“Broward continues attracting and increased number of buyers from tax burdened, particularly since the new income tax law took effect"
MIAMI (PRWEB) November 08, 2019
Broward County total home sales, median prices and dollar volume rose in 3Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales rose 4% year-over-year in 3Q 2019, increasing from 4,133 to 4,299. Condo transactions increased 6.4%, from 4,119 to 4,383.
“Broward continues attracting and increased number of buyers from tax burdened, particularly since the new income tax law took effect,” Broward-MIAMI Association of Realtors President Jonathan Keith, a Fort Lauderdale broker.
Total Broward Sales Volume Rise in 3Q 2019
Broward single-family home dollar volume increased 7.7%, from $1.8 billion to $2.0 billion. Broward condo dollar volume rose 6.6%, from $891.7 million to $950.8 million.
Non-distressed sales comprised about 96.6% of all closed residential sales in 3Q 2019 vs. 94.9% in 3Q 2018. Only 3.4% of all closed residential sales in Broward were distressed in 3Q 2019, including REO (bank-owned properties) and short sales, compared to 5.1% in 3Q 2018.
Short sales and REOs accounted for 0.7% and 2.6%, respectively, of total Broward sales in 3Q 2019. Short sale transactions decreased 40.6% year-over-year while REOs fell 28.3%.
Broward Median Prices Rise in 2Q 2019
The median price for single-family homes in Broward County increased to $370,000 in 3Q 2019, a 4.2% jump from $355,000 in the same period last year. The median price for existing condominiums increased 4.8% year-over-year from $165,000 to $173,000.
Statewide, median sales price for single-family existing homes in 3Q 2019 was $265,000, up 3.9% from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $190,000, up 4.1% over the year-ago figure.
The national median existing single-family home price in the third quarter was $280,200, up 5.1% from the third quarter of 2018 ($266,500), according to the National Association of Realtors (NAR).
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.67% for 3Q 2019, significantly lower than the 4.57% average recorded during the same quarter a year earlier.
Seller’s Market in Broward
At the current sales pace, the number of active listings represents 4.1 months of inventory for single-family homes and 5.5 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.
Broward real estate had 12,985 active listings in 3Q 2019, a 2.5% decrease from the 13,324 listings at the same time last year. The inventory for single-family homes decreased 4.1% from 5,330 to 5,603. Broward existing condo inventory decreased 0.9%, from 7,721 to 7,655.
Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas
Months’ supply of inventory is a strong indicator of real estate activity. Top Broward neighborhoods with the lowest months of supply of inventory in 3Q 2019:
1. West Park, a city south of Hollywood, 2.1 months supply
2. North Lauderdale, a city west of Fort Lauderdale, 2.2 months supply
3. Sunrise, a city north of Plantation, 2.3 months supply
4. Margate, a city west of Coconut Creek, had 2.5 months supply
5. Pembroke Pines, a city west of Hollywood, 2.6 months supply
1. Cooper City, a city west of Hollywood, 1.9 months supply
2. Parkland, a city west of Coconut Creek, 1.9 months supply
3. Pembroke Park, a city south of Hollywood, 2.5 months supply
4. Wilton Manors, a city north of Fort Lauderdale, 2.9 months supply
5. Pembroke Pines, a city west of Hollywood, had 3.2 months supply
State Home Sales in 3Q 2019
Closed sales of single-family homes statewide totaled 78,759 in 3Q 2019, up 8.1% from the 3Q 2018 level, according to Florida Realtors. Looking at Florida’s condo-townhouse market, statewide closed sales totaled 29,539 during 3Q 2019, up 2.2% compared to a year ago. Closed sales typically occur 30 to 90 days after sales contracts are written.
Broward Homes Selling Close to List Price
The median percent of original list price received was 96% for single-family homes and 94.6% for condos in 3Q 2019.
The median time to contract for single-family home listings was 44 days, a 15.8% increase from 38 days in 3Q 2018. The median time to contract for existing condos was 53 days, a 1.9% increase from 52 days in 3Q 2018.
The median time to sale for single-family homes increased 7.5%, from 80 days to 86 days. The median time to sale for existing condos increased 2.2%, from 93 days to 95 days.
Broward Cash Sales Almost Double National Figure
Cash sales represented 32.9% of Broward closed sales in 3Q 2019, compared to 25.2% in 3Q 2018. About 16% of U.S. home properties are made in cash, according to the latest NAR statistics.
Cash sales accounted for 48.8% of all Broward existing condo sales and 16.9% of single-family transactions.
3Q 2019 Broward County Statistical Reports — visit SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 47,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 215 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com