Waiting for these massive bubbles to burst is the hardest part. If you remember before the last housing bubble popped, nobody thought real estate prices would go down. To quote the great Yogi Berra: “It’s like Deja Vu all over again.” Adding fuel to the fire are headlines like this making people think that they need to get into the market or be left out forever. Housing affordability is a serious issue right now, mainly fueled by reckless fiscal and monetary policy, but at some point that nonsense will fade and reality will set in (maybe it’s already starting). There is a very good chance that your local real estate agent isn’t telling you that the market has peaked. Anyway, let’s look at some charts of prices, transaction volume and inventory through the month of October. You should be able to notice the overall trend in deal volume and prices moving downward, just as we highlighted in our recent market update.
Average sale price of Single-Family Homes – The waiting for prices to drop may be over!
- Miami-Dade – $862, 543
- Broward – $658,274
- Palm Beach – $804,574
Average sale price of Condo Properties
- Miami-Dade – $527,044
- Broward – $296,615
- Palm Beach – $352,169
Transaction Volume for Single-Family Homes
- Miami-Dade – 1,161
- Broward – 1,386
- Palm Beach – 1,471
Transaction Volume for Condo Properties
- Miami-Dade – 1,817
- Broward – 1,,581
- Palm Beach – 1,338
Inventory of Single-Family Homes
- Miami-Dade – 2,918
- Broward – 2,198
- Palm Beach – 2,212
Inventory of Condo Properties
- Miami-Dade – 7,652
- Broward – 3,503
- Palm Beach – 1,917
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.