EWM Recently published it’s 2017

From Ron Shuffield, President & CEO, EWM Realty International

EWM Realty International’s 2017 South Florida Real
Estate Market Outlook provides a snapshot of 2016 results and trends expected to influence the 2017 residential real estate markets in Miami-Dade and Broward counties.

The proprietary platform from which this information is gleaned, coupled with insights provided by our internal research team, affords our readers a one-of-a-kind perspective on South Florida’s dynamic residential real estate market.

During 2016, we saw a confluence of factors impacting residential real estate: continued downward pressure on the foreign currencies associated with buyers in South Florida, a contentious presidential election season, and growing inventory (particularly in the $1 million-plus condominium market). As we enter 2017, these matters will continue to have an influence on segments of our Greater South Florida market.

We will also need to further the efforts to find viable solutions for our workforce housing affordability. The inventory levels for starter homes, particularly singlefamily residences, continue to be low, creating a lack of affordability for many first-time buyers. While banks are now helping to address these issues with less onerous credit standards and lower down payments, there will continue to be pressure on this particular buying group due to the shrinking availability of product.

So…. is there a bright spot as we enter the New Year? Absolutely! There are several. Unlike the Great Recession, which recorded high levels of inventory and few viable buyers, both factual and anecdotal data from our 850 real estate professionals reveal that there is a significant pent-up demand of buyers on the sidelines, especially luxury buyers — simply waiting for today’s pricing to more closely align with their expectations of market value. Therefore, the issue-at-hand for 2017 will be appropriate pricing. You will read much more throughout this report on the importance of taking early action in this new year to re-position the pricing of our expanding inventories, especially in the luxury markets. Another key factor to consider is Florida’s booming population growth, which pushed Florida to be recognized as the third largest state in the country in 2014, bypassing New York. Our State is growing by just over 1,000 “net” new residents per day! The latest U.S. Census Bureau data shows that the tri-county area of Miami-Dade, Broward and Palm Beach is now the eighthmost populated metropolitan statistical area (MSA) in the nation, with the three counties comprising just over six million permanent residents, or 30% of the State’s total population of 20,612,000 residents. Of the 1,000 net new residents establishing homes in Florida each day, 200 to 300 of them are moving to the tri-county area every twenty-four hours!

We are also seeing tremendous growth in each County’s urban areas. While Miami-Dade’s Downtown/Midtown/ Brickell population boom is clearly in the lead, downtown Fort Lauderdale is experiencing its own renaissance, and Palm Beach County’s downtown areas are also experiencing dramatic growth.

As the new Brightline Rail system opens service to its downtown stations in Miami, Fort Lauderdale and West Palm Beach in the summer of 2017—making commuting more feasible—we will see a continued increase in the‘inter-connectedness’ of the tri-county neighborhoods. Lastly, we will continue to expand as a true international destination, with the eyes of the world still longing to have a stake in South Florida and to own property here. These elements are the reality of a vibrant, growing area. Our EWM team looks forward to continuously serving as positive ambassadors of South Florida’s residential real estate market.

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