Real Estate Recap: August 2017
Florida Realtors® has released its South Florida real estate market report for August, and our team is here to keep you informed about all of the changes in our local area. Read on to learn more about the year-over-year shifts reported for the three counties we serve.
Palm Beach County
If there is one thing to take away from Palm Beach County’s latest market stats for single family homes, it is that while sellers as a whole may not be closing as many homes, those that do are seeing higher selling prices in certain price categories than last August. Closed sales dropped 7.9% year over year, yet the median sale price did the complete opposite, with a 7.9% increase from $315,000 to $340,000. The market remains tight as we are seeing a reduction in both new pending sales and in new listings, down 5.5% and 4.2% respectively. We’ll be keeping a close eye on this trend as we move into a more active transactional time of year.
August brought increased year-over-year numbers across the board for Palm Beach County’s townhouses and condo market. Most notably, the median sale price rose by 9.4%, from $160,000 to $175,000, with the number of closed sales increasing right along with them, by 4.7%. There was positive news for buyers as well, with the report showing a 3.8% increase in active listings from August 2016, which means more options.
Though single family home buyers in Broward County fared a bit better in August, this market is highly favoring sellers. Closed sales dropped by 8.1% while the month’s supply of inventory grew slightly by 2.7% year-over-year. However, competition is still prevalent, demonstrated by the 7.7% increase in median sale price, going from $325,000 to $350,000. This, paired with a 3.4% decrease in active listings, means that having the right real estate agent is critical for buyers in search of a home in this area.
Once again, stats for townhouses and condos in Broward County stayed on par with the trends we’ve seen in recent months. Both the month-over-month median sale price and year-over-year trend were up, with an increase of 7.8%, from $144,755 to $156,000 since August 2016. Active listings dropped as well, with 6.3% less townhouses and condos on the market compared to last year. This market too remains tight and we’ll be keeping our finger on the pulse of inventories and pricing.
August’s statistics for single family homes in Miami-Dade County were a bit of a mixed bag for buyers and sellers. Though the median sale price was up by 12.5%, up from $300,000 to $337,500, there were 13.4% less closings than in August 2016. New listings and new pending sales were up, 5.2% and 3.8% respectively, giving buyers more choices.
For sellers in Miami-Dade’s townhouses and condos market, the reduction in closed sales by5.7% is reflective in a 4.7% increase in the median sale price from $215,000 to $225,000. As for the other statistics, year-over-year shifts for active listings and the month’s supply were consistent with July, showing increases of 7% and 17.2%, respectively.
Our Featured Listing
117 Lake Emerald Drive, Unit 106, Oakland Park, FL 33309
Montana Hughes is representing this desirable 2 bedroom, 2 bath first floor unit in Lake Emerald. The large open floor plan is perfect for entertaining, while also boasts a stunning view of the lake, walk-in closets and beautiful bamboo floors in the living area and bedrooms. Call Montana to schedule a private showing before it is too late!
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New Stein Posner Listings
Our rockstars listed 6 new homes in August, with two extraordinary properties located right here in Boca Raton. Jim Davis had two new listings during the month of August, one of which is already a pending sale. To schedule a showing of one of these homes, contact the corresponding agent below.
- 117 Lake Emerald Drive, Unit 106, Oakland Park, FL 33309 — Montana Hughes (954.790.7003)
- 3221 S Ocean Blvd., Unit 303, Highland Beach, FL 33487 (Rental) — Michael Wagner (917.912.7279)
- 8316 NW 8th Terrace, Boca Raton, FL 33487 — Jim Davis (954.328.4370)
- 9172 Beverly Court, Boynton Beach, FL 33472 — Jeff King (954.562.2430)
- 8172 Cornwall Drive, Boca Raton, FL 33434 — Cheryl Fineman (561.706.0534)
- 288 Arabian Road, Lake Worth, FL 33461 — Jim Davis (954.328.4370)
Stein Posner Sales
Though sales were mostly trending downward in our local area, August was another impressive month at Stein Posner. Our exceptional team completed 28 transactions for our real estate family. Matthew Hornaday and Judi Colclasure each claimed 3 sales. Our team sold the South Florida lifestyle as far south as Miami, as far west as Tamarac and as far north as Boynton Beach.
