TRENDS Mid-Year 2018

Our TRENDS Mid-Year Reports highlight South Florida’s most prominent neighborhoods with a look at market data from the first 6 months of 2018 to the same time frame in 2017.

MIAMI-DADE | SINGLE-FAMILY HOME MARKET

Overall volume in the submarkets that we track increased from 843 to 840, with average pricing being $1,790,000 vs. $1,660,000 in 2017. The general price trend in Miami-Dade single-family was of a recovery of pricing, with most large markets seeing price increases. The notable exception was Key Biscayne, which saw a huge volume of transactions (30, vs. 10 reported last year). This aligns broadly with trends that are seen on a countywide scale at the higher price brackets of moderate but uneven price growth. There were also several extremely high-end sales, including three $19 million transactions and one $22 million sale. In Aventura, non-waterfront pricing briefly rallied above waterfront pricing thanks to two million-dollar golf course homes.

MIAMI-DADE | CONDO MARKET

Transaction volume significantly increased year-over-year in most Miami-Dade County markets, with the notable exceptions of Brickell Waterfront, Surfside, and Bay Harbor Islands. This is generally borne out by comparisons with countywide data that show a significant volume increase for condominiums at the higher price ranges, with twelve $10m+ condos transacting in the first half of 2018 vs. only 6 the prior year. Pricing has been more varied, but in some submarkets there have been individual extremely high-end sales, for instance in Deering Bay and Fisher Island. Oceanfront markets like Key Biscayne, Deering, and Fisher Island have generally performed best, as has North Bay Village and parts of Brickell.

BROWARD | SINGLE-FAMILY MARKET

Similarly to Miami-Dade County, Broward County also saw an increase in pricing and volume on average, although there were some pockets of deterioration. 1,898 homes transacted in submarkets that we track, vs. 1,676 previously. Average pricing increased to $880,000 from $830,000, mirroring trends in Miami-Dade County.

However, there were pockets of both strength and weakness. A string of very large homes in Lauderdale-by-the-Sea resulted in a sharp PSF decrease, and luxury pricing in some markets was distorted downward by extremely high-value sales. On the flipside, high-end sales increased pricing sharply in Rio Vista (three $5m+ sales) and Harbour Beach (two $6m+). Of the large suburban markets, Southwest Ranches, Sunrise, and Plantation all saw low-double-digit price growth.

BROWARD | CONDO MARKET

Transaction volume in Broward markets was less accelerated than in Dade County, with two markets reporting modest decreases and two reporting ~25% increases. Pricing similarly was generally level, with a moderate decline in Fort Lauderdale Oceanfront and a 10% increase in Las Olas. This is mirrored with similar trends in Trendgraphix.

MARTIN | SINGLE-FAMILY MARKET

The golf communities of northern Palm Beach County saw level pricing and an increase in sales volume (202 sales at an average of $1.52 million vs. 215 sales at an average of $1.48 million), although a reduction in average home size resulted in average PSF price increase from $385 to $387. In spite of this trend of only modest PSF appreciation, prices increased at most communities. However, there were a string of very high-end sales in early 2017 that were not repeated in 2018, resulting in sharp price decreases in BallenIsles Waterfront, Frenchman’s Creek Non-Waterfront and Old Palm Non-Waterfront.

The Palm Beach golf condo/townhome market saw a moderate increase in sales price, even though volume decreased, with the average price exceeding $580,000. Martin County saw an increase in volume among condos but a decrease among single-family houses, and overall most single-family and condo submarkets saw prices go up. Pricing is difficult to compare with Palm Beach because of the mandatory equity and membership fees at Harbour Ridge and Pipers (which effectively add over $85,000 and $70,000 to the prices of homes, respectively), and as those two submarkets drove transactions in 2018 pricing appeared to decrease in the county even though many SF submarkets and almost all condo submarkets saw prices either increase or remain unchanged.

MARTIN | CONDO MARKET

BOCA RATON & DELRAY | LUXURY MARKET

For the first time, ONE Sotheby’s is pleased to introduce data on the most prominent neighborhoods and gated communities of southern Palm Beach County, including a large variety of golf, waterfront, equestrian, and other prestigious neighborhoods.

Pricing varies greatly among these neighborhoods, although the broad trend appears to be level year-over-year. However, there are significant variations between the multimillion-dollar-plus homes in Royal Palm Yacht and Country Club and the more value-oriented communities like Stonebridge and Boca Isles, and there is similar variability in PSF pricing owing to the large homes in for instance Bocaire and Stonebridge. The great variety in price points and lifestyles makes Boca Raton and Delray among South Florida’s most sought-after residential markets.

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