South Florida’s most popular neighborhoods for condo buyers in Q2 (SFBJ)

August 16, 2017

South Florida Business Journal – Article

Two neighborhoods in Miami-Dade County topped the list for the most popular ZIP codes for condo/townhouse buyers in South Florida in the second quarter, according to the Florida Reators.

Existing condo/townhouse sales declined 1 percent to 12,489 in the tri-county region, compared to the same period a year ago. The median sales price climbed 8 percent.

Broward County had the most ZIP codes on the list with 12, followed by Palm Beach County with eight and Miami-Dade with five. The Top 5 ZIP codes on the list all had year-over-year sales growth.

Not surprisingly, many of the ZIP codes with the most condo sales were in coastal areas. However, there were also some suburban communities with less expensive units on the list.

In addition to sales volume, pricing has been under the spotlight in the South Florida condo market, especially in Miami-Dade. As recently covered in a feature story, some condo flippers are taking losses in new buildings. In the 33131 ZIP code that covers most of Brickell, the median sales price for condos declined 11.2 percent in the second quarter. In the 33160 ZIP code that’s home to heavily built Sunny Isles Beach, the median sales price dropped 10.5 percent.

Those weren’t the only local ZIP codes with price erosion for condos/townhouses in the second quarter. Other ZIPs with at least 100 units sales and double-digit median sales price dips included:

  • 33458 (Jupiter, down 13 percent)
  • 33066 (Coconut Creek, down 17 percent)
  • 33308 (Lauderdale-By-The-Sea, down 14.9 percent)
  • 33313 (Sunrise, down 17.4 percent)
  • 33319 (Inverrary, down 15.2 percent)
  • 33324 (Plantation/Davie, down 14.9 percent)

Of course, the overall condo/townhouse market sales price increases. Five ZIP codes have at least 100 sales and a median sales price increase more than 20 percent:

  • 33483 (East Delray Beach, up 88.2 percent)
  • 33445 (West Delray Beach, up 37 percent)
  • 33434 (West Boca Raton, up 23.6 percent)
  • 33021 (West Hollywood, up 21 percent)
  • 33401 (Downtown West Palm Beach, up 20.4 percent)

No ZIP code in Miami-Dade with over 100 unit sales in the second quarter posted a double-digit median price increase.

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