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South Florida home prices closing in on previous peaks

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By Paul Owers Contact Reporter Sun Sentinel
7/24/2017

Home prices increased across South Florida in June and are inching ever closer to the peaks achieved before the market meltdown a decade ago.
Still, analysts are not forecasting another historic collapse.
They say the robust market is due for a dip and predict prices will level out rather than plummet as they did during the housing bust of 2006-2011.
“Am I concerned? Yes,” said Ken Johnson, an economist and professor at Florida Atlantic University. “Is there evidence of a four-alarm fire? No.
“Most of the economic indicators support today’s prices. I just don’t see us waking up one day like we did in 2008 or 2009 and realizing we’re in a free fall.”
Palm Beach County’s median price for existing, single-family homes last month was $345,000, up 8 percent from a year earlier, the Realtors Association of the Palm Beaches said Monday.

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Broward’s median hit $355,000, 9 percent higher than June 2016, according to the Greater Fort Lauderdale Realtors. In Miami-Dade County, the median last month was $335,000, a 6 percent bump, the Miami Association of Realtors said.
The median means half the homes sold for more and half for less.
Prices in all three counties have been on a steady climb since the market began to recover in 2012.
Palm Beach County is 18 percent below its peak of $421,500, while Broward is only 9 percent off its top price of $391,100. Both counties reached their pinnacles in November 2005.
Miami-Dade is 16 percent below its apex of $401,100 in May 2007.
Sales, meanwhile, were mixed last month. Palm Beach County had 1,855 closings, up 2 percent from a year earlier, while Miami-Dade sales were 4 percent higher than a year ago.
But Broward’s 1,692 sales fell 6 percent from June 2016. It was the third consecutive month of declining sales in Broward.
“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” Lawrence Yun, chief economist for the National Association of Realtors, said in a statement.
“The demand for buying a home is as strong as it has been since before the Great Recession,” Yun added. “Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”
The lack of homes for sale nationwide is “bordering on an inventory crisis at this point,” Svenja Gudell, Zillow’s chief economist, said in a statement.
“There are about as many homes for sale now as there were in 1994, except there are about 63 million more people in this country now than there were then,” Gudell said.
Statewide, the median price for existing homes in June was $245,000, a 9 percent increase from a year ago, according to the Florida Realtors.
In South Florida’s existing condominium sector, prices rose 7 percent in June across all three counties. Median prices were $172,500 in Palm Beach County, $160,000 in Broward and $235,000 in Miami-Dade.
Danielle DiLenge, an agent for Better Homes & Gardens Real Estate Florida First in Fort Lauderdale, said she didn’t think the market was particularly hot at the beginning of the year.
But that changed during the spring and summer, she said. DiLenge had two closings Friday, two more on Monday and another later this week.
“Everything is moving,” she said. “If it is priced right, it is selling.”
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​*All content © 2018 B Realtors, Inc.  Disclaimer: B Realtors, Inc website was developed by B Realtors, an independent "Licensed Real Estate Brokerage".  All content on this site is original and has been created from the knowledge breadth of our organization.  We have accurate current and historical sales data at our fingertips... We represent real estate, buyers and sellers from Palm Beach County, Broward County and Miami-Dade County, and more.  Our Real Estate Agents are highly educated in the Ft Lauderdale, Lighthouse Point, Deerfield Beach, Boca Raton, Highland Beach, Delray Beach, Boynton Beach, Wellington and other surrounding South Florida areas.  We are NOT affiliated with the developer or management company of this particular building and/or development/community.  All information / dimensions are approximate - Potential buyers are advised to verify independently, prior to contract execution.  Building information; amenities and all other information including photos are not warrantied and are subject to change.  Please call for more info - (561) 306-7653
  • HOME
    • Ultimate "Guide to Selling your home" submission
    • "Ultimate Home Buyer's Guide" submission
  • COMMUNITIES
    • Boca Raton Info >
      • "Beach Area" Real Estate
      • "Downtown" Real Estate
      • "Gated Communities and Waterfront"
      • "Yacht & Country Clubs"
      • New Construction
    • Highland Beach Info >
      • Communities A - B >
        • 45 Ocean, Highland Beach
        • 3200 South Ocean, Highland Beach
        • Aberdeen Arms, Highland Beach
        • Ambassadors, Highland Beach
        • Beach Walk East, Highland Beach
        • Bel Lido Isle, Highland Beach
        • Boca Cove Townhouses, Highland Beach
        • Braemar Isle, Highland Beach
        • Byrd Beach, Highland Beach
        • Communities C - G
      • Communities C - G >
        • Camelot, Highland Beach
        • Carlton House, Highland Beach
        • Carron House, Highland Beach
        • Casuarina, Highland Beach
        • Clarendon, Highland Beach
        • Coronado Ocean Club, Highland Beach
        • Dalton Place, Highland Beach
        • Evanton Baye, Highland Beach
        • Grand Cay Estates, Highland Beach
      • Communities H - N >
        • Highland Beach Club, Highland Beach
        • Highland Place, Highland Beach
        • Highland Towers, Highland Beach
        • Jamaica Manor, Highland Beach
        • Le Sanctuaire, Highland Beach
        • Monterey House, Highland Beach
      • Communities O - P >
        • Ocean Cove, Highland Beach
        • Ocean Dunes, Highland Beach
        • Ocean Grande Place, Highland Beach
        • Ocean Pines, Highland Beach
        • Ocean Place Estates, Highland Beach
        • Ocean Place Villas, Highland Beach
        • Ocean Terrace, Highland Beach
        • Parker Highland, Highland Beach
        • Penthouse Highlands​, Highland Beach
        • Penthouse Towers​, Highland Beach
      • Communities R - Z >
        • Regency Highland, Highland Beach
        • Seagate of Highland, Highland Beach
        • The Enclave, Highland Beach
        • Toscana, Highland Beach
        • Townhouses of Highland Beach
        • Trafalgar, Highland Beach
        • Villa Costa, Highland Beach
        • Villa Magna, Highland Beach
        • Villa Mare, Highland Beach
        • Villa Nova, Highland Beach
        • Wiltshire House, Highland Beach
    • Broward County
    • Palm Beach County
  • SEARCH BY PRICE
    • $1 - $250k Open Search
    • $250k - $500k Open Search
    • $500k - $1m Open Search
    • $1m - $2m Open Search
    • $2m - $5m Open Search
    • $5m & Up Open Search
  • Contact
  • We're Hiring
  • SEARCH REAL ESTATE