April 2017 Broward Real Estate Activity

Another month of activity continues to show overall reductions in Pending and Closed Single Family Home sales, yet increases in Median & Average Sale Prices.  Within 6 months, future overall comparisons to prior year data will be more normalized, as foreclosures and short-sales will be at near the same levels.  Inventory levels are still below 2016 levels, with the exception of homes priced above $400,000.  Traditional home sales (excluding foreclosures and short-sales) increased by 4.8% over last April.

Single Family Homes Activity April 2017

Closed Sales percentage changes for single-family homes priced in the following price ranges are:

  • +20.6% for homes priced between $200,000 and $249,999
  • -16.1% for homes priced between $250,000 and $299,999
  • -4.1% for homes priced between $300,000 and $399,999
  • +23% for homes priced between $400,000 and $499,999

Single Family Home Sales by Price April 2017

As shown in the below chart, inventory levels for non-distressed property is nearly flat for the past year, with small deviations in specific quarters.  The largest reduction in inventory are for homes priced under $200,000.  Inventory levels for homes between $200,000 and $400,000 range between 2.6% and 5.3% lower than in 2016.

In Broward County, overall it continues to be a Seller’s Market, with 3.9 months supply of inventory which is the same value as in 2016.  If you find a home you like, don’t hesitate making the offer!

The condominium and townhouse market in Broward County is not suffering from the large inventories seen in Miami-Dade.  Excluding distressed properties, the Broward County condo market in April 2017 shows increases in many key metrics such as Closed Sales, Median & Average Sale Prices.

Unlike single family homes, or fee simple townhomes, condominiums or townhouses in a legal condo association are harder to obtain financing for due to specific Fannie Mae regulations that lenders must adhere to when evaluating a condo purchase.  Most buyers looking to purchase a primary residence must put 20% down, and buyers purchasing a vacation condo must have 30% down.  This can be a result of low reserves or low reserve funding, lawsuits against the association, lack of rental restrictions and other factors.

Closed Sales percentage changes for condos/townhouses priced in the following price ranges are:

  • +2.8% for properties priced between $200,000 and $249,999
  • +27.1% for properties priced between $250,000 and $299,999
  • -7.5% for properties priced between $300,000 and $399,999
  • +15.0% for properties priced between $400,000 and $499,999

Inventory levels are 9.3% lower than in 2016. It’s a Buyer’s Market with 6.1 months supply of inventory.

 

Notes: Statistics for each month are compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, May 24, 2017.

IF YOU ARE CONSIDERING BUYING OR SELLING PROPERTY, CONTACT ME AT 954-632-5100.