These next two columns will be shorter on the text, but hopefully chock full of information to make you a better consumer. Whether you wish to buy or sell in Our Fair Island City, or simply wish to impress those know-it-all guys from DC or Boston, you will find the knowledge helpful.
There are storm clouds around the national real estate market. Just last weekend I read a column titled “The U.S. Housing Crash is Officially Here.” The article picked a couple data points and overgeneralized, in my opinion. However, I have been warning about how the super-strength of our local market will not continue forever.
Considering WilMa as a whole, the median sale price of a single family home in the third quarter was $485,500. This is a seven-percent increase compared with 3Q18, and a six-percent gain compared with the third quarter of 2017.
However, it is important to note that the median price did decline four percent versus 2Q19.
The graph shows the trend in median price back to 1Q17. I have also included the prices at the 25th and 75th percentiles – what more geekish-oriented people call the “interquartile range”. So when one of the DC know-it-alls starts pontificating about local real estate, just say “the current interquartile range is 350 to 600 for single family.” Then make them buy you a beverage.
So, prices have been trending up, but at a reduced rate. The drop from 2Q19 is troublesome, and merits attention.
The attached text chart breaks down the three neighborhoods in the Island City – West being all west of Andrews, Center being Andrews to the train tracks, and East being train tracks to Federal. Here I make a six-month calculation due to fewer data points. As in prior quarters, pricing is at a premium in East Wilton, with the other neighborhoods more “affordable.”
I’ll point out three things here. First, the overall city decline compared with 2Q19 was due to decreases in Center and East Wilton; median prices in West Wilton increased. Second, the seven-percent increase versus 3Q18 was driven by Center Wilton, as the other two neighborhoods had just minor gains. Finally, the two-year change was entirely due to East Wilton. West Wilton had no change in prices, while Center Wilton had a small decline.
Tune in next time for a sales and inventory check.
James Oaksun, Florida's Real Estate Geek(SM), is Broker-Owner of New Realty Concepts in Fort Lauderdale. In addition to having degrees from Dartmouth and Cornell, he is a Graduate of the Realtor Institute (GRI).