As an exclusive for my SFGN readers, I wanted to share the initial output from my 2016 Broward’s Real Estate Yearbook. You may recall, last year I decided to roll out the first of what I planned to be annual reviews of pricing, sales and inventory trends in 35 East Broward neighborhoods. Nothing like it had ever been done before. Nothing has been done like it since.
Of most interest to readers of the Gazette are the results from the three WilMa neighborhoods – West (meaning west of Andrews), Center (Andrews to Dixie), and East (east of Dixie). As was the case last year, I only look at single family home sales in the yearbook – no condos or townhomes. Also these are arm’s length transactions only – no foreclosures or short sales included.
Where we left off last year, in general, was that there had been a substantial increase in prices throughout east Broward from 2011 through 2014, but then a decided cooling off in most neighborhoods (including throughout the Island City). There have been a lot of news stories about general price increases in Broward, but as I have said many times, all real estate is hyper-local and very neighborhood specific.
The three charts here show what has happened in Wilton Manors over the last five years. I have shown the median prices (half the sales above/half below), as well as the prices at the 25th and 75th percentiles.
You can see some specific results from the last 12 months very clearly in East Wilton. There, we see a near 20-percent increase in prices in the last year, driven by homes at the upper end of the price/quality range (over $500k).
Price increases in West Wilton seem to also be driven by premium priced homes. Prices at the lower end of the price range have been more stable.
Interestingly, Center Wilton prices have been relatively stable over the last year.
Next we will consider sales volume and inventory trends. Reports are that sales volume is down throughout South Florida, despite increased prices. This is somewhat contrary to what would be expected typically.
James Oaksun, Broward'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).