Real Estate Recap: May 2017
Florida Realtors has released its report on the May South Florida real estate market, and our team is filling our real estate family in on all of the latest stats in the markets we serve. Miami-Dade County’s markets continued to show a clear split between buyers and sellers in May. On the other hand, Palm Beach and Broward Counties remain in a state of balance that can be effectively navigated by both buyers and sellers with the right real estate professional by your side.
Read on below for a more in-depth look at each of the three counties our team services.
Palm Beach County
The single family homes market in Palm Beach County remained relatively steady last month. Median days to contract turned back around when compared year-over-year in May, with an 11.6% increase reported. Other significant statistics were good for sellers, like the 4.3% increase in closed sales and the 7.9% spike in the median sale price. The month’s supply of inventory stayed consistent year-over-year, though it did fall from 5.1 to 4.9 between April and May of 2017.
The statistics for Palm Beach County’s townhouses and condos market were similar to those seen in the county’s single family homes market — with one exception. The month’s supply of inventory was on the rise for this segment of the market, by 3.7% to be exact. This brought the month’s supply in at 5.6. Closed sales were also up by 7.8%, and the median sale price rose by $14,500. Days to contract increase by 4 days, while all other statistics showed no notable shifts when compared to the year before.
The year-over-year shifts for Broward County single family homes were similar to what was witnessed back in April. Closed sales continued to drop, this time by 9.1%, and the median sale price continued its trek upward, coming in 8.1% higher than in May 2016. Median days to contract, on the other hand, dropped by 1 day from the month before and 4 days year-over-year. Also trending downward were the numbers for active listings, with a 3.9% drop when compared to the year before. All of these statistics point to a market that isn’t necessarily leaning one way or the other, which can be tricky to navigate without the right South Florida real estate professional.
The townhouses and condos market in Broward County is far more balanced than it was a year ago, at least according to May’s statistics. While some numbers seem to favor sellers, such as the 11.6% increase in the median sale price, the month’s supply of inventory shows a perfect balance at 6.0. However, with active listings falling by 807 listings, competition will still be a factor for buyers in search for a townhouse or condo in this area.
Sellers continue to prosper in Miami-Dade County’s single family homes market, even more so than they did in April. Closed sales rose by 9.1%, and the median sale price increased along with it by 10.7%. Active listings and the month’s supply of inventory both fell year-over-year, by 5% and 3.4%, respectively. That said, the month’s supply is still hovering around a balanced zone at 5.6, meaning buyers can still excel in this market with the right guidance.
Unlike Miami-Dade County’s single family homes market, buyers of townhouses and condos in the area still have the upper-hand. The most notable shift in May were similar to those reported in April. Month’s supply of inventory increased by 24.3%, and median days to contract lengthened by 17.2%. Active listings also increased by 8.8 percent, showing that buyers have many choices right now. However, it’s not all bad news for sellers. Closed sales were up 5.7% from May 2016, and the median sale price increased by 4.8%.
Our Featured Listing
1451 N Ocean Blvd., Pompano Beach, FL 33062
Ron Posner and Adam Stein brought this beautiful, newly constructed townhouse to market. The floor plan offers 4 bedrooms and 4.5 bathrooms, with added perks like a rooftop deck and pool, a private elevator, and a designer kitchen included as well.
Click here to learn more about this home.
New Stein Posner Listings
Five new homes entered the market in May thanks to our real estate professionals. Ron Posner represents two of these sellers, one in Pompano Beach and one in Boca Raton.
- 1451 N Ocean Blvd., Pompano Beach, FL 33062 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 2721 NE 8th St., Pompano Beach, FL 33062 — Montana Hughes (607.742.2889)
- 5520 Eton Court, Boca Raton, FL 33486 — Matt Hornaday (561.859.7323)
- 19640 Biscayne Bay Drive, Boca Raton, FL 33498 — Ron Posner (561.239.8040) / Tara Rosenthal (561.702.4723)
- 11403 Woodchuck Lane, Boca Raton, FL 33428 — Adriana Deutsch (561.239.5080)
Stein Posner Sales
Our real estate family delivered 22 sales during the month of May, five of which can be credited to Sasha Pena. Sales were completed as far north as Port St. Lucie, as far south as Miami and as far west as Weston.
- 222 NW 7th St., Boca Raton, FL 33432 (Rental) — Montana Hughes (607.742.2889)
- 954 NE 39th St., Oakland Park, FL 33334 — Lydia Ford (954.401.3442)
- 899 SE 2nd Ave., Unit 14-A, Deerfield Beach, FL 33441 — Team Judi / Judi Colclasure (954.665.0601)
- 11211 S Military Trail, Unit 3721, Boynton Beach, FL 33436 (Rental) — Samona Rosenberg (917.969.7768)
- 3908 NW 89th Ave., Coral Springs, FL 33065 — Sasha Pena (786.277.1843)
- 125 W 17th St., Riviera Beach, FL 33404
- 8780 NW 24th Place, Sunrise, FL 33322 — Sasha Pena (786.277.1843)
- 7484 LaPaz Blvd., Unit 202, Boca Raton, FL 33433 — Anita Docmanov (561.699.8487)
- 2650 NE 23rd St., Pompano Beach, FL 33062 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 726 Lake Ave. N, Delray Beach, FL 33483 (Rental) — Team Judi / Judi Colclasure (954.665.0601)
- 5510 Lakeside Drive, Unit 104, Margate, FL 33060 — Sheri Anstis (561.706.1186)
- 6735 Royal Orchid Circle, Delray Beach, FL 33446 — Samona Rosenberg (917.969.7768)
- 2501 S Ocean Drive, Hollywood, FL 33019 (Rental) — Montana Hughes (607.742.2889)
- 710 SE Hidden River Drive, Port St. Lucie, FL 34983
- 167 SW Grimaldo Terrace, Port St. Lucie, FL 34984 — Andres Frontado (361.815.8332)
- 16590 Royal Poinciana Court, Weston, FL 33326 — Sasha Pena (786.277.1843)
- 313 S Ketch Drive, Sunrise, FL 33326 — Sasha Pena (786.277.1843)
- 194 Piedmont E, Delray Beach, FL 33484 — Michael Wagner (917.912.7279)
- 1901 Bermuda Circle, Unit H2, Coconut Creek, FL 33066 — Angela Webb (954.629.3475)
- 1457 SW 25th Place Drive, Boynton Beach, FL 33426 — Tara Rosenthal (561.702.4723)
- 5301 Privet Place, Unit B, Delray Beach, FL 33484 — Chris Eterno (954.854.9033)
- 4350 NW 196th St., Miami, FL 33055 — Sasha Pena (786.277.1843)
If you’re interested in learning more about our local South Florida real estate market conditions, our knowledgeable professionals are always just a call away.