Broward County Real Estate Market Trends

August 2020

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

  • New Listings decreased 1.9 percent for Single Family homes but increased 8.7 percent for Townhouse/Condo homes.
  • Pending Sales increased 31.3 percent for Single Family homes and 15.9 percent for Townhouse/Condo homes.
  • Inventory decreased 37.3 percent for Single Family homes but increased 0.2 percent for Townhouse/Condo homes.
  • Median Sales Price increased 13.9 percent to $415,850 for Single Family homes and 14.0 percent to $200,000 for Townhouse/Condo homes.
  • Median Time to Contract decreased 32.4 percent for Single Family homes but increased 2.5 percent for Townhouse/Condo homes.
  • Months Supply of Inventory decreased 38.1 percent for Single Family homes but increased 11.1 percent for Townhouse/Condo homes.

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term

August 2020 Broward Real Estate Quick Facts

 

Active – Total number of listings available for sale.
New – Total number of properties listed for sale in the month.
Pending – Total number of listings under contract.
Sold – Total number of properties closed.
Month’s Supply – Active Listings / Sold Listings in a given month
Market Favors – Balanced Market = 5.5 and 6.5 months of supply. Sellers = Under 5.5 months. Buyers = Over 6.5 months.
Average Selling $ – Total Dollar Volume in Month divided by Total Number of Properties Sold
Average % of LP – Median Percentage of List Price = Sales Price divided by List Price

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Single Family Homes

PeriodActive ListingsNew ListingsPending ListingsSold ListingsMonth's SupplyMarket FavorsAverage Selling PriceAverage % of List Price
Aug-203,7341,9921,8441,6772.60Sellers$526,34796.20%
Jul-203,9032,1382,0951,7202.80Sellers$507,35996.10%
Jun-204,3012,0162,0611,3253.20Sellers$492,84095.00%
May-204,9271,7631,8178243.70Sellers$466,48494.60%
Apr-205,1881,3748399863.90Sellers$475,13095.40%
Mar-205,1311,9951,2921,0213.60Sellers$497,94094.90%
Feb-205,0821,9651,6411,3603.40Sellers$538,36794.80%
Jan-205,2752,2871,4459834.00Sellers$488,46294.50%
Dec-195,1031,4281,1111,3333.50Sellers$494,85194.30%
Nov-195,3911,7251,2701,1863.7Sellers$456,92794.90%
Oct-195,4252,1441,5231,3494.02Sellers$455,10094.80%
Sep-195,4521,8901,3741,2364.41Sellers$433,02695.00%
Aug-195,5142,0181,5331,4463.81Sellers$449,75194.90%
Jul-195,6432,1891,6591,6483.42Sellers$468,55194.80%
Jun-195,7752,2021,7161,4833.89Sellers$468,32695.00%
May-195,9152,3891,8161,6613.56Sellers$454,86294.80%
Apr-196,3392,4001,9061,5094.20Sellers$456,69496.85%
Mar-196,1882,4671,8161,3944.44Sellers$440,74496.09%
Feb-196,2782,1801,4971,0006.28Balanced$440,86395.78%
Jan-195,7982,4531,2709396.17Balanced$444,34495.54%
Dec-185,9351,5111,1571,1575.13Sellers$439,88194.20%
Nov-186,1601,9991,1941,1584.3Sellers$441,24794.3%
Oct-185,9132,0102,4371,3444.40Sellers$440,872 96.28%
Sep-185,6031,7142,5911,2014,67Sellers$424,166 96.43%
Aug-185,6041,9712,5451,6253.45Sellers$441,906 96.64%
Jul-185,3932,2931,4981,2784.22Sellers$444,36297.50%
Jun-185,2651,6521,5311,4073.74Sellers$474,21597.35%
May-185,6262,4651,9351,3884.05Sellers$457,72997.43%
Apr-18 5,657 2,363 2,197 1,267 4.46Sellers $453,202 96.60%
Mar-18 5,310 2,121 3,116 1,338 3.97Sellers $432,001 95.90%
Feb-18 5,270 2,008 2,893 1,024 5.15Sellers $437,771 96.00%
Jan-18 5,091 2,007 2,528 9795.2Sellers $453,087 95.40%

Condos & Townhouses

PeriodActive ListingsNew ListingsPending ListingsSold ListingsMonth's SupplyMarket FavorsAverage Selling PriceAverage % of List Price
Aug-208,0962,3621,7441,4316.00Balanced$244,40193.80%
Jul-208,1682,4651,7831,3846.10Balanced$253,21393.50%
Jun-208,2462,3581,6911,0286.20Balanced$236,69293.00%
May-208,3551,9041,2067186.30Balanced$240,64792.60%
Apr-208,2561,2656729836.00Balanced$235,65693.60%
Mar-208,3522,1941,2261,5055,60Balanced$236,00893.20%
Feb-208,2192,4661,8091,1615.30Sellers$240,44693.10%
Jan-208,2622,8461,6141,0575.40Sellers$242,46893.30%
Dec-197,7071,7801,2211,4025.00Sellers$229,76293.20%
Nov-197,9572,2231,4471,1735.20Sellers$214,30293.50%
Oct-197,8232,3611,4941,2936.05Balanced$212,19993.60%
Sep-197,6992,1261,3611,3905.54Balanced$212,51593.20%
Aug-197,5912,1501,6351,4675.17Sellers$222,59393.40%
Jul-197,8332,2411,6871,5495.06Sellers$222,08892.60%
Jun-198,1112,2551,6591,4975.42Sellers$226,18392.90%
May-198,3192,3301,7981,7164.85Sellers$227,40692.80%
Apr-198,9012,5511,9141,5445.76Balanced$231,10895.92%
Mar-198,8072,5331,8911,5175.81Balanced$232,12396.14%
Feb-199,0192,5531,5661,1737.69Buyers$331,66994.65%
Jan-198,3713,0291,4331,1107.54Buyers$221,64795.79%
Dec-188,9012,5511,1231,2256.71Buyers$210,80793.10%
Nov-188,3162,2361,3001,3205.3Sellers$208,20693.5%
Oct-188,0342,3482,7041,5105.32Sellers$221,291 96.60%
Sep-187,7211,8982,7981,2516.17Balanced$218,146 96.22%
Aug-187,6332,1012,8081,5754.85Sellers$220,015 95.56%
Jul-187,4752,2281,4771,2575.95Balanced$212,44195.76%
Jun-187,5481,7471,5511,5854.76Sellers$271,86795.52%
May-188,3002,4761,9121,5005.53Balanced$232,48998.25%
Apr-18 7,845 2,582 2,563 1,476 5.32Sellers $225,872 94.50%
Mar-18 8,338 2,416 3,389 1,524 5.47Sellers $218,841 94.10%
Feb-18 8,322 2,396 3,217 1,252 6.65Buyers $220,316 94.40%
Jan-18 8,074 2,561 2,972 1,167 6.92Buyers $213,193 94.10%
This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information from the © 2020 Realtors of the Palm Beaches and Greater Fort Lauderdale Mulriple Listing Service, Inc.

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