Real Estate Recap: October 2017
Though October is the month of spooks and scares, the numbers reported for our local real estate markets were far less frightening for buyers and sellers than those reported in September. The South Florida real estate market seems to have recovered from the impact of Hurricane Irma. However, there are still some year-over-year shifts that will need to be monitored closely to determine whether they too can be attributed to the storm.
Palm Beach County
As we predicted last month, there was a substantial increase in sales activity between September and October. However, while a stark contrast to the 26.3% year-over-year drop in September, sales still came in 3.8% below October 2016’s numbers. This can likely be attributed to Irma, as the effects of a major storm are often felt by a real estate market months following the event. In other news, the median sale price once again came in significantly higher than the year prior, with an increase of 4.8%, still hovering at $325,000. This market also witnessed a year-over-year drop in active listings, as 3.1% fewer new properties were brought to market last month.
Condominium and townhouse sales in Palm Beach County did not bounce back quite as well following Irma. There was notable improvement though, with only an 8.5% decline when compared to October of 2016. On the opposite end of the spectrum was the median sale price, which was reported as 10.6% more than the year prior (up to $169,000). Also on the rise was median days to contract, by 5.8%, which may share a link with the 5.7% increase in the month’s supply of inventory. With more options for buyers available, sellers will need to be strategic when putting a townhouse or condo in Palm Beach County on the market.
Sellers will be happy to learn the 32.3% year-over-year drop in sales Irma wrought in September did not carry into October. Last month’s statistics showed a far more modest decline from the year before, with 3.5% fewer closed transactions reported. Similar to other local markets, the median sale price for single family homes in Broward County came in 3.1% higher than in October 2016, at $335,000. However, it was down $22,600 compared to the month before. Also worth noting for sellers, 4.3% fewer homes hit the market last month than did during the same time period the year prior. Meanwhile, the month’s supply stayed put at 3.8. In spite of this market not being quite as active as in October 2016, it seems that sellers have a slight upper hand here for the time being. Of course, that could change at any given time, so this is an area our real estate professionals will be monitoring closely.
When considering time to contract, the townhouse and condo market in Broward County returned to the status quo in October — a major shift from the 21.5% year-over-year decline witnessed in September. Other shifts included a 6.9% increase in the median sale price, which brought that figure to $155,000, as well as a 6.7% decline in active listings, which was on par with the numbers for September. Closed sales also returned to a somewhat normal state, with merely a 2.1% decline when compared to October 2016. This continues to be a market where buyers and sellers share the power, and thus can each excel with the guidance of the right real estate professional.
The most impressive turnaround following Irma was in Miami-Dade County’s single family homes market, which turned its 35.8% decline in September into a mere 0.4% year-over-year drop last month. The 993 homes that sold in the area last month had a median sale price of $340,000, which is 9.7% higher than the year before. The increased activity was also demonstrated by a 6% drop in median days to contract, which put the typical timeframe for signing on the dotted line at 47 days. Contributing to that number is a 4.8% decline in active listings year-over-year, the same shift that was reported in September. The month’s supply was also down when compared to the year before, though at 5.7 it remained consistent with September.
According to the numbers reported for Miami-Dade County’s townhouse and condo market, this area continued to favor buyers in October. However, the year-over-year shifts were closer to those witnessed the year before. Though the month-over-month rise of monthly supply from 13.7 to 14.0 was significant, the corresponding 12% year-over-year increase was not as drastic as what had been reported in previous months. On that note, 5.6% more listings hit the market than in October 2016, with 15,222 new townhouses and condos becoming available to buyers. Even with these numbers, sellers will still be happy to learn that sales are back on track, with 1.5% more than the year before. This is a vast difference from the previous 24.4% decline, which we can now safely contribute to Irma.
Our Featured Listing
21181 Oakley Court, Boca Raton, FL 33433
This renovated 4 bedroom, 4.2 bath custom estate home sits on one of the most impressive lots in all of Boca Grove Country Club. In addition to boasting more than 4,600 square feet of living space, the residence also has seemingly endless lake and golf course views that set the scene for its striking tropical exterior. Other key features include a master bedroom with sitting room/den, two en suite guest bedrooms, a gourmet kitchen, a bar, and both a screened porch and open patio that look onto the expansive private pool.
Click here to learn more about this home.
Give Michael Wagner a call to schedule a tour: 917.912.7279.
