Did the South Florida housing market make one final push before things normalize? It looks like deal volume was strong during the month of June across the area, but prices may finally be coming off their highs. What’s crazy is that people may finally be realizing that we are in yet another housing bubble. Well, it sure took them long enough! Let’s look at a few charts:
One final push in prices
June was a mixed-bag for South Florida real estate prices. Although single-family home prices moved slightly higher, they are still down 4% from the high they made during the month of April. In June, the average sale price was $903,426, up from $892,296 in May, but still lower than April. As we mentioned in a recent post, it looked like prices peaked in Fort Lauderdale during the month of April, but in an upcoming post we will show how they made another move higher last month. Looking at the tri-county area, it sure seems like April was the peak in prices for this cycle. Condo prices across South Florida in June were 7% off their May high of $488,283, dropping to $455,086 last month.
One final push in deal volume
Check out this chart of deal volume reaching higher! We should start taking bets on where it’s going next. There was a nice move higher in transaction volume for houses and condos during the month of June. Here is a breakdown:
- Single-family home sales climbed to 5,462 in June, up from 4,884 in May
- Condo sales climbed to 6,746, up from 6,134 in May
Inventory of houses and condos for sale
The number of houses on the market appears to have stabilized. There were 8,457 houses listed for sale on the market in June, up from 8,083 in May. Condo inventory declined again, with 15,503 units on the market in June. There were 16,687 units on the market in May, as buyers scooped-up condos due to limited inventory of single-family homes.
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 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.