September 2018 South Florida Market Report

Market Reports South Florida August 2018

Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.

  • New Listings increased 52.2 percent for Single Family homes and 46.7 percent for Townhouse/Condo homes.
  • Pending Sales increased 38.3 percent for Single Family homes and 41.4 percent for Townhouse/Condo homes.
  • Inventory decreased 1.2 percent for Single Family homes and 3.8 percent for Townhouse/Condo homes.
  • Median Sales Price increased 2.8 percent to $335,000 for Single Family homes and 3.7 percent to $170,000 for Townhouse/Condo homes.
  • Median Time to Contract increased 6.3 percent for Single Family homes but decreased 5.0 percent for Townhouse/Condo homes.
  • Months Supply of Inventory decreased 2.3 percent for Single Family homes and 9.8 percent for Townhouse/Condo homes.

Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.