Blazing Summer Sets New Record High in Broward County
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward. The reports compare year-over-year data for June. Here are statistics on single family homes.
“It was a monumental month for the Broward County housing market! The median sale price hit $498,203, making it the highest we have ever seen. June’s market stats show that the low inventory levels aren’t deterring prospective homebuyers from jumping into this red hot market. Low mortgage rates combined with rising sale prices have everyone shopping for homes in South Florida,” 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.
“Meanwhile, closed sales increased 37.3 percent to 1,803 and homes are flying off the market at astonishing rates. The amount of closed sales we’ve seen this summer easily tops what we saw in the summer of 2020. Homes are going under contract as soon as they are listed; the median time to contract in June was an astonishing 11 days. With the help of Realtors®, people are buying their dream homes or cashing in on the market momentum. So, whether you’re looking to buy or sell, a local Realtor® will help you find what you’re looking for at the right price,” continues Johnson.
Time to contract is a measure of 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 of a property and the signing of the contract which eventually led to the closing of the sale.
Market Reports: Broward Single Family | Broward Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing over 37,000 Realtors®, 39,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.