An increase in sales prices and an increase in new listings are the key takeaways of the May 2017 Broward County housing market; this according to statistics released today by the Greater Fort Lauderdale REALTORS®, the largest professional Broward County-based association of licensed real estate brokers and sales associates.
Median sale prices for multifamily homes rose from $142,500 in May 2016 to $159,000 in May 2017, an increase of 11.6%. Median sale prices for single family homes rose from $310,000 in May 2016 to $335,000 in May 2017, an increase of 8.1%.
The average sale prices rose in both categories as well. The average sale price for multifamily homes was $194,606 in May 2016 and rose to $211,018 by May 2017. This represents an increase of 8.4%. The average sale price for single family homes was $378,788 in May 2016 and rose to $408,639 by May 2017. This represents an increase of 7.9%.
Closed sales rose by a very slight .1% from 1,645 in May 2016 to 1,646 last month. Closed sales in single family homes, meanwhile, decreased by 9.1%. They fell from 1,738 in May 2016 to 1,579 last month.
New listings of multifamily homes increased by a healthy 4.8%. Pending inventory fell by 1.4%. Active inventory fell by 8.8%. Months supply of inventory fell by 7.7%.
New listings of single family homes rose by a 2.3%. Pending inventory dropped by 17.3%. Active inventory fell by 3.9%. Months supply of inventory held steady at four months and neither increased or decreased.
May 2017 brought with it increased prices, but an increase in new listings across the board. While closed sales either fell or barely rose, it should be interesting to see how the market plays out next month.
About Greater Fort Lauderdale REALTORS®
Greater Fort Lauderdale REALTORS® is the largest Broward-based professional association of real estate brokers and sales associates conducting business throughout South Florida while focusing on Broward County. GFLR provides multiple listing services (MLS), educational programs, ethical guidance and other services that enable licensed real estate professionals to help people buy and sell homes in Broward County and throughout South Florida. For more information visit: www.R-World.com.