this year. Similar to the month-over-month median time to sale shift, there was a decrease of 10.5%, from105 days last March to 94 days during the same span this year.
Miami-Dade County: Single Family Homes
The most notable shift in the month-over-month data for Miami-Dade County’s single family homes market was in the number of closed sales. With a spike of 34.6%, the 820 closed sales from February increased to 1,104 in March. Median sale price was $348,000, an increase of 4.7% when compared to the preceding month’s $332,500 figure. Additionally, there was a 5.1% increase in new listings, from 1,775 in February to 1,856 in March.
Year-over-year, the overall shifts trended negative. The most dramatic of these was a 19.0% decrease in new pending sales. There were 1,733 new pending sales in March 2017 which declined to 1,403 in March 2018. With an 8.1% increase in median sale price and a 13.0% increase in average sale price, we can see that sellers have had a predominant effect on the Miami-Dade County real estate market this year.
Miami-Dade County: Townhouses & Condos
Take a look at Miami-Dade County’s townhouses and condos’ month-over-month statistics. For the most part, the differences appear fairly minimal. Buyers pay attention — in February the average sale price was $435,262 and in March it decreased by 6.4% to $407,489, a fairy quickly drop for only one month. Sellers pay attention— there was a 6.1% increase in closed sales, from 983 in February 2018 to 1,043 in March 2018.
Year-over-year, Miami-Dade County’s townhouses and condos real estate market shifts were higher than their respective month-over-month comparisons. The most drastic change was in closed sales, from 1,327 in March 2017 to 1,043 in March 2018—a 21.4% decrease. Another category to note was the 11.0% drop in new pending sales, in March 2017 there were 1,589 and in March 2018 there were only 2,385. However, there was a 4.1% increase in total active listings. In March 2017, there were 15,416 total active listings and in March 2018 there were 16,043.
Our Featured Listing
This updated waterfront townhouse in a well-maintained community with boat dockage and beach access is one you don’t want to miss! This spacious townhouse features 3 bedrooms, 2 1/2 bathrooms, a custom kitchen with wood cabinets and granite countertops, impact windows, a one car oversized attached garage, and wet bar with wine cooler. Enjoy a large private deck and assigned boat dock located directly behind the unit. Community features gated entry, community pool, barbecues, gazebo, clubhouse, exercise room, and deeded beach access right across the street.
Ready to make your move? Give Ron Posner a call to schedule a tour: 561.239.8040
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New Stein Posner Listings in March
1770 E Las Vegas Blvd #408, Ft Lauderdale, 33301— Angela Webb (954-629-3475)
1014 SW 7th Ave, Delray Beach, 33444—Team Judi (954-665-0601)
6172 Key Largo Lane, Boynton Beach, 33472—Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
8892 Livingston Way, Boynton Beach 33472—Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
7835 Lakeside Blvd #904 Boca Raton 33434—Adam Berthiaume (954-995-3140)
9268 Sable Ridge Cir C Boca Raton 33428—Cheryl Feinman (561-706-0534)
303 Norwich M West Palm Beach 33417 Rental—Michael Seville (561-412-5433)
Stein Posner Sales in March
For two months in a row, our real estate professionals closed 20 outstanding sales! Florida sales were all over the map, spanning from Hallandale Beach to West Palm Beach. Cheryl Feinman was on a selling streak, with three sales made this month!
203 Chatham J, West Palm Beach, FL 33417—Cheryl Feinman (561-706-0534)
6262 Brava Way, Boca Raton 33433—Ron Posner (561-239-8040) / Adam Stein (561-241-2103)
5344 Lakefront Blvd D, Delray Beach 33484—Sheri Anstis (561-706-1186)
216 K Street, Lake Worth 33460—Gayle Meyerson (561-706-2133)
3915 Village Drive D, Delray Beach 33445—Tara Rosenthal (561-702-4723)
5191 Sabal Gardens Ln, Apt 2, Boca Raton 33487—Harry D’Onofrio (561-558-7863)
8058 Green Tourmaline Terr, Delray Bch 33446 Rental—Joan Alpert (678-618-8811)
1830 S Ocean Dr #3210 Hallandale Bch Rental—Montana Hughes (678-618-8811)
9394 Saddlebrook Dr, Boca Raton 33496—Samona Roseberg (917-969-7768)
3590 S Ocean Blvd #303, Palm Beach 33480—Adam Stein (561-241-2103) /
Ron Posner (561-239-8040)
3800 Galt Ocean Dr #614 Ft Laud 33308—Cheryl Feinman (561-706-0534)
5420 Grand Park Pl, Boca Raton 33486—Matt Hornaday (561-859-7323)
502 Via De Palmas, Boca Raton 33432—Michael Johnston (561-577-0398)
3800 Galt Ocean Dr #503 Ft Laud 33308—Cheryl Feinman (561-706-0534)
4521 Live Oak Blvd, Delray Beach 33445—Michael Wagner (917-912-7279)
1113 Strickland Rd, Delray Bch 33444—Sheri Anstis (561-706-1186)
6512 NW 55th St, Coral Springs 33067—Matt Hornaday (561-859-7323)
5700 Coach House Cir A, Boca Raton 33486 Rental—Joan Alpert (678-618-8811)
22864 Marbella Cir, Boca Raton 33433 Rental—Tyler Mattson (561-644-9277)
2002 Madeira Drive, Weston 33327 Rental—Jonathan Kramer (954-612-7461)