ONE Sothebys International Realty's 2017 Trends Report provides a comprehensive analysis of the residential real estate market in Miami-Dade and Broward County, covering everything fromCoral Gables, Coconut Grove, Pinecrest, Miami Beach, Key Biscayne, North Miami, Sunny Isles, Brickell to Fort Lauderdale and beyond.
Tony Graziano, Senior Managing Director of Integra Realty Resources, who researched and co-wrote the report shared his key takeaways for this blog post. Overall the 2017 analysis reflected 3% fewer transactions, with level pricing for Miami-Dade County , while Broward County reflected slightly higher volume and overall higher pricing per SF.
When it comes to the single family market, Miami-Dade waterfront transaction volume and average transaction size showed a declined with average DOM over 30+ days; however, the county registered more than 12 high end transactions over $5 million.
Waterfront homes in Broward saw the same increase in high transactions, making both the price per SF and average price higher for an overall transaction volume 23% higher, similar to what we saw during 2015.
Non water front homes in both Broward and Miami experienced a price jump indicating that there were larger transactions at the extreme upper end spinning the average (and average price per SF) upward.
Following the Presidential election, the single-family luxury homes, across Broward and Miami-Dade, experimented similar trends, a higher overall transaction volume and an increased in price, up to 27% in water front homes. However, luxury buyers are cautious about the economic conditions.
The condo market didnt get behind following price changes due inventory build-up. As previously predicted, inventory reached the point where both volume and pricing are coming down. A trend that is likely to continue for the rest of the year.
In general, 2017 Q1, was a positive yearfor single family markets in both Miami-Dade and Broward; non water front, water front and the luxury sector included.
For more information see the report here: Q1 Trends Report
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