South Florida Real Estate Market Conditions - November 2007

The November 2007 real estate market statistics for Miami-Dade County shows a decrease in single-family home resales of about 28% since last month, while there were much smaller changes in both Broward and Palm Beach County with regards to the number of resale homes sold.  However, while the number of homes sold decreased considerably in the Greater Miami area, it was also the only one of the three South Florida counties to see an increase in the median sales price (up by approximately 1.25%).

Comparing the November 2007 statistics for condos, villas & townhomes to those of October, the Greater Fort Lauderdale area stayed rather stable with regards to the number of sales of existing condominiums but the West Palm Beach/Boca Raton area saw a drop of about 11% in resales and the metropolitan Miami area experienced about a 32% decrease in resale condos sold.  Oddly, the opposite of what happened with resale single-family homes can be said for the South Florida condo market.  This time it was the Fort Lauderdale/Broward County area (up about 4.5%) and the Greater West Palm Beach area (up about 11.5%) which saw an increase in median sales price of homes while Miami-Dade County experienced a very slight drop (about 0.6%).

While the numbers in the chart below will show you comparisons from one year to the next (during the same month), you’ll find that I typically comment on the month-to-month changes, so please keep that in mind as you review the information contained in the chart.

*Median is the price at which half of the homes sold for more and half sold for less.

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Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.

South Florida Real Estate Market Conditions - October 2007

In comparing the South Florida real estate market conditions from September to October 2007, there were only relatively minor changes in each of the three South Florida counties with regards to the number of resale homes sold.  The same can be said for the number of resale condos sold with one exception — Miami-Dade County saw a sizeable increase in the number of sales (up 23% from the previous month).  This is especially good news since there has been so much talk about the glut of condos for sale there.

Meanwhile, the median sales price of resale single family homes increased slightly in the Greater Fort Lauderdale area but decreased in both Palm Beach County and Miami.  Sadly, when compared to last month, the median sales price of resale condos dropped in Broward County by about 8.75%, in Palm Beach County by approximately 12% and in Miami-Dade by about 3%.  If, instead, we focus on the changes from the same time last year till now, it seems Miami is doing better than many in the media would have you believe.

While the numbers in the chart below will show you comparisons from one year to the next (during the same month), you’ll find that I typically comment on the month-to-month changes, so please keep that in mind as you review the information contained in the chart.

*Median is the price at which half of the homes sold for more and half sold for less.

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Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.

South Florida Real Estate Market Conditions - September 2007

In September 2007, all three southeast Florida metropolitan statistical areas (MSA) saw a decrease in the number of single family home and condo sales when compared to August 2007.  The Greater Fort Lauderdale area had the biggest decrease in both cases.  The overall drop in resales may be attributable to the fact that families with school-age children tend to move during the summer months in order for their children to be able to settle into their new schools before the start of the new school year.

The median sales price also dropped in all but one case, where Miami/Dade County saw an increase of about 5% in the median sales price of condos (from August to September).  This fact was somewhat surprising since Miami has had one of the largest inventories of condos for some time now.

While the numbers in the chart below will show you comparisons from one year to the next (during the same month), you’ll find that I typically comment on the month-to-month changes, so please keep that in mind as you review the information contained in the chart.

*Median is the price at which half of the homes sold for more and half sold for less.

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Source (for chart numbers only): Florida Association of Realtors (F.A.R.); Commentary is © 2007 Leanne Paynter.

South Florida MLS Listings Statistics for September 2007

The following is a real estate market report designed to provide you with insight into local market conditions in South Florida with regards to the number of new listings, available inventory, and length of time homes are taking to go from being listed “for sale” to “sold” (also known as “days on market”).  This is somewhat different information from what you’ll find in my South Florida real estate market conditions posts.

During the month of September 2007 there were a total of 2,464 new listings of single family homes entered into the MLS, which is a 2% increase over the same month last year.  There were also 2,798 new listings of condos and townhomes, which is also a 2% increase over a year ago.  What is more interesting to note is that there was a much larger increase in terms of the “available inventory”.  The number of single family homes listed as “available” on the MLS increased by 16% over the same time last year, while the number of available condos and townhomes increased by 26% over the same month last year.  What does this indicate?  Well, it means that the amount of time it’s taking to sell a house now is longer than it was a year ago.  How much more?  Have a look at the chart.

