Local Real Estate Market Update - Broward County
The August Broward County Market Update shows a continuing trend, a market favoring home sellers. Inventory levels are at a 3.8 months supply of homes for sale and condos for sale are at a 5.6 month supply. These levels are very close to last years numbers. Supply levels of 5.5 months generally indicate the real estate market is well balanced. inventory under 5.5 months indicate a market that favors seller's. when supply is over 5.5 months, the market favors buyers.
Drilling Down Deeper Into the Numbers
Condos & Townhouses
During the month of August, sales for Condos & Townhouses in Broward County totaled 1,360 sales. This number is down 10.6% from total sales in 2016. Cash sales totaled 752, representing fifty-five percent. When we see a high percentage of Cash transactions, this generally indicates active participation from investors who have cash on hand, and do not ned to obtain financing. Last month, the same percentage of transactions were also paid in cash. however, this figure is less than January, when cash transactions totaled 62.3 percent..
In August, the Median Sales price for Condos and Townhouses was $156,000, up 7.8% from August 2016. The Median Sales Price means that 50% of the sales were above this price and 50% of the sales were below this price. Median Sales Price, unlike the Average Sales Price is not affected by high or low sales prices for a small amount of properties that may be out of the ordinary. Median Sales Price trends over time and reflects the values of properties sold monthly.
Median Sales Price VS Original LIst Price shows how well a market is recovering. The percentage rises when buyers believe home prices are trending up and they fear they may no longer be able to afford a property. Buyers may realize in oder to successfully contract on a property, they may have to be prepared to offer full price, or even pay above the list price. In August, the Median Sales price vs original list price was 94.3%. This figure has remained fairly unchanged all year.
Average Sales Price in August for condominiums and townhouses was $199,640 - up 8.1% from same period lasat year. Average Sales Price is not as significant as the Median Sales Price; however, when the two are compared to each other, we can begin to predict trends in the market.
total Dollar Volume paid for for condos / townhouses in was $271.5 Million (total sales multiplied by Average Sales Price), This number is down slightly from July and also down 3.4% from August 2016. This is a strong indicator of how healthy a local real estate market is.
August Median Time to Contract for condos and townhomes was 57 days unchanged from last month and down just 3.4% from same period 2016. Median Time to Sale was 101 days, one day more than it was last month, and down 1.9% from this same period last year.
Time to Contract measures how long a property sits on the market before an contract to purchase is executed. time To Sale measures how long a property is on the market before a successful closing. Median indicators reflect the middle ground where 50% wer more, and 50% were less. It's a more accurate picture than Average Time to Contract and Average Time to Sale.
New Pending Sales - In the month of August, there were 1,786 New Pending condo/townhouse sales, an increase of 3.8% from same time last year, and 204 more pending contracts than in July. Pending Sales give us an accurate prediction of future Closed SAles. However, not all sales end up closing. this indicator can be negatively impacted by swings in market conditions and Financing availability.
New Listings to the Market - there were 2,074 new listings added to condo/townhouse market in August. Ths figure is down 1.9% from 2016. New property Listings reflect the health of the market. As prices begin to go up, sellers tend to view their property as more valuable. in situations where home owners are underwater, they now enjoy positive equity in their property value.
Active Listings (August) totaled 7,706 for condos & townhouses in Broward county. Last months total was 7,886.
August Inventory Level indicated a 5.6 month supply of available condos and townhouses for sale. this number measures the amount of time needed in order to deplete the current inventory of properties for sale. More than 5.5 months reflects a Buyer's Market. less than 5.5 months reflects a Seller's Market. This figure has decreased each month from 6.4 months of supply in both January and February trending in the direction of favoring sellers.
Closed Sales By Price:
- Less than $50,000 - 93
- $50,000 - $99,999 - 257
- $100,000 - $149,999 - 298
- $150,000 - $199,999 - 241
- $200,000 - $249,999 - 149
- $250,000 - $299,999 - 131
- $300,000 - $399,999 - 98
- $400,000 - $599,999 - 48
- $600,000 - $999,999 - 24
- $1,000,000 and more - 21
Single Family Houses
During the month of August, total sales for single family homes in Broward County totaled 1,524 - down 8.1% from August 2016. Of the 1,524 home sales, 325 (21.3%), were all cash transactions.
August Median Sale Price for single family houses in was $350,000, unchanged from last month and 7.7% higher than August 2016. stated again, median sales price is defined as half of the home sales were above this amount, and the other half were lower.
Average Sales Price is August totaled $444.424. This is a 15% increase from one year ago. This figure has swung up and down from January.
The total Dollar Volume paid (total sales times Average Sales Price) in August was $677.3 Million, +6.4% higher than last year, and up 38,700,000 from last month. this figure signals the overall health of a real estate market.
Median Time To Contract and Median Time To Sale - Median Time to Contract was 35 days (down 5.4% from 2016) and down 2 days from last month. Median Time to Sale was 78 days - 10.3% less than last year and 3 days less than last month.
New Pending Sales - 1,724 Broward County homes went under contract in august. 18 more than last month and a decrease of 8.4 percent over last year. Pending Sales predic future potential closed sales.
There were 1,913 New Listings Added To The Broward CountyMarket -in August - down 5.1% over last year. New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health.
Active Listings - August single family Inventory totaled 5,211 homes for sale. February held the highest month of Inventory, and the lowest level was last month.
August inventory level was at 3.8 months supply of houses for sale. this figure remains is under 5.5 months, which signals the market favors Sellers - indicating a seller's market.
Closed Sales by Price:
- LESS THAN $50,000 - 4
- $50,000 - $99,999 - 8
- $100,000 - $149,999 - 56
- $150,000 - $199,999 - 99
- $200,000 - $249,999 - 168
- $250,000 - $299,999 - 199
- $300,000 - $399,999 - 432
- $400,000 - $599,999 - 357
- $600,000 - $999,999 - 129
- $1,000,000 AND MORE - 72
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