South Florida Housing Market Update

Thursday, March 14, 2019   /   by Alexander Haigh

South Florida Housing Market Update



Our latest January numbers are in, so today we’ll be comparing those numbers with what we saw last year in January 2018. What has changed in our South Florida market since then? The numbers don’t lie, so let’s take an in-depth look at what they say.

 

For single-family homes in St. Lucie County:

  • 322 homes sold in January 2018 and 284 sold in January 2019, down 11.8%
  • 97 paid-in-cash sales in January 2018 and 79 in January 2019, down 18.6%
  • Average sale price was $226,955 in January 2018 and $238,309 in January 2019, up 5%.
  • The dollar volume of homes sold was $73.1 million in January 2018 and $67.7 million in January 2019, down 7.4%.
  • There were 756 new listings in January 2018 and 785 in January 2019, up 3.8%.
  • There were 1,748 active listings in January 2018 and 2,174 in January 2019, up 24.4%
  • There was 3.8 months’ worth of inventory in January 2018 and 4.8 in January 2019, up 24.4%.

 

For single-family homes in Martin County:

  • 141 homes sold in January 2018 and 115 sold in January 2019, down 18.4%
  • 61 paid-in-cash sales in January 2018 and 44 in January 2019, down 27.9%
  • Average sale price was $441,689 in January 2018 and $659,242 in January 2019, up 49.3%.
  • The dollar volume of homes sold was $62.3 million in January 2018 and $75.8 million in January 2019, up 21.7%.
  • There were 306 new listings in January 2018 and 386 in January 2019, up 26.1%.
  • There were 1,033 active listings in January 2018 and 1,130 in January 2019, up 9.4%
  • There was 5.0 months’ worth of inventory in January 2018 and 5.7 in January 2019, up 14%.

For single-family homes in Palm Beach County:


  • 1,103 homes sold in January 2018 and 288464 sold in January 2019, down 23.3%
  • 442 paid-in-cash sales in January 2018 and 323 in January 2019, down 26.9%
  • Average sale price was $606,112 in January 2018 and $564,736 in January 2019, down 6.8%.
  • The dollar volume of homes sold was $668.5 million in January 2018 and $477.8 million in January 2019, down 28.5%.
  • There were 2,344 new listings in January 2018 and 2,442 in January 2019, up 4.2%.
  • There were 7,383 active listings in January 2018 and 8,069 in January 2019, up 9.3%
  • There was 5.1 months’ worth of inventory in January 2018 and 5.6 in January 2019, up 9.8%.

 

In the last few months of 2018, the stock market dropped by almost 20%. Interest rates increased four times last year, and we saw a lot of cooling off in the market. Moving into January and February this year, the market has heated up and our agents have been busy.

If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.

 

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