There was a 27.7% year-over-year increase in the sale of homes priced between $600,000 and $999,999 in Broward County for the month of March, and 90.9% decrease in sales ranging from $50,000 to $99,999, according to the recently released Florida Realtors® Monthly Market Detail.
“We are seeing much more sales activity in the higher priced homes compared to last year,” said Ron Lennen, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale. “It is still a seller’s market in Broward County as the median sales price continues to increase with fewer homes to choose among.”
The median sales price of single family home increased 5.9% to $350,500, and overall, there was a 10.5% decrease in closed sales with an 11.2% decrease in cash transactions. The median time to contract decreased 4.7% to 41 days. In addition, pending inventory (active listings) decreased by 1.9% and the months’ supply of inventory increased 7.9% to 4.1 months.
Source: Florida Realtors® Monthly Market Detail – March 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.