Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data for November. Here are statistics on single family homes.
“We are seeing strong, steady growth in much of Broward County, especially for single family homes. Year-over-year, there was a 2.9% increase in median sale price to $360,000 and 3.0% increase in closed sales,” said Ron Lennen, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Last November, Broward County was sitting at a $350,000 median sale price. The market has since increased $10,000 to $360,000.
“We saw a huge increase in closed sales that were paid in cash. This is a good indicator that more investors are buying in the Broward County market. Also, months' supply of inventory jumped significantly compared to what we saw in November 2017. We are starting to see signs of Broward County transitioning towards a more balanced market between seller and buyer,” continues Lennon.
In November 2018, there was 23.4% year-over year increase in cash sales. There were 269 single family homes paid with cash which is a huge spike from November 2017 where there was only 218 cash sales. The months' supply of inventory for November 2018 was 4.6 which is a 21.1% increase year-over-year. In the past two months, we have seen substantial growth in the months' supply of inventory, which is moving Broward County towards the 5.5 months' benchmark of a balanced market.
Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 30,000 Realtors®, 33,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, contact firstname.lastname@example.org.