So, how long will it take for your South Florida home to sell?  That depends on several factors.  Probably the biggest factor at this time and under current market conditions will be how competitively you price your home when it first comes on the market.  Notice I said competitively, not comparatively.  Unfortunately, many sellers are finding themselves competing with other homes for sale in their community that are foreclosures or short sales, both of which tend to be priced on the low end in order to sell faster.  Furthermore, today’s home buyer is typically looking at many more homes than they were a year or two ago before deciding which home to place an offer on.  If you want to increase your chances of selling your home quickly, be sure to read my ongoing series of home selling tips which should help you get the most money you can for your home.  Another post you may find informative is on the Top 10 Ways to Save Money When Buying or Selling Real Estate.

If you’re thinking of selling your South Florida home but find that your budget doesn’t allow for a full-service commission listing agreement, remember that we offer a-la-carte real estate services and unlike most South Florida real estate brokerages, we don’t charge an administrative/transaction fee (that alone can save you a few hundred dollars!).

South Florida Real Estate Market Conditions - August 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for August 2007.  Comparing the July 2007 figures with August 2007 (see below), the number of resale single-family home sales decreased in all three counties in August.  While the median sales price decreased slightly in both Broward County and Palm Beach County, it increased in Miami-Dade County by approximately 4%.

Unfortunately, the Miami metropolitan area did not fare as well with respect to condos.  While the number of sales of resale condos stayed rather stable (from July to August 2007) in the Fort Lauderdale and West Palm Beach metropolitan areas, the greater Miami area saw their numbers decrease a little over 16%.  Meanwhile, the median sales prices decreased somewhat in both the greater Fort Lauderdale and Miami areas but increased considerably in the West Palm Beach metro area.  Below are the numbers when compared to the same time last year.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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South Florida Real Estate Market Conditions - July 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for July 2007.  When compared to June, the number of resale single-family home sales as well as the median sales price decreased in both Broward County and Palm Beach County but increased in Miami-Dade County - quite a change from last month when the Miami metropolitan area did not fare well.

The number of sales of resale condos and median sales prices decreased in the Fort Lauderdale and West Palm Beach metropolitan areas while the greater Miami area saw their numbers remain stable or increase.  Overall, it’s looking like Miami-Dade County may be coming out of the slump it’s been in.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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Proposed 2007 Broward County Property Taxes

Over the past few days Broward County property owners have been opening their mailboxes only to find the dreaded “Notice of Proposed 2007 Property Taxes”.  More than a few owners of non-homesteaded properties are angry, to say the least.  I had one out-of-state client whom I sold a house to a few years ago call me yesterday to ask me what they can do to fight their fourth consecutive increase in property taxes… this time of approximately $500 due to a supposed $40,000 gain in assessed value. 

As many of you are aware, it was around late 2005 that the South Florida real estate market stalled and then started becoming a buyer’s market.  Over the past 18-22 months, inventory has drastically increased and market values have fluctuated somewhat during that time period.  To be clear, market value is what a buyer is willing to pay in today’s market, regardless of what similar properties sold for a few months ago. 

According to the Florida Association of Realtors, the median* sales price in the greater Fort Lauderdale area in year-end 2005 was $361,100.  A year later, in year-end 2006 it was $367,800 (only a 2% increase).  So, you can imagine why the out-of-state client called in amazement that his assessed value increased considerably more than 2%.  Obviously, they plan on challenging their property assessment.  Anyone wanting to do the same should read the flyer and newsletter that were included in the envelope containing your 2007 notice of proposed property taxes. 

According to the “News for Broward Taxpayers” Summer-Fall 2007 newsletter, “For non-homesteaded property, the assessed value is always identical to the property’s market value as of January 1, 2007. [...] In most instances, our market values are determined using a mass-appraisal process based upon multiple sales of comparable properties in the same or similar subdivisions.  BOTTOM LINE: If our market value of your property [...] is higher than you believe a buyer would reasonably pay for your property on the open market, either call or email our office or file a value petition by the September 18, 2007 deadline.”  Learn more about how to challenge your 2007 property value assessment and the Value Adjustment Board (VAB) appeals process.

The Broward County Property Appraiser’s main office is located at 115 S. Andrews Ave., Room 111, in downtown Fort Lauderdale (just south of Broward Blvd.).  Here are three phone numbers you may find useful:

• 954-357-6830 for Exemptions and General Info
• 954-357-6831 for Residential Property Values
• 954-357-6832 for Condo and Co-Op Values

*Median is the price at which half of the homes sold for more and half sold for less.

