Broward County’s luxury market continues to rise.
MIAMI (PRWEB) May 14, 2019
Broward County luxury home sales continued rising in 1Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Total Broward luxury $1-million-and-up home sales increased 1.8 percent year-over-year in 1Q 2019, increasing from 219 to 223. Single-family home luxury transactions rose 1.3 percent to 161. Condo luxury transactions 3.3 percent to 62.
“Broward County’s luxury market continues to rise,” said Broward-MIAMI Association of Realtors President Jonathan Keith, a Fort Lauderdale broker. “Broward $1-million-and-up home sales had a great 2018 (up 19.5 percent) and it continued last quarter. The new Tax Cuts and Jobs Act reduced certain deductions that homeowners in high-tax states could claim, encouraging more residents to move to low-tax states like Florida.”
Total Broward Home Sales Decrease in 1Q 2019
Total Broward County home sales decreased 6.7 percent year-over-year in 1Q 2019, from 7,287 to 6,797. Broward single-family home sales decreased 5 percent, from 3,343 to 3,175. Condo sales decreased 8.2 percent, from 3,944 to 3,622.
Lack of supply in certain price ranges and neighborhoods impacted sales.
$2.2 Billion in Total Broward Sales Volume in 1Q 2019
Total sales volume accounted for $2.2 billion in 1Q 2019, a decrease from the $2.4 billion sales volume a year ago.
Non-distressed sales comprised about 95 percent of all closed residential sales in 1Q 2019 vs. 95 percent in 1Q 2018. Only 4.6 percent of all closed residential sales in Broward were distressed in 1Q 2019, including REO (bank-owned properties) and short sales, compared to 4.7 percent in 1Q 2018.
Short sales and REOs accounted for 1.1 and 3.5 percent, respectively, of total Broward sales in 1Q 2019. Short sale transactions decreased 19.8 percent year-over-year while REOs fell 3.6 percent.
Broward Median Prices Rise in 1Q 2019
The median price for single-family homes in Broward County increased to $355,000 in 1Q 2019, a 2.9 percent jump from $345,000 in the same period last year. The median price for existing condominiums increased 3.1 percent year-over-year from $160,000 to $165,000.
Statewide, median sales price for single-family existing homes in 1Q 2019 was $253,000, up 2% from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $185,575, up 3.1% over the year-ago figure.
The national median existing single-family home price in the first quarter was $254,800, up 3.9% from the first quarter of 2018 ($245,300), according to the National Association of Realtors (NAR).
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 1Q 2019:
1. Pembroke Pines, a south Broward city north of Miramar, had 2.8 months supply
2. Margate, a north Broward city east of Pompano Beach, had 3.1 months supply
2. West Park, a south Broward city east of Miramar, had 3.1 months supply
3. Coral Springs, a north Broward city south of Parkland, had 3.2 months supply
4. Cooper City, a south Broward city north of Pembroke Pines, had 3.3 months supply
1. Cooper City, a south Broward city north of Pembroke Pines, had 2.5 months supply
2. North Lauderdale, a north Broward city east of Tamarac, had 3.2 months supply
3. Oakland Park, a north Broward city north of Fort Lauderdale, had 3.3 months supply
4. Davie, a south Broward city west of Dania Beach, had 3.4 months supply
5. Miramar, a south Broward city along the Miami-Dade line, had 3.5 months supply
National, State Home Sales in 1Q 2019
Nationwide existing–home sales, including single family and condos, increased 1.2% to a seasonally adjusted annual rate of 5.207 million in the first quarter, up from 5.143 million in the fourth quarter of 2018, according to NAR. That is 5.4% lower than the 5.507 million-pace in the first quarter of 2018.
Closed sales of single-family homes statewide totaled 59,505 in 1Q 2019, down 1.2% from the 1Q 2018 level, according to Florida Realtors. Looking at Florida’s condo-townhouse market, statewide closed sales totaled 25,060 during 1Q 2019, down 7.3% compared to 1Q 2018.
Balanced Market for Single-Family Homes, Buyer’s Market for Condos
At the current sales pace, the number of active listings represents 4.7 months of inventory for single-family homes and 6.3 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.
Broward real estate had 14,844 active listings in 1Q 2019, a 8.7 percent increase from the 13,661 listings at the same time last year. The inventory for single-family homes increased 13.7 percent, from 5,320 to 6,051. Broward existing condo inventory grew 5.4 percent, from 8,341 to 8,793.
Broward Homes Selling Close to List Price
The median percent of original list price received was 95.3 percent for single-family homes and 94.1 percent for condos in 1Q 2019.
The median time to contract for single-family home listings was 58 days, a 28.9 percent increase from 45 days in 1Q 2018. The median time to contract for existing condos was 54 days, a 1.8 percent decrease from 55 days in 1Q 2018.
The median time to sale for single-family homes increased 13.8 percent, from 87 days to 99. The median time to sale for existing condos decreased 1 percent, from 97 to 96.
Broward Cash Sales Almost Double National Figure
Cash sales represented 39.8 percent of Miami closed sales in 1Q 2019, compared to 43.1 percent in 1Q 2018. About 21 percent 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 55.7 percent of all Miami existing condo sales and 21.5 percent of single-family transactions.
1Q 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 212 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com