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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 jkenney10f@gmail.com.
Thanks
