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.

South Florida real estate market statistics for November 2007.

*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.

South Florida market statistics for October 2007.

*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.

South Florida market statistics

*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.

Days on MarketDuring 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.

Current Market Statistics

*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.

Current Market Statistics

*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

envelopeOver 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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