Real Estate Recap: October 2016
The statistics for South Florida’s residential real estate market are indicative of a slowing market, according to the October 2016 market reports from Florida REALTORS®. With listing inventories rising and closed sales declining, these signs point to a potential deceleration in the pace of property appreciation and a seller’s ability to command pricing. While sellers in certain market areas and segments with limited inventory will still have multiple buyers and consideration for their listings (in particular since interest rates remain at historic lows), other segments will slow and buyers may gain the upper hand. Navigating this market is where the market expertise and caring support and guidance of a Stein Posner professional will be invaluable.
The most notable statistic from the report is undoubtedly the 15.6% combined reduction in overall sales of all property types throughout South Florida’s tri-county region, when compared to October 2015. Multiple factors may have contributed to the reduction in overall transactions, among them the pending elections as well as the threat posed by Hurricane Matthew early in the month. Also notable is that listing inventories are on the rise, with a net increase of 6.7% (or just over 3,000 additional units for sale) when compared to October 2015. The total listing inventory of all residential property types sits at 47,462 total units in the tri-county area, and the largest listing inventory increase was in Miami-Dade County condos and townhouses at over 14,400 units.
The South Florida real estate professionals at Stein Posner continued to stay very active in spite of these factors, and delivered for our real estate family with a steady stream of listings and sales.
Palm Beach County
October’s statistics for Palm Beach County single family homes mimicked the trends of September’s on a larger scale. Sales were down once again, this time by 9.1%, dropping from 1442 homes sold in October 2015 to 1,311 sold in 2016. The median sale price rose from $285,000 in October 2015 to $310,000 in 2016 (8.8%) and the number of homes on the market also rose by 7.1%, to 7,176 homes on the market in October 2016.
Townhouses and condos in Palm Beach County showed a similar trend to that of single family homes. The percentage drop for sales was more significant (-15.9%) from 1,171 homes sold in October 2015 to just 985 sold in October 2016. The active listing inventory grew much like it did for single family homes, up 5.3% when compared year-over-year, while the median sale price also rose 7.6%, from $142,000 to $152,750.
Much like in September, Broward County’s single family home listing inventory and sales for October fell from the numbers reported in 2015. The 10% drop year-over-year in active listings provided a stark contrast to the stats for Palm Beach and Miami-Dade counties, which again saw listing inventories increase. Closed sales and median sale price followed suit with the other two counties, with a 12.9% decline (1,428 homes sold in October 2015 to 1,244 sold in 2016) and a 12.1% increase in median sales price (from $290,000 to $325,000).
Sales of townhouses and condos in Broward County were also down, by 12.5% in October 2016, similar to single family homes. Median prices were up 11.6%, from $129,000 to $145,000 while active listing inventory increased only slightly, by 1.2%.
Single family homes closed sales were likewise down in Miami-Dade County by 12.9% from the year prior while the median sales price experienced a notable 17% increase, jumping from $265,000 in October 2015 to $310,000 this year. Active listing inventory is also up by 6.3%.
Miami-Dade townhouses and condos showed the steepest decline in closed sales for October 2016, with a 30% drop from October 2015, while active listing inventory increased by 19.4%. The median sales price showed a single digit percentage increase (7%) from $200,000 to $214,000.
Our Featured Listing
Truly one of a kind, this newly constructed waterfront townhome in Lauderdale-By-The-Sea is gorgeous and new to the market! Fabulous waterfront views can be seen from every level of this property, located just off the Intracoastal Waterway. Cesar stone countertops, a custom interior elevator, and a rooftop kitchen are just a few of the property’s many appealing features. Contact James Alfano to get a look at the remarkable interior of this unique home!
Click here more about the home.
New Stein Posner Listings
- 7767 Great Glen Circle, Delray Beach, FL 33446 — James Alfano (561.886.8184)
- 259 Shore Court, Lauderdale by the Sea, FL 33308 — Ron Posner (561.239.8040) / James Alfano (561.886.8184)
- 1019 Russell Drive, Unit 3, Highland Beach, FL 33487 (Rental) — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 1665 Mira Vista Lane, Delray Beach, FL 33446 — Antonella Rosano (561.414.0009)
- 13292 Alhambra Lake Circle, Delray Beach, FL 33446 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 4721 NW 64th St., Boca Raton, FL 33496 — Ethan Itzkovitz (561.613.9435)
Stein Posner Sales
The threat of Hurricane Matthew may have slowed home sales in some parts of South Florida, but it certainly didn’t slow down our real estate professionals. Of the 14 homes sold by our team, six are credited to Adam Stein and Ron Posner.
- 255 NE 3rd Ave., Delray Beach, FL 33444 (Rental) — Samona Rosenberg (917.969.7768)
- 1911 SW Modla Court, Port St Lucie, FL 34953 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 203 Lincoln Court, Deerfield Beach, FL 33442 — Judi Colclasure (954.665.0601)
- 3899 NW 21st St., Coconut Creek, FL 33066 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 21827 Marigot Drive, Boca Raton, FL 33428 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 700 E Boynton Beach Blvd., Unit 1009, Boynton Beach, FL 33435 — Samona Rosenberg (917.969.7768)
- 5631 Coach House Circle, Unit D, Boca Raton, FL 33486 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 9837 Orange Park Trail, Boca Raton, FL 33428 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040) / James Alfano (561.886.8184)
- 8263 White Rock Circle, Boynton Beach, FL 33426 — Judi Colclasure (954.665.0601)
- 3217 Jog Palm Drive, Unit 2913, Greenacres, FL 33467 — Kristen Adams (954.557.0111)
- 12726 Torbay Drive, Boca Raton, FL 33428 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 138 Ocean Cay Way, Hypoluxo, FL 33462 (Rental) — Lauren Golen (561.445.3262)
- 275 Sherwood Forest Drive, Delray Beach, FL 33445 — James Alfano (561.886.8184)
- 6404 Jackson Lane, Boynton Beach, FL 33434 — Judi Colclasure (954.665.0601)
Interested in buying or selling in South Florida? A Stein Posner real estate professional is here to help. Our experts in the local market can help you navigate through the process from start to finish, helping you secure the best outcome possible. Give us a call today!