It’s hard to believe we are already at the midway point between Real Estate Yearbooks. I end my review with the third quarter results, so that we can start the season with the latest information. (You can take a look at the 2017 yearbook on my website at NewRealtyConcepts.com/Yearbook.)
What a great time, then, for an update. This column will take a look at first quarter sales counts for the three Wilton Manors neighborhoods, as well as nine select nearby neighborhoods of interest to my readers. The following column will look at pricing. In other words, today I will give you the counts, and next time I will show you the money.
Yes, yes I know. The Yearbook has 60 neighborhoods, but the update here only 12. Well, we do our best. Watch my blog in the coming weeks for more.
In total there were 222 closed sales in the first three months of the year among the 12 neighborhoods reviewed here. Compared to the same period last year, that’s an increase of seven percent.
If you look just at the Island City, however, you see a different result. Wilton sales increased by 28 percent versus last year’s first quarter!
This allows me to make a point that I raise frequently in this column. When you consider real estate in south Florida – not just in Wilton, but throughout the region – the overall averages are kind of misleading, if not meaningless. You have to get down to the specifics, by neighborhood, by type of property even.
Pricing, sales volume, and inventory can vary widely one neighborhood to the next. Take a look at the table included here. Within that seven-percent “average” increase in volume, you have neighborhoods that were well above that level (i.e., “hot”), as well as some well below (i.e., “not”).
As Realtors, it’s hard for us to predict just when people will want to sell their properties, as the decision to sell is based on many factors we cannot control. Volume and pricing data, however, do give an indication of what buyers want.
Next time I will share pricing results. And while I can’t say that all Hell will break loose when I do, I think you’ll find it enlightening.
James Oaksun, Florida's Real Estate Geek(SM), is Broker-Owner of New Realty Concepts in Oakland Park. In addition to having degrees from Dartmouth and Cornell, he is a Graduate of the Realtor Institute (GRI).