Thought it would be interesting to take a look at the most recent sales activity for Broward County. For purposes of this update, I am using data compiled for the second quarter (April-June) of 2019. The update will be broken down into Broward County Condo/Townhome Residences and Single Family Detached Residences:
KEY UPDATES FOR CONDO/TOWNHOME RESIDENCES:
*Year To Date 2019 Sales were lower by 5.7% compared to the same period in 2018.
*Median Sales Price was higher at 1.7% to $175K in Q2, 2019 compared to Q2, 2018.
*Days on Market it Took to Sell was higher with a median of 84 days which is up 23.5% above that of Q2, 2018.
*Percent of Sale Price to List Price was lower at a median of 93.5% down by .6% compared to 2Q, 2018.
*67% of all listings were initially overpriced in Q2, 2019. Overpriced listings take longer to sell and require price reductions adversely affecting the Sale to List Price ratio
*Incidence of Price Reductions was higher at 46.4% of total transactions in Q2 which is up 6.7% from Q2, 2018. It should be noted that it took 3.1 times (+3.4 months) longer to sell after a price reduction which underscores the need for proper pricing with initial list price.
*Available inventory of condos/townhomes was 4.8 months of supply in June which is up 9.1% compared to June, 2018.
KEY UPDATES FOR SINGLE FAMILY DETACHED RESIDENCES:
*Year To Date 2019 Sales were lower by 3.2% compared to the same period in 2018.
*Median Sales Price was higher at 1.4% to $365K in Q2, 2019 compared to Q2, 2018.
*Days on Market it Took to Sell was higher with a median of 75 days which is up 13.6% compared to Q2, 2018.
*Percent of Sale Price to List Price was .5% lower at 95.1% in Q2, 2019 compared to same period in 2018.
*67% of all listings were overpriced in Q2, 2019.
*Incidence of Price Reductions was higher at 49.1% of total transactions in Q2, 2019 which is 5.8% higher than in Q2, 2018.
*Available inventory of single family detached residences was 3.5 months of supply in June, 2019 which is up 6.1% compared to June, 2018.
Hope the above information was of interest. If you are looking to buy or sell a new condo/townhome or single detached residence in Broward County and not currently working with a Realtor, please do not hesitate to contact me at (954) 547-9483 or via email at firstname.lastname@example.org.
Tags: Broward Count Single Family Detached Home Sales, Broward County Condo Sales, Broward County Q2 2019 Market Activity, Broward County Townhome Sales, Jay Kenney, SF Property Team, SF Residential Team, South Florida Residential Team