Increased prices, decreased sales, and decreased inventory are the key takeaways of the August 2017 Broward County housing market; this according to statistics released today by REALTORS® of the Palm Beaches and Greater Fort Lauderdale, the third largest local REALTOR® Associations in the country.
Closed sales decreased in single family homes by 8.1%, from 1,658 in August of 2016 to 1,524 last month. Closed sales for townhouses and condos decreased by 10.6%, from 1,522 in August of 2016 to 1,360 last month.
The median sale price of both single family homes and townhomes and condos increased in August. It rose by 7.7% year-over-year in the single family market, from $325,000 to $350,000. It rose by 7.8% year-over-year in the townhome and condo market, from $144,755 to $156,000.
Active listings decreased in both single family homes and townhomes and condos. Inventory decreased year-over-year by 3.4% in the single family home market, from 5,394 to 5,211. Inventory decreased year-over-year by 6.3% in the townhome and condo market, from 8,226 to 7,706.
Ron Lennen, President-Elect of REALTORS® of the Palm Beaches and Greater Fort Lauderdale, had the following to say about August’s housing market in Broward County –
“We saw prices rise and sales fall in both sectors of the Broward housing market last month. Sales decreased by double digits in the multifamily sector and near double digits in the single family sector. In both sectors, prices rose nearly 8.0 percent.
“Despite increasing prices, buyers remained interested and proactive. In the single family sector, time to contract decreased year-over-year to 35 days. Buyers aren’t waiting in the increasingly competitive, seller-controlled market.
“It’s worth taking a moment to note that once you enter the luxury market, the opposite is true. Buyers are firmly in control of what sells and for how much.”