2016 MID-YEAR UPDATE S I N G L E- F A M I LY H O M E S I N B R O WA R D ’ S MOST PROMINENT NEIGHBORHOODS
BROWARD
COUNTYWIDE STATISTICS | SINGLE-FAMILY HOMES
Expansion in Broward continues to be accompanied by rising prices for the
TOTAL MARKET
fifth straight year. With much of the growth happening in the western areas of the county (in neighborhoods such as Weston, Parkland and Sunrise), it may be safe to say that Broward’s vast potential for growth is what is driving this continued increase in pricing. However, eastern Broward is not falling behind. Fort Lauderdale Beach gained
WATERFRONT HOMES
NON-WATERFRONT HOMES
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
9,580
1,992
$224
19,997
6,044
$164
a 44% increase in average pricing per square foot for its non-waterfront, single-family homes. Within the luxury segment, Rio Vista stands out with a 160% increase in its waterfront market, which was greatly influenced by a $17M single-family home sale in the neighborhood.
LUXURY MARKET
At 1,992 sales during the first half of 2016, Broward’s single-family home
# FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
4,858
259
$379
$5M – $10M
350
7
$694
$10M+
141
market saw over four times as many waterfront sales as Miami Dade’s single-family home market. At approximately half the price per square foot,
(THE TOP 50% BY AVERAGE HOME PRICE)
Broward’s many canals offer great value when it comes to living directly on the water — a highly attractive factor for potential buyers in search of the
PRICING A LUXURY HOME An increase in $/SF of 45% between $1M – $5M homes and $5M – $10M homes and of 47% between $5M – $10M homes and $10M+ homes proves that, beyond the expected price increase paid for a larger home, each one of said home’s
quintessential South Florida lifestyle.
square feet goes up in value due to a variety of
1
$1,319
factors, such as quality of construction, highend finishes, a superior lot or a prime location.
FOR MORE GUIDES AND REPORTS, PLEASE VISIT ONESOTHEBYSREALTY.COM/REPORTS. ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.
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WATERFRONT vs. NON-WATERFRONT MARKET SIZES BY NUMBER OF SINGLE-FAMILY HOME TRANSACTIONS
BROWARD / SOUTH END 14%
86%
EAST FORT LAUDERDALE 34%
66%
BROWARD / NORTH END 54%
46% WATERFRONT SINGLE-FAMILY HOMES
WESTERN SUBURBS 0%
NON-WATERFRONT
100%
SINGLE-FAMILY HOMES
615 LIDO DRIVE, LAS OLAS ISLES
BROWARD / SOUTH END
EAST FORT LAUDERDALE
WATERFRONT HOMES
NON-WATERFRONT HOMES
WATERFRONT HOMES
NON-WATERFRONT HOMES
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
HOLLYWOOD BEACH
$370/SF
$2.4M
$240/SF
$603K
$2.86M
$538/SF
$2.32M
g 47%
g 15%
g 16%
LAS OLAS ISLES
$596/SF
g 9%
0%
g 1%
g 13%
g 38%
HALLANDALE BEACH
$397/SF
$2.28M
$254/SF
$913K
$2.9M
$456/SF
$2.68M
h 23%
h 7%
h 15%
HARBOR BEACH
$609/SF
h 26%
g 1%
h 22%
g 17%
g 67%
FORT LAUD. BEACH
$747/SF
$6.5M
$481/SF
$1.95M
g 9%
g 43%
g 44%
g 80%
$838/SF
$8.34M
$390/SF
$1.34M
g 40%
g 160%
g 13%
g 14%
$584/SF
$4.3M
$343/SF
$860K
g 4%
g 108%
g 5%
h 3%
Insufficient data: No sales
No non-waterfront single-family home market available
No non-waterfront single-family home market available
$559/SF
$3M
$301/SF
$864K
g 5%
g 41%
g 10%
g 5%
RIO VISTA
VICTORIA P. & C. HAMMOCK
SUNRISE KEY
CORAL RIDGE / C.R.C.C.
800 DIPLOMAT PARKWAY, HALLANDALE
Insufficient data: No sales
C.R.C.C: Coral Ridge Country Club
BROWARD / NORTH END
LAUDERDALE -BY-THE-SEA HILLSBORO BEACH LIGHTHOUSE POINT
BAY COLONY
SEA RANCH
THE LANDINGS
WESTERN SUBURBS
WATERFRONT HOMES
NON-WATERFRONT HOMES
NON-WATERFRONT HOMES
AVG. $/SF
AVG. $/SF
AVG. $/SF
AVG. LUX PRICE
AVG. LUX PRICE
$539/SF
$1.5M
$341/SF
$922K
h 1%
h 39%
g 20%
g 30%
Insufficient data: 1 sale at $1,292/SF
Insufficient data: 1 sale at $9.58M
No non-waterfront single-family home market available
No non-waterfront single-family home market available
$427/SF
$2.31M
$217/SF
$560K
g 4%
g 12%
g 8%
g 14%
$363/SF
$2.59M
h 23%
g 4%
No non-waterfront single-family home market available
No non-waterfront single-family home market available
$312/SF
$3.45M
$354/SF
$1.19M
0%
g 92%
g 22%
g 8%
$427/SF
$1.77M
g 5%
g 27%
Insufficient data: 1 sale at $360/SF
Insufficient data: 1 sale at $586K
To access our full 2016 TRENDS report, please visit onesothebysrealty.com/trends. Detailed methodology is found on page 5.
Avg. Lux Price = The top 50% of each market by average home price
SOUTHWEST RANCHES
PLANTATION
SUNRISE
WESTON
PARKLAND
AVG. LUX PRICE
$237/SF
$1.17M
g 7%
g 3%
$168/SF
$541K
g 5%
g 8%
$148/SF
$294K
g 14%
g 36%
$210/SF
$621K
g 5%
h 9%
$187/SF
$832K
g 1%
g 31%
A RISING MARKET FOR FAMILIES Broward’s western suburbs, while not ocean- or canal-front, do offer a vast amount of manmade lakes where most luxury homes are built. These suburban residences generally maintain a much lower price per square foot and come at a much larger size than homes closer to the coast, making them an ideal option for families with young children. In addition to their affordability, the western suburbs tend to be safe living options with high-quality education. Weston, for example, has ranked as the best place to live in Florida several times and as one of the “best affordable suburbs” in the country.
All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).