HOMES SALES IN FLORIDA’S BROWARD COUNTY CONTINUE TO RISE
No matter how you slice it, people still want to live in Broward County.
Home sales continue to rise, and they did again in the second quarter of 2019 according to data from the MIAMI Association of REALTORS® and the Multiple Listing Service systems.
Home sales in Broward increased by 2.7 percent from the second quarter of 2018.
Additionally, mid-market sales were on the rise in Broward County for all property types as single family homes that are priced between $250,000 and $600,000 increased by 7.2 percent while condominium sales, which overall were down from 2018, did see a 6.7 percent spike in sales in the price range between $150,000 and $400,000.
“We continue to see strong demand for Broward homes and insufficient supply, particularly in some cities,” said Broward-MIAMI Association of REALTORS® President Jonathan Keith in a press release. “In addition to local and foreign buyers, Broward is attracting an increased number of tax burdened [buyers], particularly since the new income tax law took effect.”
However, his high demand is creating a greater strain on the housing supply in Broward County and home prices are trending upward, meaning affordability will soon become an issue.
The median price for a single-family home in Broward County climbed to $365,000, which is 1.6 percent higher than it was a year ago and is about $100,000 more than the median price in the entire state of Florida. And despite sales on condominiums dipping overall, the median price for those also by more than three percent to $175,000.
This has created a seller’s market in Broward. Researchers use the amount of months of inventory available as a factor in determining whether the market favors buys, sellers or remains balanced.
A balanced market will usually have between six and nine months worth of inventory. At the second quarter sales pace, Broward County has 4.3 months of inventory for single family homes.
And there are markets where the demand is even hotter.
According to the data released by the Miami Association, the hottest neighborhoods for single-family home sales in Broward County are Pembroke Pines (2.8 months), Margate (2.6), Coral Springs (3.2), North Lauderdale (2.1) and West Park (2.9).
Coral Springs (3.3) is also on the hot list for condominiums along with Davie (3.6), Miramar (3.5), Oakland Park (2.9) and Tamarac (3.5).