Broward County Ends Summer with Double Digit Increase in Median Price
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward. The reports compare year-over-year data for August. Here are statistics on single family homes.
“The Broward County housing market ended summer just as hot as we expected! This area continues to be one of the most sought-after markets and top destinations to relocate to. As the market heats up, the appeal to invest in the housing market is increasing by the day, which has led us to another double-digit jump in median sale price to $495,000,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Median sale price is our preferred summary statistic for price activity, because unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.
“It’s worth noting that closed sales were down for the first time this year at 2.8 percent. Despite the slight decrease in closed sales, the median time to contract was 12 days. Mix the short time to contract with the historically low interest rates and the increasing price of rent in South Florida, it’s becoming more apparent that the time is now to start the home buying process. Contact a local Realtor® today to hear their expertise on the current market conditions and how they can help you find your dream home in Broward County,” continues Johnson.
Closed sales are one of the simplest – yet most important indicators for the residential real estate market. Closed sales are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes, rather than changes from one month to the next.
Market Reports: Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 38,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.