Here’s a look at the Broward County Real Estate Market for Current Month 2018. According to a report released on Current Month 6th by the Real Estate Experts, home prices continue to rise while inventory numbers shrink as we head into the next season.
Last Month ended with a total of 3,886 condos, townhomes, and single-family homes sold. That is an impressive increase from the 2,704 sold in Previous Month, but the number is down 1.3 percent from last year at this time. The median price range of houses that sold in This Location during the month of Last Month was $245,000. This amount shows an increase of 15.7 percent from Last Month 2017 and an increase from the $227,000 of last month.
What Does this Data Mean?
At the end of the month, there were 3,835 single-family homes listed with no offer. That shows a decrease of 30.1 percent from this time last year. The low inventory trend continues with less than a 2 month supply of inventory on the market. In order for the market to be considered balanced, there needs to be a 6 month supply of inventory. One point of interest is that there are fewer distressed sales and short sales. In fact, only 2.9 percent of all homes sales in This Area were short sales or foreclosures in March. This number is down from the 10.6 percent from this time last year.
What does this mean if you’re buying a house in Broward County?
Local inventory of homes for sale remains low, but we’re seeing an increase in sale price. In fact, prices are rising faster than usual for this time of year. If you’re thinking about buying a home, give us a call to view the newest homes on the market.
Cash sales made up 25.2 percent of all sales in the area. That’s a decrease from the 29.5 percent of cash sales this time last year. Cash buyers are still showing that they are a force in the buyers market, but they aren’t as prominent as they were in 2013 when the number peaked at 59.5 percent.
What does this mean if you’re selling a house in Broward County?
If you’re thinking of selling your house, This Location needs your home added to the current inventory! Buyers are not slowing down when it comes to paying more for the home they want, so now is a good time to speak to your real estate agent about a solid marketing plan. We’ve got good news when it comes to how fast homes are selling. The percentage of homes that sold within 60-days for the month of Last Month is 82 percent. Last year, only 9 percent of homes sold that quickly. The percentage of condos that sold within 60-days for the month of Last Month is 89 percent. That percentage is up from the 81.2 percent that sold that quickly in Last Month of 2017.
Broward County Homes for Sale
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See Additional Reports on the Broward County Real Estate Market
Here’s the most recent home listings just added to the database in the average price range for Broward County. All homes here are priced at $245,000 or less.
* The stats used for this market report example are not accurate for any area. They are only used as an example.