- 1310 SW 6th Ave., Deerfield Beach, FL 33441 — Ofir Koren (561.319.7774)
- 4010 Galt Ocean Drive, Unit 203, Fort Lauderdale, FL 33308 (Rental) — Beatriz Ramirez (954.261.5608)
- 8941 Equus Circle, Boynton Beach, FL 33472 (Rental) — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 250 NE 3rd Ave., Unit 411, Delray Beach, FL 33444 (Rental) — Samona Rosenberg (917.969.7768)
- 181 NE 14th Ave., Unit 17C, Hallandale Beach, FL 33009 (Rental) — Adriana Deutsch (561.239.5080)
- 100 Citrus Park Lane, Boynton Beach, FL 33436 (Rental) — Tyler Mattson (561.644.9277)
- 2228 Nova Village Drive, Davie, FL 33317 — Sasha Pena (786.277.1843)
- 201 SE 2nd Ave., Unit 1211, Miami, FL 33131 (Rental) — Bianca Ferri (651.409.9749)
- 6710 NW 17th Court, Margate, FL 33063 — Andres Frontado (361.815.8332)
- 5617 Fairway Park Drive, Unit 201, Boynton Beach, FL 33437 — Goli Eftekhari (310.902.7882)
- 22823 SW 56th Ave., Boca Raton, FL 33433 — Michael Johnston (561.577.0398)
- 5914 Parkwalk Circle W, Boynton Beach, FL 33472 — Allison Kaufman (561.212.4502)
- 1204 SE 10th Terrace, Deerfield Beach, FL 33441 — Sheri Anstis (561.706.1186)
- 6632 Lucaya Ave., Boynton Beach, FL 33437 — Judi Colclasure/Team Judi (954.665.0601)
- 11403 Woodchuck Lane, Boca Raton, FL 33428 — Adriana Deutsch (561.239.5080)
- 5904 Via Delray, Unit C, Delray Beach, FL 33484 — Michael Seville (561.412.5433)
- 6451 N University Blvd., Unit 107, Tamarac, FL 33321 — Ofir Koren (561.319.7774)
- 6241 Via Venetia N, Delray Beach, FL 33484 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 1910 S Ocean Blvd., Unit 306, Delray Beach, FL 33483 — Anita Docmanov (561.699.8487)
- 7579 Imperial Drive, Unit 602, Boca Raton, FL 33433 — Kiki Bremont (646.523.2644) / Karen Novick (561.235.6800)
- 4000 NW 35th Ave., Lauderdale Lakes, FL 33309 — Matt Hornaday (561.859.7323)
- 3656 Whispering Cypress Lane, Boynton Beach, FL 33435 (Rental) — Jim Davis (954.328.4370)
- 2485 11th Court SW, Vero Beach, FL 32962 — Judi Colclasure/Team Judi (954.665.0601)
- 6061 Plains Drive, Lake Worth, FL 33467 — Ofir Koren (561.319.7774)
- 22305 SW 57th Ave., Boca Raton, FL 33428 — Matt Hornaday (561.859.7323)
- 18581 Cherborg Drive, Boca Raton, FL 33496 — Judi Colclasure/Team Judi (954.665.0601)
- 7828 Lexington Club Blvd., Unit D, Delray Beach, FL 33446 (Rental) — Matt Hornaday (561.859.7323)
- 1082 NW 6th Ave., Boynton Beach, FL 33426 — Joan Alpert (678.618.8811)
If you’re looking to buy or sell South Florida real estate, our dedicated team is here to help. Give us a call today at (561) 756-9945 to learn more about the market conditions in your particular area. Together, we’ll work toward achieving your real estate goals.