Where should you look for REAL real estate market data?
If you are buying or selling real estate in the near future, it is important to get quality real estate market data.
Real Estate is Local. You need to look for data from your local real estate market.
I help buyers buy and sell real estate mostly in Broward County. I am a Realtor®, and I am able to access the Florida Market Reports, from the Florida Realtors®. You want market reports the feed from the Multiple Listing Service.
As a result, I am able to post the real estate market reports here on my website, for you to see.
What was the real estate market doing in July in Broward County?
Let’s start with SINGLE FAMILY HOMES. The median sale price was $350,000, up from $320,000 a year ago. That is a 9.4% increase! Real estate markets vary, but a 9.4% increase over a year is quite strong.
Consequently, the dollar volume of closed sales also went up in the last year. In July, $638.6 Million closed, up 8% from last year, which was at $591.3 Million.
However, the pending sales are about the same, with 1706 pending sales this year, a little bit down from 1756 pending sales last year.
Unfortunately, the biggest problem with our real estate market is low inventory. A balanced market in real estate, when buyers and sellers have equal buying power is when there is 6 months inventory. Last July there was 3.8 months inventory, and this July, there was 3.9 months inventory. There are plenty of buyers looking, but they just don’t see enough options to buy. Closed sales in July 2016 were 1515, and 1493 in July 2017. Hence, sales would be a lot higher if there was more inventory.
Moving on to TOWNHOUSES AND CONDOS, that median sales price has also increased 9.3% in a year. It jumped from $144,500 to $158,000 from 2016 to 2017. Inventory used to be pretty balanced for condos and townhouses last summer, with 5.9 months inventory. But even that has dropped a year later to 5.7 months inventory.
What does this all mean?
Broward County Real Estate is still doing well. It’s the simple concept of supply and demand. We have low supply, so there is still strong demand. There is no indication of properties shooting up in price or dropping in price. The real estate market seems to increasing at a good pace.