Broward County Median Home Prices Continue to Rise in 2Q 2019

MIAMI, August 07, 2019 /PRNewswire-PRWeb/ -- Broward County single-family home sales and prices rose in 2Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Broward single-family home sales rose 2.7% year-over-year in 2Q 2019, increasing from 4,544 to 4,666. Condo transactions declined 5.9%, from 5,104 to 4,805.

"We continue to see strong demand and insufficient supply for Broward properties," Broward-MIAMI Association of Realtors President Jonathan Keith, a Fort Lauderdale broker. "In addition to local and foreign buyers, Broward is attracting and increased number of buyers from tax burdened, particularly since the new income tax law took effect."

Mid-Market Sales Increase in 2Q 2019
Second quarter mid-market sales increased for all property types in Broward. Single-family home sales in the $250,000 to $600,000 range increased 7.2%, while condo sales in the $150,000 to $400,000 range increased 6.7%.

Lack of supply in certain price ranges and neighborhoods coupled with lack of FHA loans for Condos in Florida is negatively impacting local sales activity.

$3.3 billion in Total Broward Sales Volume in 2Q 2019
Sales volume accounted for $2.2 billion in single-family transactions and $1.1 billion in townhouse and condo sales in 2Q 2019. Dollar volume increased 4.5% for single-family homes and decreased 11.2% for condos and townhouses.

Non-distressed sales comprised about 96.5% of all closed residential sales in 2Q 2019 vs. 96% in 2Q 2018. Only 3.5% of all closed residential sales in Broward were distressed in 2Q 2019, including REO (bank-owned properties) and short sales, compared to 4.0% in 2Q 2018.

Short sales and REOs accounted for 2.6% and 0.9%, respectively, of total Broward sales in 2Q 2019. Short sale transactions decreased 18.6% year-over-year while REOs fell 14.8%.

Broward Median Prices Rise in 2Q 2019
The median price for single-family homes in Broward County increased to $365,000 in 2Q 2019, a 1.6% jump from $359,238 in the same period last year. The median price for existing condominiums increased 3.2.6% year-over-year from $170,500 to $175,000.

Statewide, median sales price for single-family existing homes in 2Q 2019 was $264,000, up 3.3% from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $195,00, up 2.9% over the year-ago figure.

The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000), according to the National Association of Realtors (NAR).

Seller's Market in Broward
At the current sales pace, the number of active listings represents 4.3 months of inventory for single-family homes and 5.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Broward real estate had 13,720 active listings in 2Q 2019, a 4.7% increase from the 13,109 listings at the same time last year. The inventory for single-family homes increased 4.5%, from 5,411 to 5,652. Broward existing condo inventory grew 4.8%, from 7,6987 to 8,068.

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 2Q 2019:

Single-Family Homes
1. Pembroke Pines, a south Broward city north of Miramar, 2.8 months supply
2. Margate, a north Broward city east of Pompano Beach, 2.6 months supply
3. Coral Springs, a north Broward city south of Parkland, 3.2 months supply
4. North Lauderdale, a north Broward city east of Tamarac, 2.1 months supply
5. West Park, a south Broward city east of Miramar, 2.9 months supply

Condominiums
1. Coral Springs, a north Broward city south of Parkland, 3.3 months supply
2. Davie, a south Broward city west of Dania Beach, 3.6 months supply
3. Miramar, a south Broward city along the Miami-Dade line, 3.5 months supply
4. Oakland Park, a north Broward city north of Fort Lauderdale, 2.9 months supply
5. Tamarac, a north Broward city west of North Lauderdale, 3.5 months supply

National, State Home Sales in 2Q 2019
Nationwide existing single-family home sales increased 4.3% to a seasonally adjusted annual rate of 279.6 million in the second quarter, up from 268.0 million in the second quarter of 2018, according to NAR. Condo sales nationwide increased 3.6% to a seasonally adjusted annual rate of 255.04 million in the second quarter.

Closed sales of single-family homes statewide totaled 85,017 in 2Q 2019, up 4.6% from the 2Q 2018 level, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide closed sales totaled 34,128 during 2Q 2019, down 1.4% compared to 2Q 2018.
Broward Homes Selling Close to List Price
The median percent of original list price received was 96.1%for single-family homes and 94.2% for condos in 2Q 2019.

The median time to contract for single-family home listings was 43 days, a 26.5 % increase from 34 days in 2Q 2018. The median time to contract for existing condos was 56 days, a 27.3% increase from 44 days in 2Q 2018.

The median time to sale for single-family homes increased 7.7%, from 78 days to 84 days. The median time to sale for existing condos increased 11.6%, from 86 days to 96 days.

Broward Cash Sales Almost Double National Figure
Cash sales represented 34.6% of Miami closed sales in 2Q 2019, compared to 36.1% in 2Q 2018. About 16% of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 50.9% of all Miami existing condo sales and 17.8% of single-family transactions.

2Q 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

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SOURCE MIAMI Association of Realtors