As we move into the busy season for Broward Real Estate, the market is healthy and buyers are out looking for the perfect home. Inventory levels for single family homes still are lower than previous years, with only 3.8 months supply. New listings in October 2017 were 8.1% higher than last year. Some neighborhoods, such as North Andrews Gardens, continue to show higher levels of inventory than surrounding neighborhoods.
The majority of purchasers are obtaining financing, with only 21% of all sales paid in cash during October 2017. Prices continue to rise at a steady, market driven rate. Selling price as a percentage of list price continues to hover in the 94-96% range.
The condominium and townhouse market’s increase in Pending Sales is a good sign, as inventory levels are much stronger. Although a balanced market at this time with 5.7 months of inventory, there are new buildings in development and under construction, a factor missing in the single family home market. New townhouses are popping up in various neighborhoods, and the area north of Downtown Fort Lauderdale will see several new condo buildings in the next couple years.
Notable however is that 52% of all condo sales in October 2017 were paid in cash, a 4% drop from September, and 10% from the beginning of the year. This may be the result of two factors: 1) lower foreclosure and short-sale inventory, and 2) healthier condo associations which lenders will now finance.
Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, November 21, 2017. Next data release is Monday, December 20, 2017.