Real estate is like the stock market, it changes daily. So it is helpful to check on the real estate housing market data often. I find that the monthly reports from the Florida Realtors® is a good source.
I post the reports on my website here: market reports
Single Family Homes and Townhouses/Condos are there, for Broward County and the Tri-County areas (Broward, Miami-Dade and Palm Beach).
I work mostly Broward County, so those are the housing market numbers I will focus on for this post.
What happened with real estate in August?
The median sales price is still staying at $350,000. The median time to contract was at 35 days and the median time to sale was at 78 days.
Overall, that is a pretty quick turnaround time on a house to list for sale. It also indicates that if you haven’t had much activity in the first 2 months, you are probably overpriced.
A balanced real estate market, one where seller and buyer are playing fairly, is at 6 months inventory. The months supply of inventory in August was 3.8 months. That means that sellers have the upper hand.
However, buyers are still very cautious and do not want to overpay. A house that is listed at a fair market value, will go under contract within a month. Unfortunately, if a house is listed at a price that buyers feel is overpriced, it sits on the market.
What types of houses are for sale now?
Last month, 1431 sales closed that were traditional sales. Only 64 sales last month were foreclosures and only 29 sales last month were short sales. Cash sales consistently make up around 20-25% of the sales in single family homes in Broward.
What price range moves the quickest in this housing market?
Since the median sales price was $350,000 for August, the price range that had the most sales was $300,000-$399,999. The next price range with the second most sales was $400,000-$599,999.