Reviewing sales volume from last year, the biggest sales occurred in the million plus market. Miami-Dade hit the billions for combined single family and condo sales at $4,508,325,603 while Broward’s million plus single family sales came in at $1,036,853,675 and condos at $344,793,970. Palm Beach county million plus single family homes sales were $463,178,208, and condos sales were $83,360,300.
Palm Beach County
In Palm Beach County, condos valued between $100,000 to $250,000 were the next biggest inventory to move after the million plus market with total sales reaching $226,390,831. Followed by homes valued between $500,000 and $600,000 with a total sales of $110,342,277. These represent homes being purchased by young families across the county and in the especially popular Delray Beach.
In Miami-Dade, total sales volume for single family homes in the million plus was $2,416,495,894. The $250,000 to $300,000 market was the next biggest sales volume at $527,026,720. In Miami-Dade after the million plus market, homes under $300,000 are selling the most in terms of inventory and sales. A similar pattern is emerging in the condo market with million plus sales volume of $2,087,915,209, and followed by the $150,000-$200,000 range at $423,269,584.
In Fort Lauderdale, December experienced a record number of sales for the year at $119,830,253 followed by April with $115,605,634. The median sale price for the million plus market was $1,525,000. Overall, homes sold in under 60-days. The million plus market had a median of 97-days whereas the $100K to $150K range sold the fastest at 32-days. The numbers reveal that while there is a slow down in the mid range market, sales in the luxury market are accelerating.
While mid-tier sales have slowed, the lower tiers and luxury have soared. Those who would normally be purchasing mid-tier homes are cash strapped while HNWI continue to gain a tremendous amounts of wealth. There is another trend where buyers are opting out of purchasing the biggest mortgage they can qualify for a lower priced home they can pay off sooner. For debt strapped millennials buried in student loans, this trend makes sense. Meanwhile, HNWI continue to put their money into ultra luxury real estate. The hollowing out of mid-priced sales represents a major market shift in real estate purchase decisions that will impact the market over the next few years. Overall, the market is fractured, and expected to remain so throughout the year. Overall, we also expect slow growth to continue throughout 2016.
Michelle Farber Ross