People always ask, How's the Market? Is it a Buyer's Market or Seller's Market?
I recently had one of my past clients ask me that question. She's in Sunny Isles. I've always loved Sunny Isles, but there's been an onslaught of new construction, making traffic on A1A (aka Collins Ave) nearly come to a stand-still, no matter what time of day you're there. My client/friend has actually taken to calling Uber quite often, instead of venturing out in her own car. And of course whenever she can WALK, she does!
So I decided to take a closer look at market statistics and thought others might be interested in seeing what's going on around South Florida.
Sunny Isles: As of today - June 22, 2019, there are 1669 Active listings. These are properties currently on the market. In order to figure out whether it's a Buyer's market or Seller's market, we look at how many properties have sold in the past month. 52 properties have sold. So that means in order for all 1669 properties to sell... if nothing new came on the market, it would take 32 months to sell all those listings. That's a very long time and definitely makes Sunny Isles a Buyer's market. Typically 5-7 months' worth of inventory is considered a "NORMAL" market.
Now I could break down those 1669 properties by price, and we'd find the lower priced properties certainly sell more quickly. So anything on the lower end of the price range is more likely to give the advantage to Sellers, but it seems to me all the big condos that have gone up in the past few years are not a good thing for Sunny Isles.
This made me curious about other areas of South Florida. I personally live in Fort Lauderdale, but work throughout Broward County and parts of Miami & Palm Beach. So I'll cover some of these areas to see if they are currently in a Buyer's market or Seller's market.
Fort Lauderdale: There are currently 2427 Active listings and 364 Closed in the past 30 days. That's 6.66 months' inventory. This is considered a "NORMAL" market. I was curious, so I wanted to break this down further, by property type and price. Over all price ranges, Single Family Homes have an inventory of 5.6 months and Condos have an inventory of 7.72 months. Still pretty normal. But when I'm out showing properties, I still find that the lower priced Single Family Homes sell pretty quickly! So looking at this further, I found that Single Family Homes under $1M have only 3.98 months' worth of inventory! That's a pretty good Seller's market! You're only looking at a Buyer's market when you get into luxury properties over $1M. And even in the $1M - $2M, it's not a strong Buyer's market, averaging about 8 months' worth of inventory.
Looking at Fort Lauderdale Condos, we're at about a 6 month inventory up to $500k. That's a nice "Normal" market. If you're looking at condos up to $1M with a direct ocean view, we're at 5.5 months' inventory. Anything over $1M moves into the Buyer's market category.
Here are some statistics on some of the other surrounding cities.
Plantation: 467 Active listings and 133 Closed Sales in the past 30 days. So that's only 3.5 months' worth of inventory. Plantation is still a Seller's market.
Weston: 470 Active listings and 105 Closed Sales in the past 30 days. 4.47 months' worth of inventory. Weston is still a Seller's market.
Davie: 437 Active listings and 84 Closed Sales in the past 30 days. 3.44 months' worth of inventory. Davie is still a Seller's market.
Sunrise: 516 Active listings and 140 Closed Sales in the past 30 days. 3.68 months' worth of inventory. Sunrise is still a Seller's market.
Tamarac: Wow! Tamarac is doing great! Tamarac has a good percentage of 55+ communities. When I started in Real Estate back in 1998, properties in 55+ buildings could take awhile to sell. But look at this! Currently there are 510 Active listings and there were 177 Closed Sales in the past 30 days. That's 2.88 months' worth of inventory. Tamarac is a big Seller's market!
Coral Springs: 557 Active listings and 164 Closed Sales in the past month. 3.4 months' worth of inventory. Seller's market.
Looking back in Miami, let's see how some of the other cities - other than Sunny Isles are faring.
Aventura: 1676 Active listings and 81 Closed Sales. That's almost 2 years' worth of inventory. Definitely a Buyer's market!
Miami Beach: 3385 Active listings and 159 Closed Sales. About 22 months' worth of inventory. Buyer's market!
Coral Gables: 723 Active listings and 64 Closed Sales. 11.29 months' worth of inventory. I thought maybe the Single Family sector would fare better than Condos, but found Single Family Homes worked out to 10.18 months' inventory and Condos worked out to 13 months. Not very good for Sellers in Coral Gables. Buyers should be able to negotiate here!
Pinecrest - nice area, thought this would be more of a Seller's market, but there are 260 Active listings and only 22 Closed Sales in the past month. About 1 year's worth of inventory. This is a Buyer's market.
Homestead is doing pretty well - there are 813 Active listings and 182 Closed Sales. 4.46 months' worth of inventory, so Homestead is still a Seller's market as per statistics from the last month.
Looking up in Palm Beach, I looked at Boynton Beach. There are 1300 Active listings and 352 Closed Sales in the past month. That's 3.69 months' worth of inventory. Good Seller's market in Boynton Beach!
Delray Beach: 1570 Active listings and 344 Closed Sales in the past month. 4.56 months' inventory. Delray Beach is a Seller's market.
Jupiter: 669 Active listings and 199 Closed Sales. 3.36 months' inventory. Jupiter is a Seller's market.
I found this all very exciting, but am guessing your eyes are probably crossing and it's not terribly exciting for you, the reader! And this all began with my client asking if Sunny Isles is currently in a Buyer or Seller's market. She'll probably think twice before asking me How's the Market again!
If you ever have questions about Real Estate in South Florida, please give me a call at 954-557-7036 or email me! I'm always happy to talk Real Estate!