Boat show week has finally arrived in Fort Lauderdale! This annual event brings visitors from around the globe to South Florida. Not only are they looking for boats/yachts, but many visitors are looking at local real estate. Let’s take a look at some charts of where the South Florida real estate market is at. Also, if you are looking at property in South Florida, don’t forget to estimate your insurance costs.
Now let’s get started with our chart fest!
Average sale price of Single-Family Homes (September)
- Miami-Dade – $958,092, down 11% from August
- Broward – $655,800, down 3% from August
- Palm Beach – $794,235, down 2% from August
Average sale price of Condo Properties
- Miami-Dade – $549,108, down 3% from August
- Broward – $283,241, down 9% from August
- Palm Beach – $354,188, down 1% from August
Transaction Volume for Single-Family Homes in September
- Miami-Dade – 1,241
- Broward – 1,489
- Palm Beach – 1,450
Transaction volume for Condo Properties:
- Miami-Dade – 1,790
- Broward – 1,647
- Palm Beach – 1,380
Inventory of Single-Family Homes declined again. Residential inventory overall is the lowest it has been in a long time during boat show week. If you are in town to buy property, there isn’t much to chose from in the Miami, Fort Lauderdale, or Palm Beach markets.
- Miami-Dade – 2,957
- Broward – 2,323
- Palm Beach – 2,370
Inventory of Condo Properties
- Miami-Dade – 8,049
- Broward – 3,712
- Palm Beach – 2,032
Mortgage rates have made a slight uptick, but still a very long way from “normal” rates.
Here is a look at foreclosure activity in Miami, Fort Lauderdale and Palm Beach. It looks like the number of filings is picking-up quickly in Miami. Just in case you need another sign that the housing market has turned, take a look at the recent news in house flipping.
This market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida. Here are just a few of the cities in each of these three markets:
- Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.
- Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea and Lighthouse Point.
- Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.