It Keeps Raining in South Florida

Still Raining in South Florida. Blog_denapoligroup.com
Rainy season in South Florida

Now is the rainy season here in South Florida. The rain is coming down non stop for the last few days.

Flood watch continues across South Florida. As the rain continues, rising flood waters makes people worry.

When it rains like this right now, people should be very careful while driving. Do not drive or walk through standing water of unknown depth. If your car is close to the ground, be careful because your car might get flooded.

The heavy rain and flooding is common in South Florida during summer.  Hurricane season is from June 1st to November 30th. So during this period heavy rain is even expected. Rain and flood is a norm during this rainy season. Everyone has to be ready and prepared.

Even South Florida government is getting ready and prepares when the big rain is expected in the area. According to the article in palmbeachpost.com current heavy rain

“could cause roadways to become impassable,” Miami meteorologist Larry Kelly said Thursday. “If canals and drainage ways become flooded, it could also allow for water to rise high enough to enter some structures, especially in low-lying areas.”
The South Florida Water Management District started preparing for the heavy rainfall over the weekend. On Sunday, it began to lower canal levels so incoming water would have a place to go. Pumps will run 24 hours during the rain event, the district said.”

Everyone should be careful when heavy rain comes to South Florida. Please be very focused when driving during the rain. And please don’t drive or walk through the standing water that you don’t known how deep it is.

Millennials Love South Florida

Millennials Love Miami. blog_denapoligroup.com
Millennials love South Florida, especially Miami. Blog: denapoligroup.com. Photo by: Brigita DeNapoli Photograhy

Millennials love South Florida, and especially Miami. And what not to love? There is an amazingly nice weather and sun for most of the year. There is sandy beach that you can enjoy all year round. There are various festivals, art galleries and music venues to keep everyone busy.

Actually, there was a research done by realtor.com economic data team when they “analyzed the 60 largest U.S. cities and how much millennials were checking out listings in those areas, compared with the national average, from August 2016 to February 2017”.

According to this article, top 10 cities where millennials would like to move are:

  1. Salt Lake City, UT.
  2. Miami, FL.
  3. Orlando, FL.
  4. Seattle, WA.
  5. Houston, TX.
  6. Los Angeles, CA.
  7. Buffalo, NY.
  8. Albany, NY.
  9. San Francisco, CA.
  10. San Jose, CA.

As you can see, we have two towns in state of Florida that are very popular by millennials. Among all the top 60 cities in the United States, Miami is No.2 top spot and Orlando is No.3, where millennials would like move.

If you are interested in buying a property in Miami, lets see what is available right now in residential real estate:

Miami Properties for Sale August 2017. denapoligroup

 

There are total of 8181 properties for sale in Miami. And there are more then double amount of condos available , than a single family houses:

Properties for Sale in Miami August 2017. denapoligroup

 

There are total of total of 8181 properties for sale, of which 2571 are houses and 5610 are condos. This makes a single family house a 31%, and condo a 69%.

The data used to make the chart from the Greater Fort Lauderdale MLS which has data that is deemed reliable but not guaranteed and has the most accurate and up-to-date information about local home sales.

If you want more information about local market, please look into Local Market Conditions and Home Prices category.

 

Sold Homes and Condos in Broward County: Market Update

Sold Homes and Condos in Broward County, FL
Sold single family houses and condos in Broward County Florida. How did it change in July 2017 from July 2016

Hello August! The last month of this summer started, so we can review the previous month’s real estate sales in Broward County,FL.

I did the research and compiled information separately for single family houses and condos sold in Broward County for the periods of July 2017 and July 2016. Once I have the sale numbers from the current year and the previous year the same periods, it is much easier to understand how real estate sales changed since the last year.

And here are the results:

Single family houses sold in Broward County:

Single Family Homes Sold in Broward County July 2016 and July 2017

So comparing the housing market to the previous year same period for single family houses, we can see that that there were 1733 units sold July 2016 and 1518 sold July 2017. It was over 12% decrease in sold single family homes during this July when comparing with July 2016. The median sale price for homes increased 10.4% since the last year. Even the median list price increased by 9.1% Days on the market were 30 for July 2017, and days on the market were 27 for July 2016.

The single family house price increased since the last year. Do you think it was because less houses there were available for sale?

Condos sold in Broward County

Sold Condos in Broward County July 2016 and July 2017

Lets compare condos sold during July 2017 and July 2016.  There were sold 1518 condos in July 2016 and 1361 during July 2017. So it was a  10.3% decrease in sold condos during this July when comparing with July 2016. The median sold price increased 11.2% since the last year. Even the median listing price increased 10.3% to compare with the same period 2016. The condos were selling faster this year : Median days on the market were 44 for July 2017, and days on the market were 46 for July 2016.

The condos were selling faster and for more money. Was it because there were less houses on the market?

 

The numbers I used to make this table were taken from the Greater Fort Lauderdale MLS. These numbers are said to be reliable but are not guaranteed.

If you are interested in more information about home sales in Broward County, please visit Local Market Conditions and Home Prices category.

Active Listings in Broward County

IMG_3599 - Active Listings Broward August 2017

It is very active real estate market now in Broward County.  There are total of 5285 active listings for single family houses. Here is more detail information:

Homes for Sale
Active Listings
New Listings
Average
Median
Median Days on the Market
$100,000 and Under
44
11
 $        60,937
 $        59,950
70
$101,000-$200,000
312
106
 $     166,444
 $     171,500
57
$201,000-$300,000
681
299
 $     257,554
 $     259,009
40
$301,000-$400,000
986
457
 $     358,686
 $     359,900
39
$401,000-$500,000
744
296
 $     453,307
 $     449,900
46
$501,000-$600,000
522
179
 $     555,066
 $     550,000
59
$601,000-$700,000
372
98
 $     659,175
 $     650,000
72
$701,000-$800,000
284
82
 $     759,713
 $     754,000
67
$801,000-$900,000
173
41
 $     866,901
 $     869,000
66
$901,000-$1,000,000
180
37
 $     968,752
 $     975,000
96
$1,001,000-$1,500,000
347
65
 $  1,259,587
 $  1,250,000
110
$1,501,000-$2,000,000
196
29
 $  1,760,082
 $  1,750,000
117
$2,001,000 and Above
441
55
 $  4,364,722
 $  3,300,000
164
Active Listings Single Family Houses in Broward County August 2017

 

Lets look at the number of single family houses available for sale in Broward County. There are 5282 houses available right now, with 1755 new active listings. Houses listed 200K-400K are selling the fastest, which is 40 days. Average days on the market for the houses under a million dollars are about 61 days, and average days on the market for the houses over a million is is around 130 days. The most of the listings are in the price range 300K-400K, which is 986 active listings.

The data used to make the chart from the Greater Fort Lauderdale MLS which has data that is deemed reliable but not guaranteed and has the most accurate and up-to-date information about local home sales.

If you want more information about local market, please look into Local Market Conditions and Home Prices category.