There was a 10.8% year-over-year increase in the median sale price of single family homes in Broward County, appreciating to $345,000 for the month of January, according to recently released Florida Realtors® Monthly Market Detail.
“With a double digit appreciation in the median sale price of single family homes and continued decline in inventory, we anticipate a very robust and active year for residential real estate in Broward County,” said Ron Lennen, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Inventory (active listings) decreased 7.2% and the months’ supply of inventory increased 2.6% to 3.9 months. In addition, there was a .3% decrease in closed sales, a 21.7% decrease in cash transactions and 8.9% increase in the median time to contract to 49 days.
Source: Florida Realtors® Monthly Market Detail – January 2018
The Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 28,000 Realtors®, 30,000 MLS subscribers, and 5 regional boards across South Florida and the Treasure Coast. For more information, visit www.rapbgflrmerge.com.