Real Estate Recap: July 2017
A new month is upon us, and with it comes a new report from Florida Realtors®. July’s statistics show most of the markets our South Florida real estate professionals serve are still trending towards sellers, as well as some key deviations that both buyers and sellers need to know about.
Palm Beach County
For Palm Beach County single family homes, all signs point to a competitive market — however, not one that is favoring sellers quite as much as the month prior. The median days to contract dropped by 14%, though closed sales were down by 1.6% year-over-year. Also notably, the median sale price showed a 6% increase, going from $317,000 to $336,000. Active listings were also up slightly, a fact which could fare well for buyers should that number continue to rise.
While some statistics like closed sales showed identical year-over-year shifts as the single family homes market in Palm Beach County, others took a completely opposite turn. For instance, the median days to contract for this segment of real estate increased by 14.6% year-over-year, as opposed to the 14% drop for single family homes. Buyers will also be happy to learn that both active listings and the month’s supply of inventory were also up, by 5% and 5.9%, respectively.
Buyers in search of a single family home in Broward County may have better luck expanding their search for South Florida real estate a bit further north, as Palm Beach County reported far more inventory and a more balanced statistic for the month’s supply. However, it’s not all bad news for buyers in this area. Though inventory was down by 1.6%, the month’s supply now sits at 3.9, a 2.6% increase from July 2016. On the other hand, sellers are benefiting from a 9.4% increase in the median sale price, in spite of sales being down by 1.5%.
In Broward County’s townhouses and condos market, the year-over-year numbers were very similar to what we saw back in June. The median sale price continued its hike upward, although it did decrease slightly when compared month-over-month. Median days to contract showed an even more significant shift downward when compared to July 2016, with a 9.5% drop putting the number at 57 days. Once again, active listings and month’s supply fell, this time by 4.9% and 3.4%. Finally, the 2.7% drop in closed sales serves as a silver lining for buyers in an otherwise seller-positive report.
As we make our way further south, the most notable year-over-year shifts also concern median sale price and median days to contract. For the former, a 12% increase placed the median price of homes sold in July 2017 at $335,000. As for median days to contract, the 12.8% drop leaves the number at just 41 days, which means buyers will need a strong negotiator in their corner now more than ever. Also down was the month’s supply of inventory, this time by 3.5%. Though inventory was down again (by 1.8%), the drop was not as significant as the 3.8% year-over-year drop in June.
Keeping with recent trends, the Miami-Dade townhouses and condos market serves as the black sheep of the crowd, favoring buyers over sellers once again in July. That said, even with significant year-over-year shifts, the consistency shown month-over-month suggests things may be leveling out in this market. Inventory increased by 7% year-over-year, while a 17.4% spike in the month’s supply since July 2016 brought the number to 13.5. Though the report brought less good news for sellers than June’s statistics, the 2.5% increase in closed sales year-over-year is still important to note.
Our Featured Listing
A prime opportunity to own a newer construction home in Boca Raton’s sought-after Centra neighborhood, this beautiful 3 bedroom, 2.5 bath townhouse is just steps from shops and restaurants. Features like updated granite countertops, modern stainless steel appliances, and 2 master bedroom suites with walk-in closets and dual sinks make this home a must-see.
New Stein Posner Listings
Thanks to our dedicated team, 6 new homes entered the South Florida real estate market during July. If you’re ready to make the move to our local area, be sure to reach out to a listing agent below to tour one of these exceptional homes.
- 4531 Treehouse Lane E, Tamarac, FL 33319 — Matthew Hornaday (561.859.7323)
- 1586 NW 114th Avenue, Plantation, FL 33323 — Christopher Eterno (954.854.9033)
- 5029 NW 15th Terrace, Boca Raton, FL 33431 — Jim Davis (954.328.4370)
- 63 Atlantic Grove Way, Delray Beach, FL 33444 — Samona Rosenberg (917.969.7768)
- 14427 Campanelli Drive, Delray Beach, FL 33484 — Ofir Koren (561.319.7774)
- 7484 La Paz Place, Unit 202, Boca Raton, FL 33433 — Anita Docmanov (561.699.8487)
Stein Posner Sales
The sales just keeping coming for our outstanding team, and July was no exception. Our agents delivered 24 closed sales for our real estate family during the month. Our co-founders claimed 6 of these sales, and Sasha Pena also takes credit for three closings in Sunrise. Other sales spanned the Florida coast from Lake Worth to Bal Harbour, and Michael Wagner even snagged a referral in New York.
- 2330 NW 81st Ave., Sunrise, FL 33322 — Sasha Pena (786.277.1843)
- 14403 Campanelli Drive, Delray Beach, FL 33484 — Ofir Koren (561.319.7774)
- 8427 NW 26th St., Sunrise, FL 33322 — Sasha Pena (786.277.1843)
- 4360 Pomelo Blvd., Boynton Beach, FL 33437 — Judi Colclasure (954.665.0601)
- 3850 Galt Ocean Drive, Unit 1204, Fort Lauderdale, FL 33308 (Rental) — Stefanie Garcia (708.829.8198)
- 5955 Catesby St., Boca Raton, FL 33433 (Rental) — Tyler Mattson (561.644.9277)
- 2721 Sherman St., Hollywood, FL 33020 (Rental) — Judi Colclasure (954.665.0601)
- 32 SE 2nd Ave., Unit 501, Delray Beach, FL 33444 (Rental) — Samona Rosenberg (917.969.7768)
- 9705 Collins Ave., Unit 1201 N, Bal Harbour, FL 33154 (Rental)
- 7570 Maribella Drive, Boca Raton, FL 33433 — Joan Alpert (678.618.8811)
- 250 SE Mizner Blvd., Unit 601, Boca Raton, FL 33432 (Rental) — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 19640 Biscayne Bay Drive, Boca Raton, FL 33498 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040) / Tara Rosenthal (561.702.4723)
- 9286 Wrangler Drive, Lake Worth, FL 33467 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 1760 SW 9th St., Boca Raton, FL 33486 (Rental) — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 3574 Danbury Court, Boynton Beach, FL 33436 — Adriana Deutsch (561.239.5080)
- 7317 Coconaut Drive, Lake Worth, FL 33467 (Rental)
- 928 SW 5th St., Boca Raton, FL 33486 — Jim Davis (954.328.4370)
- 900 Greensward Lane, Unit G-111, Delray Beach, FL 33445 (Rental) — Tyler Mattson (561.644.9277)
- 5520 Eton Circle, Boca Raton, FL 33486 — Matt Hornaday (561.859.7323)
- 36 Ridgeway Circle, New York (Referral) — Michael Wagner (917.912.7279)
- 3883 NW 122 Terrace, Sunrise, FL 33323 — Sasha Pena (786.277.1843)
- 2228 N Cypress Bend Drive, Unit 207, Pompano Beach, FL 33069 — Jim Davis (954.328.4370)
- 27121 Wapford Way, Boca Raton, FL 33486 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 18702 Cape Sable Drive, Boca Raton, FL 33498 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
If you would like to take a closer look at the market conditions for your particular area of interest, get guidance from one of our knowledgeable sales professionals. Call our office today to schedule an initial meeting with a member of our team.