Real Estate Recap: September 2017
Though our local area was spared the worst from Hurricane Irma in September, the latest statistics for the South Florida real estate market demonstrate the storm’s impact. It remains to be seen how the major shifts detailed in the latest Florida Realtors® report will shape these markets moving forward, though we do anticipate increased activity in the coming months with cleanup efforts wrapping up and cold weather quickly approaching up North.
Palm Beach County
Palm Beach County’s market for single family homes delivered a drastic decline in closed sales, falling 26.3% year-over-year. This drop can most likely be attributed to Hurricane Irma’s interruption of business-as-usual, and doesn’t suggest that people are any less eager to move to our local area. The fall and winter months are typically a time when sales increase, and that is a trend we expect to continue this year with the storm and hurricane season soon behind us. Other notable numbers include a decrease in active listings, with a 4.9% decrease in inventory when compared to September 2016, while the median sale price increased by 2.8% to $325,000.
Similar to August, the majority of the statistics for Palm Beach County’s townhouses and condos market were on the upswing in September. However, this market was not immune to the trend of decreased sales and slower closing times, with drops of 25.6% and 11.9%, respectively. On the other hand, the median sale price showed an increase of 8.5% up to $172,000, and the month’s supply of inventory rose by 4%. In spite of the storm, this market is remaining largely consistent with equal opportunities for both buyers and sellers.
As we make our way to Broward County, the drop in closed sales for single family homes is even more significant. However, it is important to note that this market was already witnessing a decline in closed sales prior to the storm. Closed sales were off by 32.3% as compared to September 2016. The median sale price continued to climb in September, coming in at $357,600 — a 10% increase from a year ago. Other shifts were more minimal, such as a 4.8% decline in active listings and a 2.7% drop in median days to contract.
Competition remains high for Broward County townhouses and condos, demonstrated by a substantially less drastic drop of 19% for closed sales. That said, the 21.5% decline for median days to contract shows the pace is picking up in this market, making it all the more important for buyers to bring a strong negotiator to the table. Even before the closing stage, buyers will need a knowledgeable professional to efficiently identify properties that fit their needs, as a 6.4% drop in active listings means there are far less options to consider. Finally, there was a slight 4% increase in the median sales price, up to $156,000.
The single family home market in Miami-Dade County faced the largest decline in closed sales, with 35.8% fewer completed transactions when compared year-over-year. However, the sales that did close were for homes at higher price points than in September 2016, demonstrated by a 6.5% increase in the median sale price, now up to $335,000. Also notably, the median days to contract fell by 8.9%, which is consistent with post-storm trends in comparable markets. Fewer listings were on the market than the year prior as well, shown by the 4.8% decrease in inventory.
Aside from the 24.4% drop in closed sales, Miami-Dade’s townhouse and condo market was largely consistent with trends witnessed the month before — with one exception. Even though median days to contract had been falling in recent months, the number was the same when compared year-over-year. Alternatively, the month’s supply of inventory continued to rise, by 15.1% this time. Also on the rise was the median sale price, by 7.1% up to $234,500 and active listings, by 5.2%. Buyers continue to dominate here, but that power should be more evenly distributed as we move out of hurricane season.
Our Featured Listing
5032 Heatherhill Lane, Apt. 60, Boca Raton, FL 33486
This month’s featured listing is ready to welcome you and your boat! In addition to dockage with ocean access, this 1 bedroom, 1 bath residence offers a den, a beautiful sunroom, a fully upgraded kitchen, a private covered balcony, and so much more. Give Matt Hornaday a call to schedule a tour: 561.859.7323.
Click here to learn more about this home.
New Stein Posner Listings
Of the six homes our professionals brought to market in September, two are represented by Jim Davis. If you are looking for a newly listed home in South Florida, our team is sure to have a listing that peaks your interest.
- 2228 N Cypress Bend Drive, Unit 204, Pompano Beach, FL 33069 — Jim Davis (954.328.4370)
- 565 Oaks Lane, Unit 504, Pompano Beach, FL 33069 – Tyler Mattson (561.644.9277)
- 5032 Heatherhill Lane, Unit 60, Boca Raton, FL 33486 — Matt Hornaday (561.859.7323)
- 5029 NW 15th Terrace, Boca Raton, FL 33431 (Rental) — Jim Davis (954.328.4370)
- 3701 NW 9th St., Delray Beach, FL 33445 — Arifa Sikder (954.554.4116)
- 5262 Breadfruit Circle, Delray Beach, FL 33484 — Team Judi / Judi Colclasure (954.665.0601)
Stein Posner Sales
Even with Hurricane Irma sweeping through our local area, your real estate family at Stein Posner was able to close 16 sales during the month of September. Montana Hughes completed a transaction as far south as Lauderdale by the Sea, while Joan Alpert represented a seller as far north as Port Saint Lucie.
- 10824 Waterberry Drive, Boca Raton, FL 33498 — Team Judi / Judi Colclasure (954.665.0601)
- 1850 S Ocean Blvd., Unit 206, Lauderdale by the Sea, FL 33062 — Montana Hughes (954.790.7003)
- 1821 NE 40th Court, Unit 305, Pompano Beach, FL 33064 (Rental) — Angela Webb (954.629.3475)
- 267 Monaco F, Delray Beach, FL 33484 — Samona Rosenberg (917.969.7768)
- 716 Lytle St., West Palm Beach, FL 33405 — Team Judi / Judi Colclasure (954.665.0601)
- 9578 Karlberg Way, Parkland, FL 33076 — Kiki Bremont (646.523.2644) / Karen Novick (561.235.6800)
- 7540 NW 79th Ave., Unit T4, Tamarac, FL 33321
- 1456 E Bexley Park Drive, Delray Beach, FL 33445 — Adam Stein (561.241.2103) / Ron Posner (561.239.8040)
- 9172 Beverly Court, Boynton Beach, FL 33472 — Jeff King (954.562.2430)
- 1480 SE Portillo Road, Port Saint Lucie, FL 34952 — Joan Alpert (678.618.8811)
- 4689 Sable Pine Circle, Unit D1, West Palm Beach, FL 33417 (Rental) — Lydia Ford (954.401.3442)
- 1422 SW 45th Way, Deerfield Beach, FL 33442 — Matt Hornaday (561.859.7323)
- 8161 Via Bolzano, Lake Worth, FL 33467 — Goli Eftekhari (310.902.7882)
- 6719 Houlton Circle, Lake Worth, FL 33467 — Jeff King (954.562.2430)
- 288 Arabian Road, Palm Springs, FL 33461 — Jim Davis (954.328.4370)
- 250 NE 3rd Ave., Unit 218, Delray Beach, FL 33444 (Rental) — Samona Rosenberg (917.969.7768)
Our team will be keeping a close eye on the markets we serve moving forward, and we’ll keep you updated as more information becomes available. If you are interested in getting a more in-depth analysis of a particular area of the South Florida real estate market, our professionals are happy to provide it. Contact our office today to schedule a meeting with a member of our team.