FREE- 2015 Year End Comprehensive Real Estate Sales Data

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FREE-  2015 Year End Comprehensive Miami-Dade and Broward Counties Real Estate Sales and Trend Data   To read the full report Click on the above text or on the photos

Fort Lauderdale Market Report

Fort Lauderdale Market Report

MIAMI-DADE SINGLE-FAMILY HOMES AN OVERVIEW OF CURRENT MARKET CONDITIONS

COLLINS AVENUE –, SUNNY ISLES

COLLINS AVENUE –, SUNNY ISLES

Miami-Dade has remained the most sought-after, most populous, most active and most expensive county in South Florida, with continued, stable price growth and somewhat even transaction numbers in 2015, compared to 2014. Concerns about the so-called “affordability gap” abated, to some extent as the result of a wave of new rental and homeownership development. Pricing has predominantly maintained or even exceeded its levels over the prior year, while transaction volume in some property segments, such as $1M+ condos and waterfront homes and condos, ebbed somewhat. In 2015, Miami-Dade County had six single-family submarkets experiencing price reversals and 38 submarkets that saw year-over-year gains. The winners, hence, outnumbered the losers six to one and, by appreciation measures, 2015 was a strong year in the Miami-Dade single-family category. Non-waterfront pricing only declined in one community in the single-family market. The land crunch continues to be a defining factor in Miami’s real estate evolution, as are global economic trends, foreign currency fluctuations, and Miami-Dade’s attractiveness among foreign buyers from Latin America and beyond.

6767 NW 84 Ave Parkland Ext FrontBROWARD SINGLE-FAMILY HOMES AN OVERVIEW OF CURRENT MARKET CONDITIONS

Although some submarkets along the coast (and Weston) are popular among European and Latin American investors, Broward County tends to have a diverse, more heavily US-based buyer pool. As a result, Broward is better shielded against global economic fluctuations that impact foreign investors’ buying power. Broward had five single-family submarkets that saw price reversals and 23 submarket which saw year-over-year gains.
The winners outnumbered the losers by almost five to one, even though average appreciation trailed Miami-Dade. Unlike Miami-Dade, Broward saw significant increases in sales volume for both waterfront and non-waterfront residences, in addition to the luxury market segments ($1M to $5M, $5M to $10M). ONE Sotheby’s International Realty’s recent sale of a waterfront residence in Fort Lauderdale’s Harbor Beach for over $27 million was not only the highest sale in 2015, but the only sale above $10M in Broward’s real estate market that year. These statistics reflect Broward’s resilience to overseas economic risk as well as its relative affordability and attractiveness compared to Miami-Dade County. Sales volume has benefited from the substantial concentrations of suburban new developments in Parkland in particular, as well as infill and redevelopment in the popular urban neighborhoods east of Interstate 95.

A number of Broward’s submarkets have become very popular among overseas buyers, including Weston, Hallandale Beach and Hollywood Beach.
We can expect this trend to continue throughout 2016, as Broward’s relative affordability remains attractive. However, the core domestic markets
(the Northeast and the Midwest) will contribute more heavily to Broward’s real estate market in the years to come.

METHODOLOGY

 

The most significant change in methodology is the development of the condominium index. The difficulty in
comparing existing condominium project average pricing is that the pricing averages have no control over
penthouse units, waterview versus waterfront or age and market position of the product. ONE Sotheby’s International Realty
and IRR Miami have developed an index of relevant condominium towers. Comprised of what we consider to be a
representative sample of the luxury projects within each submarket. The inclusion of each project was vetted by brokerage
and appraisal staff. The sampling reflects the center of the luxury market as it relates to the specific submarket.

Average pricing data was then calculated for each of the relevant years by submarket. Unique units were
excluded from the sample to avoid skewing the average price indicators, making the report as accurate and
impartial as it can be. The implementation of project samples also helped control the variability brought about
by merely averaging all condo projects within a specific submarket, which when comparing multiple years was
less reflective of changing market conditions.

While this methodology only reflects a “sample” of the condo market, the number of projects and number
of units in the sample are considered representative of the market. The sample pool does not include pre-
construction projects. Therefore, the averages and indicators reflect contemporary existing peers and are not
meant to reflect pricing of the newest projects coming to market.

 

This report is not meant to replace property analysis by a qualified broker and should not be applied to specific
properties without consultation with a professional. The report is meant to inform on broader trends and to
facilitate comparison and forecasting at the macro market level.

2015 Year Comprehensive Miami-Dade and Broward County Real Estate Sales Data

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