Local Real Estate Market Update - Broward County
The overall Real Estate market report for Broward County shows the trend is still in favor of sellers, indicating a sellers real estate market. As you can see from the chart below, there is a 3.9 months supply of inventory for homes for sale and 5.9 months supply of condos for sale, slightly changed from same period last year. Experts agree that 5.5 months typically indicates a balanced Market. when inventory is less than 5.5 months of supply, it is considered a seller's market. conversely, when inventory for sale exceeds 5.5 months, it signals a buyer's market.
Drilling Down Deeper Into the Numbers
Condos & Townhouses
In the month of July, There were 1,346 total sales for Condos & Townhouses in Broward County, down 2.7% from July 2016. Of this total; 744 sales, more than half, were cash transactions. Cash transactions typically indicate that investors are actively participating in the market. In July, a strong percentage - 55.3% of transactions were paid in cash, down slightly from 62.3% in January.
The Broward Median Sales price for Condos/ Townhouses in July was $158,000, up 9.3% from same period last year. 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 indicates a recovering market since it rises as buyers in the market place sense prices may be rising and could potentially price them out of the market. In order for them to aquire a property, they may need to match or pay more than asking to be successful. In July, the percentage was 94.5% and has remained steady since the beginning of the year.
Average Sales Price in July for condominiums and townhouses was $207,723 - up 12.2% from 2016. Not as significant as the Median Sales Price; however, when the two are compared to each other, we can get insight into market trends. The Average Sales Price in January of this year was $197,877 - dropped slightly over the following three months and then took off again in May forward.
The total Dollar Volume paid (total sales multiplied by Average Sales Price) for condos / townhouses in Broward County in July was $279.6 Million, down slightly from the month before and up 9.2% from last year. This is a strong indicator of how healthy a local real estate market is.
Median Time to Contract and Median Time to Sale in July for condos and townhomes was 57 days (-9.5% from last year) and 100 days (-8.3%). Time to Contract measures how long a property was on the market before executing a sales contract, while time To Sale measures the length of time the property was on the market before a 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 July, there were 1,582 New Pending condo/townhouse sales in Broward county, down 6.7% from last year and down 4.2% from June. Pending Sales are measured because they are usually an accurate indicator of future Closed SAles. However, one has to keep in mind, not all sales eventually close and this indicator may be affected negatively by changes in market conditions and Financing availability. The highest month this year for New Pending Sales so far was January - with 1,600 pending sales.
New Listings to the Market - In july, there were 1,879 new condo/townhouse listings added to the market place, down (-0.8%) from last year. New Listings signal market health. As prices begin to rise, sellers view their property as more valuable, and in cases where home sellers may be underwater, they now see positive equity in the value of their property.
Active Listings - There were 7,886 active listings for condos & townhouses in Broward county during the month of July. This figure has increased slightly each month in 2017 except for February, which increased by one (8,952) vs January (8,951).
In July, there was a 5.7 month supply of inventory. Basically, this number indicates the amount of time needed to deplete the current inventory of supply of properties for sale. Higher than 5.5 months indicates a Buyer's Market. lower than 5.5 months indicates 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 - 78
- $50,000 - $99,999 - 291
- $100,000 - $149,999 - 256
- $150,000 - $199,999 - 240
- $200,000 - $249,999 - 166
- $250,000 - $299,999 - 112
- $300,000 - $399,999 - 96
- $400,000 - $599,999 - 64
- $600,000 - $999,999 - 26
- $1,000,000 and more - 17
Single Family Houses
In the month of July, there were 1,493 total sales for single family homes in Broward County. This figure was down 1.5% from July 2016. Of these sales, Twenty Percent (20%) were bought with all cash (no financing).
The Median Sale Price for single family houses in July was $350,000, up 9.4% from same period last year. Again, median sales price means half of the sales were above this figure, and the other half are below.
Average Sales Price is July was $422.752. This is an increase over last year of 9.6%. This figure has fluctuated up and down throughout the year.
The total Dollar Volume paid (total sales times Average Sales Price) in July was $638.6 Million which represents an increase of 8% as compared to last year and up 3% from last month. Again, this figure indicates the health of the real estate market.
Median Time To Contract and Median Time To Sale - Median Time to Contract was 37 days (down 2.8% form 2016) and 81 days for Median Time To Sale (down 8% from 2016).
New Pending Sales - There were 1,706 Fort Lauderdale Homes and other Broward County cities under contract in July, a decrease of 2.8 percent as compared to July 2016. This figure is up 2% from last month. Again, Pending Sales reflect predicted future closed sales.
There were 1,969 New Listings To The Market -in July, (-0.2% from 2017). 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 - July Inventory totaled 5,351 homes for sale. This figure fluctuated throughout the year with a high of 5,508 active listings in January, and the lowest inventory level in July.
In July there was a 3.9 month supply of houses for sale on the market. As this figure is under 5.5 months, the trend is in favor of Sellers indicating a seller's market.
Closed Sales by Price:
- LESS THAN $50,000 - 7
- $50,000 - $99,999 - 9
- $100,000 - $149,999 - 32
- $150,000 - $199,999 - 102
- $200,000 - $249,999 - 201
- $250,000 - $299,999 - 198
- $300,000 - $399,999 - 390
- $400,000 - $599,999 - 364
- $600,000 - $999,999 - 130
- $1,000,000 AND MORE - 60