South Florida single family home prices are up with heavy sales volume in February 2016. Property sales continue to make gains at a steady pace with strong demand. The sales volume in Palm Beach County was $129,386,563 representing a significant increase from January’s $85,964,976. Meanwhile, the median sale price in the county was $324,900 with 2,594 active listings, a substantial increase from the number of listings this time last year. Broward County’s sales volume was also up in February at $429,954,487 with $299,000 as the median sale price. Both Broward and Palm Beach are experiencing strong demand in key communities.
There’s more inventory on the market but home values continue to appreciate. The median sale price in Delray Beach in February was $339,500 with a sales volume of $4,257,000. Boca Raton saw a median sale price of $329,000 and sales volume of $39,962,354. West Palm Beach experienced a median sale price of $205,000 and sales volume of $4,969,140. Palm Beach County beach communities are hot markets right now with Delray Beach and Boca Raton leading the area. Sales and homes values are slower in West Palm Beach. The village appeal coupled with access to amenities and private clubs continues to attract more families to Delray Beach and Gulfstream creating a vibrant nook in South Florida. The expectations for single family homes along the Gold Coast’s coastal towns is positive for 2016, and will out perform West Palm Beach.
Fort Lauderdale’s single family home median sale price was $332,800 in February with a sales volume of $95,916,362. Sales continue to move along in the single family home market with escalating prices reaching pre-crash levels. A close examination of the number of homes sold against rising property values reveals inventory is moving. The demand for single family homes is strong in Broward too, but the median property value is lower than Palm Beach County. The median home price in Fort Lauderdale is comparable to Boca Raton and Delray Beach, which is reflective of the city’s recent resurgence as well as the growth in the luxury market. Fort Lauderdale continue to benefit from Miami buyers spilling over in search of better deals, and a more laid back environment.
While the condo market shows signs of a slowdown, overall homes values and sales in the single family home market look very positive for 2016 across South Florida. The area remains one of the key markets both domestic and globally with a positive real estate outlook for 2016 while other parts of the world are experiencing a significant stagnation in their real estate markets as well as across the US. It’s a good year to buy here. Prices are still relatively low, and the long term outlook for the market is positive. Right now what we’re experiencing with a certain segment of buyers is that where you buy makes a big difference. Some markets and areas are in decline while others are rising.
Michelle Farber Ross