New Stein Posner Listings
Our team brought a dozen homes to market in October, 3 of which were listed by real estate rockstar Samona Rosenberg. The 12 homes spanned the map from Hialeah to Lake Worth, and went as far inland as Tamarac.
- 1072 Cornwall Drive, Boca Raton, FL 33434 — Cheryl Fineman (561.706.0534)
- 9729 Via Emilie, Boca Raton, FL 33428 — Sheri Anstis (561.706.1186)
- 3081 NW 47th Terrace, Lauderdale Lakes, FL 33313 — Jonathan Kramer (954.612.7461)
- 4720 Betelnut St., Boca Raton, FL 33428 — Andres Frontado (361.815.8332)
- 3118 Florida Blvd., Unit 104-B, Delray Beach, FL 33483 (Rental) — Samona Rosenberg (917.969.7768)
- 3872 Summer Chase Court, Lake Worth, FL 33467 — Samona Rosenberg (917.969.7768)
- 21181 Oakley Court, Boca Raton, FL 33433 — Michael Wagner (917.912.7279)
- 6735 Royal Orchid Circle, Delray Beach, FL 33446 — Samona Rosenberg (917.969.7768)
- 5790 W 20th Court, Hialeah, FL 33016 — Sasha Pena (786.277.1843)
- 7811 NW 72nd Ave., Tamarac, FL 33321 — Eva Carrington (561.358.8216)
- 22064 Palms Way, Unit 103, Boca Raton, FL 33433 — Ron Posner (561.239.8040)
- 6585 Somerset Drive, Unit 105, Boca Raton, FL 33433 — Judi Colclasure / Team Judi (954.665.0601)
Stein Posner Sales
We delivered 20 closed transactions for our real estate family last month. Matt Hornaday takes the credit for 3 of these, with sales in Boca Raton, Oakland Park and Tamarac. Also notably, Mildred Eugene represented a seller up in Winter Haven, while other sales were as far south as Lauderhill and as far north in our local area as Boynton Beach.
- 11080 NW 21st St., Sunrise, FL 33322 (Rental) — Angela Webb
- 63 Atlantic Grove Way, Delray Beach, FL 33445 — Samona Rosenberg (917.969.7768)
- 9371 NW 36th Place, Sunrise, FL 33351 — Sasha Pena (786.277.1843)
- 6094 Via Crystalle, Delray Beach, FL 33484 — Samona Rosenberg (917.969.7768)
- 6069 Stanley Lane, Delray Beach, FL 33484 — Montana Hughes (954.790.7003)
- 6566 Newport Lake Circle, Boca Raton, FL 33496 — Michael Wagner (917.912.7279)
- 5869 Parkwalk Drive, Boynton Beach, FL 33472 — Michael Wagner (917.912.7279)
- 8250 NW 46th St., Lauderhill, FL 33351 — Mildred Eugene (954.646.9487)
- 23265 Cedar Hollow Way, Boca Raton, FL 33433 — Tyler Mattson (561.644.9277)
- 5651 Camino Del Sol, Unit 101, Boca Raton, FL 33433 — Matt Hornaday (561.859.7323)
- 1865 Galloway Terrace, Winter Haven, FL 33881 — Mildred Eugene (954.646.9487)
- 12967 Anthorne Lane, Boynton Beach, FL 33436 (Rental) — Jim Davis (954.328.4370)
- 221 SW 8th Ave., Boynton Beach, FL 33445 — Jeremy Charles
- 146 Preston D, Boca Raton, FL 33434 — Allison Kaufman (561.212.4502)
- 11940 Habana Ave., Boynton Beach, 33437 — Mike Cimorelli
- 5149 NE 6th Ave., Oakland Park, FL 33334 — Matt Hornaday (561.859.7323)
- 3701 NW 9th St., Delray Beach, FL 33445 — Arifa Sikder (954.554.4116)
- 19864 Dean Drive, Boca Raton, FL 33434 — Sheri Anstis (561.706.1186)
- 4531 Treehouse Lane E, Tamarac, FL 33319 (Rental) — Matt Hornaday (561.859.7323)
- 6761 Bridlewood Court, Boca Raton, FL 33433 — Judi Colclasure / Team Judi (954.665.0601)
Interested in gaining more insight on the South Florida real estate market? Our professionals are always here to help. Call our office today to schedule a meeting with a member of our team.