Broward County Real Estate Market Trends

April 2020

While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

  • New Listings decreased 26.8 percent for Single Family homes and 19.1 percent for Townhouse/Condo homes.
  • Pending Sales decreased 4.7 percent for Single Family homes and 29.1 percent for Townhouse/Condo homes.
  • Inventory decreased 22.9 percent for Single Family homes and 5.7 percent for Townhouse/Condo homes.
  • Median Sales Price increased 1.4 percent to $370,000 for Single Family homes but decreased 2.8 percent to $175,000 for Townhouse/Condo homes.
  • Median Time to Contract decreased 8.8 percent for Single Family homes and 2.1 percent for Townhouse/Condo homes.
  • Months Supply of Inventory decreased 17.8 percent for Single Family homes but increased 6.8 percent for Townhouse/Condo homes.

Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

 

Quick Facts May 2020

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
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
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 © 2019 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.