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Luxury Real Estate Booming in Broward County

There was a 27.5% year-over-year increase in the sale of homes priced $1 million and up in Broward County for the month of February, according to the recently released Florida Realtors® Monthly Market Detail.

“The selling season is in full swing, as we are seeing a double digit increase in the sale of homes ranging from $300,000 to over $1 million, with the greatest jump in the luxury market,” said Ron Lennen, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.

Overall, there was a 3.6% year-over-year increase in total closed sales with a 4.7% decrease in cash transactions and a 10.7% increase in the median sale price to $335,000.  Inventory (active listings) decreased 4.3% and the months’ supply of inventory increased 2.6% to 4 months.  In addition, there was a 12% decrease in the median time to contract to 44 days.

Source:  Florida Realtors® Monthly Market Detail –February 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.

Posted by: Hillary Reynolds @ 12:00:00 am  Comments (0)

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