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South Florida Real Estate Market Conditions - 2nd Quarter 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for the 2nd quarter 2007.   Most of the South Florida real estate market is doing reasonably well despite ongoing negative media reports.  Comparing the 1st and 2nd quarters of 2007, it seems that the real estate market in Broward County and Palm Beach County improved in recent months.  Unfortunately, Miami-Dade County did not fare as well.

Sales of single-family resale homes and condos increased in the greater Fort Lauderdale and West Palm Beach areas when compared to the 1st quarter 2007.  Median sales prices also increased in both areas during the same time period.

However, in comparison to the 1st quarter 2007, sales of single-family resale homes decreased in the greater Miami area even while sales of resale condos increased.  Although sales of condos increased, the median sales price decreased for both condos and single-family homes in Miami-Dade County.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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South Florida Real Estate Market Conditions - June 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for June 2007.  Compared to last month, the number of single-family resale homes that sold in Broward County increased by about 17% and Palm Beach County saw a smaller increase of approximately 3%, while Miami-Dade County experienced a decrease of nearly 5%.  At the same time, the median sales price for single-family resale homes in the Fort Lauderdale metropolitan area increased while it decreased in the West Palm Beach and Miami metropolitan areas. 

Sales of resale condos in all three South Florida counties slowed.  Meanwhile, the median sale price of resale condos in Broward and Palm Beach Counties has decreased while the Miami metropolitan area’s resale condo sale prices has experienced a slight increase in comparison to last month.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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South Florida Real Estate Market Conditions - May 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for May 2007.  In comparison to last month, the numbers show somewhat of an increase in single-family resale homes in the West Palm Beach metropolitan area but no significant increase of same in Broward and Miami-Dade Counties.  Meanwhile, compared to last month, the median sales price for single-family resale homes increased in all three market areas, especially in the Miami metropolitan area.

Sales of resale condos in all three South Florida counties slowed slightly in comparison to last month’s figures.  However, the median sale price of resale condos increased in the Miami and Fort Lauderdale metropolitan areas, but decreased only slightly in Palm Beach County.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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South Florida Real Estate Market Conditions - April 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for April 2007.  Compared to last month, the number of single-family resale homes in all three South Florida counties has decreased.  At the same time, the median sales price for single-family resale homes has decreased slightly in the Fort Lauderdale metropolitan area while it remained about the same in Palm Beach and Miami-Dade counties. 

Sales of resale condos in Broward and Miami-Dade counties has picked up while remaining about the same as last month in the West Palm Beach metropolitan area.  Meanwhile, the median sale price of resale condos in Broward and Palm Beach Counties has increased slightly while the Miami metropolitan area’s resale condo sale prices has experienced a dip of approximately 9%.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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South Florida Real Estate Market Conditions - 1st Quarter 2007

The Florida Association of Realtors (F.A.R.) has released the sales reports for the 1st quarter 2007.  Below are the numbers for the three major metropolitan areas of South Florida.  As you can see, the number of sales are down from the same time last year. 

In the greater Fort Lauderdale area, single-family home prices seem to be holding steady while the prices of condos have decreased by about 6%.  I believe the disparity is due to the numerous South Florida condo conversions, many of which had units that were purchased for the sole purpose of flipping to make a quick profit and by the time the closing on them took place some of those investors found themselves needing to sell the property at a break-even point, if not at a loss when the market shifted from a strong seller’s market to a buyer’s market.  I believe this to be true in large part because I’ve noticed that many of the condos that are currently for rent are located in condo conversion communities, especially in certain cities where there were many apartment complexes that converted to condos.

In the greater Miami area, it seems that despite all the negative news reports about foreclosures increasing and the market softening, both single-family home values and condo values have actually increased 2% and 8%, respectively.  Not bad considering all the “gloom and doom” articles I’ve read over the past year. 

Meanwhile, in the greater West Palm Beach area (which includes Boca Raton), the median price of both single-family homes and condos have decreased by 4% since the same time last year.  I believe one of the reasons for this is because Palm Beach County had the most new construction happening during the hot seller’s market.  New construction generally sells for more than a similar property that’s a resale and when the market shifted, new home construction slowed.

*Median is the price at which half of the homes sold for more and half sold for less.

Source: Florida Association of Realtors (F.A.R.)

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