Low Inventory Favors Sellers in Broward County

Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data for January. Here are statistics on single family homes.

“Get excited sellers! With the lack of competition in the housing market and median sale price heating up, sellers should be optimistic. In January, active listings dropped 17.4 percent to 5,087 and months’ supply decreased 20.8 percent to 3.8 months. It’s worth pointing out that this is the sixth consecutive month of decreases for both active listings and months’ supply,” said Jarrod Lowe, President of Broward, Palm Beaches & St. Lucie Realtors®.

Months’ supply of inventory is a useful indicator of market conditions. The benchmark for a balanced (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers’ market, and anything lower is a sellers’ market.

“Meanwhile, median sale price increased by 5.5 percent to $374,450 as well as closed sales which rose 10.7 percent to 976. If you’re undecided on whether you should sell your home, contact a local Realtor® for their expertise,” continues Lowe.

It’s important to remember that median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sales prices for small numbers of homes that may not be characteristic of the market area.

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 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.