Is a sales slowdown taking place in the South Florida real estate market? We all know that there is a serious affordability crisis in the residential real estate market. Let’s take a look at deal volume and median prices for the month of September, compared to August:
The sales slowdown is noticeable in the chart of South Florida single-family home sales, here is the breakdown:
- Traditional – 4,120 sales, down from 4.508
- Foreclosure – 30 sales, up from 27
- Short Sale – 30 sales, up from 23
The condo market has seen a sales slowdown also. take a look at these numbers:
- Traditional – 4,769, down from 5,182
- Foreclosure – 34, down from 44
- Short Sale – 14, up from 9
Here is a look at the combined sales of single-family homes and condo properties.
What about sale prices of residential real estate in South Florida?
Median sale price for single-family homes are finally cooling off across South Florida.
- Traditional – $485,000, down from $497,450
- Foreclosure – $392,500, down from $417,000
- Short Sale – $378,000, up from $285,000
Median sale price for condo properties in South Florida appear to have peaked as well.
- Traditional – $266,000, down from $270,000
- Foreclosure – $256,000, up from $198,144
- Short Sale – $160,000. down from $162,000
Mortgage rates remain very low by historical standards. Once we see a decent move higher, there will be a much greater drop in sale prices. Unfortunately, buyers in the last year or two of these bubble cycles get hurt the most when the market finally corrects.
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.