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South Florida Boasts 115 of Florida's Most Sought-After Zip Codes

by | Jan 06, 2016

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South Florida has 115 of Florida’s hottest 500 zip codes based on supply and demand, according to Realtor.com data released exclusively last month at the 21st annual MIAMI Association of REALTORS® International Real Estate Congress. In October 2015, the aforementioned Miami-Broward-Palm Beach- Martin zip codes received eight times as many views on Realtor.com than the average zip code.

International consumers comprised a majority of those web views as the South Florida real estate market leads all U.S. metro areas in international web traffic on Realtor.com.

“Miami is setting the standard for international web traffic,” Realtor. com Chief Economist Jonathan Smoke said during the 2015 MIAMI Congress, which hosted more than 400 foreign and domestic real estate professionals at events in Miami and San Diego.

Two generations — millennials and boomers — are spearheading the interest in South Florida properties, Smoke said. Millennials, the generation of Americans between the ages of 25-34, are the largest and most diverse generation in the U.S. population. Boomers are the generation of Americans born after World War II and are between the ages of 50-64.

For millennials, the top zip codes in Miami-Dade County are: Miami Springs (33166), Brickell (33129), Coral Way (33145) and downtown Miami (33132), according to Realtor.com data. Boomers, meanwhile, favor the northern part of South Florida. The top zip codes for Boomers are: West Palm Beach (33417), Hobe Sound (33455), Stuart (34996), Jensen Beach (34957) and Boynton Beach (33437).

Half of South Florida’s zip codes are projected to see household growth of 6 to 18 percent in the next five years, Smoke said.

South Florida’s Hottest Zip Codes
About 115 South Florida communities are ranked among the top-15 percent of the nation’s hottest zip codes, Smoke said.

“There are 33,000 zip codes in the U.S. so to rank in the top 15 percent is impressive,” Smoke said at the 2015 Congress. “There is no question this South Florida market is hot in a lot of ways.”

The 33413 zip code of West Palm Beach ranked as the most sought-after area in South Florida based on supply on demand in South Florida, according to Realtor.com data. Broward County had six of the market’s 10 hottest zip codes.

Top-10 Hottest Zip Codes in South Florida:
Rank Zip Code Area Name County Hotness Index
1 33413 West Palm Beach Palm Beach 90.46
2 33026 Hollywood Broward 89.14
3 33073 Pompano Beach Broward 89.01
4 33028 Pembroke Pines Broward 87.51
5 33018 Hialeah Miami 86.04
6 33076 Pompano Beach Broward 85.83
7 33458 Jupiter Palm Beach 85.72
8 33406 West Palm Beach Palm Beach 85.42
9 33317 Fort Lauderdale Broward 85.25
10 33067 Pompano Beach Broward 85.03

Miami’s Diverse, Strong Economy Fueling Local Real Estate Market
Miami-Dade’s unemployment rate is on pace to dip below the U.S. average (5.5 percent) in 2016. Miami-Dade County’s unemployment rate has fallen consistently since the recession and currently sits at 5.9 percent, according to state figures.

Hedge funds, private equity, and venture capital companies are relocating to Miami because of its strong startup network, reputation for aggressive development and multilingual population. Personal finance website Wallet Hub recently ranked Miami as the second-fastest growing economy among large U.S. cities.

“There is no question Miami is becoming the financial capital of the southern hemisphere,” Smoke told 2015 Congress attendees.

With its multinational companies, cultural institutions and commercial developments, downtown Miami is one of the county’s top submarkets. Congress panelists discussed how downtown has become one of the fastest- growing residential districts in the U.S. Downtown

Miami boasts the highest concentration of cultural institutions in the Southeast, almost 400 restaurants and bars, and three under-construction megaprojects.

The 9-acre Brickell City Centre and the 27-acre Miami Worldcenter plan to bring major retail, residential and hospitality uses to downtown. All Aboard Florida aims to transform South Florida transit with rail connecting downtown Miami, Fort Lauderdale, West Palm Beach and Orlando.

Price Appreciation on the Rise
Miami-Dade had the fastest price appreciation year-over-year among South Florida counties in October 2015, Smoke said at the 2015 Congress. Miami saw a 22.2 percent growth in median list price compared to October 2014, according to Realtor.com data. The county’s median price is $396,000.

Top South Florida Zip Codes in terms of Price Appreciation:
County Zip Area Name Y/Y change Median Price
Broward 33060 Pompano Beach 37.9% $244,000
Martin 34996 Stuart 147.3% $989,000
Miami-Dade 33127 Miami (Wynwood) 100.0% $282,000
Palm Beach 33426 Boynton Beach 38.4% $191,000

South Florida is Top U.S. Destination for International Home Buyers
The Miami/Fort Lauderdale/West Palm Beach market is far and away the top U.S. metro for international traffic on Realtor.com. South Florida posted an international traffic index of 3,395, significantly higher than the 2,820 index from second-place Honolulu.

A look at the top-10 U.S. Metros for International Traffic, according to Realtor.com:

  1. Miami-Fort-Lauderdale-West Palm Beach
  2. Urban Honolulu
  3. Los Angeles-Long Beach-Anaheim
  4. Bellingham, Wash.
  5. Orlando-Kissimmee-Sanford
  6. Anchorage
  7. Kahului-Wailuku-Lahaina, Hawaii
  8. Naples-Immokalee-Marco Island, Fla.
  9. Las Vegas-Henderson-Paradise, Nev.
  10. Watertown-Fort Drum, N.Y.

South American, Canadian Interest
South Americans have long had an affinity for Miami real estate, and the latest Realtor.com data proves it. The Miami market receives four times more interest on Realtor.com from South America consumers than the U.S. average. About 23 percent of international interest in Miami comes from South America, according to Realtor.com. North America (35.4 percent), Western Europe (13.8), the Caribbean and Central America (8.7) and Northern Europe (7.7) comprise the remainder of the top-five destinations.

Among South Florida counties, Miami-Dade registered the most South American interest on Realtor.com, posting a 39.3 percent share. Broward and Palm Beach counties accounted for 29 and 19 percent, respectively. In Miami-Dade, zip codes

such as 33172 (Doral area) and 33178 (Doral area) boast up to 60 percent in international traffic from South American consumers, according to Realtor.com.

Canadians, meanwhile, are using Realtor.com to significantly search for Palm Beach County homes. Canadians represented 33 percent of Palm Beach’s international traffic on Realtor.com. The share increases close to 70 percent in Palm Beach zip codes such as 33062 and 33069 in Pompano Beach.

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