Real Estate Recap: November 2017
A new year is right around the corner, and in order to understand what it might bring for the South Florida real estate market, we must first look back on the month of November. Here’s what buyers and sellers in our local area need to know about last month’s market conditions.
Palm Beach County
Though there was a slight dip in sales completed since October, the 1.5% year-over-year increase indicates that this market may finally be recovering from Hurricane Irma’s impact. The median sale price was up as well, growing by 10% when compared to November 2016. That said, it wasn’t all good news for sellers. The 7-day spike for median days to contract suggests competition in this market may be simmering down. This is likely linked to the 126 additional homes that came on the market since October — though it is important to note that inventory for November was still 4.4% below that of the year prior. Also down year-over-year was the month’s supply, which came in at 4.9.
Once again, inventory continued to rise in Palm Beach County’s townhouses and condo market. November’s inventory was 4.3% higher when compared to last year, and the month’s supply showed a 5.4% increase. That said, at 5.9, this month’s supply shows this market may be balancing out. The 5.9% increase in closed sales and 7.5% increase for the median sale price suggest that buyers and sellers share the power right now as well. Median days to contract also showed an increase, this month by 12%.
Sales for Broward County’s single family home market continued to decline through November, with 11.3% fewer sales year-over-year. However, sales which are being completed continue to be at higher price points, with the median sale price coming in at $350,000, 10.1% more than in November 2016. With more sales occurring at these price points, the median days to contract increased as well, coming in 16.3% higher than the year prior, at 50 days. Other shifts were similar to those in October, with a 5.3% drop in active listings and a 2.7% increase in the month’s supply.
Those looking to sell a townhouse or condo in Broward County will be happy to learn that the Hurricane Irma recovery period seems to be over for this market. Closed sales trended upward in November, with 3.6% more sales year-over-year. The median sale price was also up, now at $160,000, which is 10.3% higher than what was reported in November 2016. These statistics can likely be attributed to the fall in inventory, as 7.8% fewer homes came on the market last month. The month’s supply was also down, though by a more modest 4.9%.
Though sales in Miami-Dade County’s single family home market largely rebounded in October, November brought a decline of 7.6% when compared year-over-year. The median sale price has also fallen since October, though it still came in 6.5% higher than in November 2016. Most other stats were similar to the month before, with the exception of median days to contract. Active listings and the month’s supply were both down again, by 6.3% and 3.3%, while the median time to contract increased by 10% year-over-year.
Miami-Dade’s townhouses and condo market remained a buyers market in November, with the month’s supply continuing its rise. It came in at 14.2, a 9.2% increase when compared year-over-year. Inventory also climbed, with a 4.5% increase compared to November 2016. Another significant shift was the median days to contract, which at 81, is 14.1% higher than the same month the year before. However, sellers do have a silver lining. The dip in closed sales was insignificant, and the median sale price was 5.9% higher when compared year-over-year.
Our Featured Listing
Ron Posner listed this rarely available waterfront home in one of Delray Beach’s most desirable gated communities in November, and you still have the opportunity to call it home. Located in Andover, the 5 bed, 3 bath home boasts dockage, a large eat-in kitchen, a tremendous master bedroom, a large backyard with a putting green and pool, a newer roof, and a brand new whole house generator.
Give Ron Posner a call to schedule a tour: 561.239.8040.
Click here to learn more about this home.
New Stein Posner Listings
Our team brought 6 homes to market in November, 2 of which are located in Coral Springs and represented by Cheryl Feinman. If you are looking for a home near Delray Beach, Highland Beach, or Greenacres, our agents have something for you as well.
- 3269 Riverside Drive, Unit D-503, Coral Springs, FL 33065 — Cheryl Feinman (561.706.0534)
- 3179 Riverside Drive, Unit C-105, Coral Springs, FL 33065 — Cheryl Feinman (561.706.0534)
- 1137 Boca Cove Lane, Highland Beach, FL 33487 — Ron Posner (561.239.8040)
- 3351 Spanish Trail, Unit 313b, Delray Beach, FL 33483 (Rental) — Samona Rosenberg (917.969.7768) / Sheri Anstis (561.706.1186)
- 2895 Hampton Circle E, Delray Beach, FL 33445 — Ron Posner (561.239.8040)
- 523 Shady Pine Way D2, Greenacres, FL 33415 — Judi Colclasure / Team Judi (954.665.0601)
Stein Posner Sales
The Thanksgiving season gave our sellers a lot to be thankful for this year, with 23 sales closed by our rockstar team. Speaking of rockstars, Team Judi delivered 5 sales for clients during November. Listings were located as far north as Boynton Beach, and as far south as Miramar.
- 5029 NW 15th Terrace, Boca Raton, FL 33431 (Rental) — Jim Davis (954.328.4370)
- 2705 S Oakland Forest Drive, Unit 104, Oakland Park, FL 33309 (Rental) — Jim Davis (954.328.4370)
- 6167 Overland Place, Delray Beach, FL 33484 — Judi Colclasure / Team Judi (954.665.0601)
- 7113 Catania Drive, Boynton Beach, FL 33472 — Michael Wagner (917.912.7279)
- 1700 NW 49th Court, Deerfield Beach, FL 33064 — Beatriz Ramirez (954.261.5608)
- 1470 Sheridan St., Unit 14, Hollywood, FL 33020
- 3140 Holiday Springs, Unit 9-1047, Margate, FL 33063 — Lydia Ford (954.401.3442)
- 22064 Palms Way, Unit 103 Boca Raton, FL 33433 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 1014 SW 7th Ave., Delray Beach, FL 33444 — Judi Colclasure / Team Judi (954.665.0601)
- 6714 Moonlit Drive, Delray Beach, FL 33446 — Cheryl Fineman (561.706.0534)
- 2331 NE 4th St., Lighthouse Point, FL 33064 — Harry Donofrio (561.558.7863)
- 181 NE 14th Ave., Unit 23C, Hallandale, FL 33009 (Rental) — Adriana Deutsch (561.239.5080)
- 2300 SW 83rd Terrace, Miramar, FL 33025
- 3301 S Ocean Blvd., Unit 1005, Highland Beach, FL 33487 — Sheri Anstis (561.706.1186)
- 201 S Swinton Ave., Unit B, Delray Beach, FL 33444 (Rental) — Melissa Roukous (954.593.7017)
- 220 Wimbledon Lake Drive, Unit 9-52, Plantation, FL 33324 — Matt Hornaday (561.859.7323)
- 5755 Via De La Plata Circle, Delray Beach, FL 33484 (Rental) — Samona Rosenberg (917.969.7768)
- 301 SW 7th Ave., Boca Raton, FL 33486 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 5801 NW 20th St., Margate, FL 33063 — Beatriz Ramirez (954.261.5608)
- 5771 Grand Harbour Circle, Boynton Beach, FL 33437 — Judi Colclasure / Team Judi (954.665.0601)
- 2228 N Cypress Bend Drive, Unit 204, Pompano Beach, FL 33069 — Jim Davis (954.328.4370)
- 9055 Wiles Road, Unit 303, Coral Springs, FL 33067 — Judi Colclasure / Team Judi (954.665.0601)
- 6585 Somerset Drive, Unit 105, Boca Raton, FL 33433 — Judi Colclasure / Team Judi (954.665.0601)
Planning to buy or sell a home in our local area? Reach out for a more in-depth analysis of the South Florida real estate market from our real estate professionals.