In order to provide the most updated insights into key real estate luxury markets, One Sotheby’s International Realty has released the 2017 Mid-Year Trends Report. Studying both Miami and Broward markets, the report is a snapshot of South Florida’s top neighborhoods including everything from properties sold to average prices per square foot, and much more.
The main takeaway from the analysis is a notable increase in the number of homes available on the market despite a 31% increase in price on water front homes, single-family throughout Miami Beach. Waterfront markets leading the first half of 2017 were Key Biscayne, Normandy Isles and the Venetian Island; for non-waterfront, Golden Beach and Bal Harbor were the clear leaders.
Demonstrating a stronger absorption rate, the condo market in Miami Dade remained choppy as predicted in the annual report. Available units in the waterfront market increased about 9% and about 11% in the non-waterfront market. A drop in price was also predicted and has been proved offering great buying opportunities in the condo market, attributed to several pre-construction projects.
The Broward County reports include Western Suburbs, North End, South End and East Fort Lauderdale. Overall, the market in Broward County had a significant increase in price especially in Las Olas, Harbor Beach, Victoria Park and Cole Hammock.
The condo stats for Broward were mostly stable.