Broward County's Hot Housing Market Intensifies Into the Fall Season
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward. The reports compare year-over-year data for September. Here are statistics on single family homes.
“Broward County kicked off the fall season with a home buying frenzy in September. Homes are flying off the MLS after an astonishing rate of only 13 median days on market. Everyone is getting in on the action as the median sale price continues climb. We saw an increase of 17.5 percent year over year to $499,450 for single family homes,” 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.
“Adding to the excitement of the Broward County housing market are the historically low interest rates. With the trend of low interest rates, climbing sale prices, and stiff competition to contract, buyers are working against the clock to buy in all the excitement. The sky is the limit for South Florida with buyers continuing to move to the area as new infrastructure and construction opportunities arise. If you’re thinking of buying or selling, contact a local Realtor® for expert advice on how to maneuver in this growing market,” continues Johnson.
Time to contract is a measure of the length of the home selling process calculated for sales which closed during the month. Time to contract measures the number of days between the initial listing for a property and the signing of the contract which eventually led to the closing of the sale.
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.