🇺🇸❤️🇮🇹 South Florida Market Stats for Broward for the Month of June 2024

[Jacopo Iasiello]

A Closer Look to Broward Single Family Homes

Closed Sales: In June 2024, Broward County witnessed 1,138 closed sales of single-family homes, reflecting a 9.4% drop from 1,256 sales in June 2023. This dip is just a part of the market's natural rhythm, reminding us that real estate has its ups and downs.

% Paid in Cash: Cash transactions made up 22.8% of sales, a slight decrease from last year's 26.1%. Even with this decline, nearly a quarter of buyers are still paying in cash, which shows strong confidence in the market.

Median Sale Price: Here’s a silver lining—median sale prices rose by 4.1%, reaching $640,000. This increase highlights the ongoing demand for single-family homes in Broward County.

Dollar Volume: Dollar volume saw an 8.5% decrease, totaling $945.63 million. While this drop might seem concerning, it also signals opportunities for buyers to find value in the market.

% of Original List Price Received: Sellers received 96% of their original list prices, down slightly from last year. This small decrease suggests there’s a bit more room for negotiation.

Median Time to Contract: Homes are taking longer to sell, with a median of 27 days to contract compared to 19 days last year—a 42.1% increase. This indicates buyers are taking their time to make decisions.

Median Time to Sales: The total median time to sales increased by 11.7%, from 60 days to 67 days. Deals are taking a bit longer to close, reflecting a more thoughtful market.

Active Inventory: Active inventory rose significantly by 55%, with 4,379 homes available compared to 2,826 last year. This increase provides more choices for buyers and drives competition.

Months Supply of Inventory: Inventory supply jumped by 59.3%, from 2.7 to 4.3 months. This boost indicates a stabilizing market with ample opportunities for buyers.

Broward Townhomes & Condos: Trends and Insights

Closed Sales: The market for townhomes and condos experienced a significant decline, with 1,068 closed sales—a 27.1% drop from last year's 1,466. This change highlights shifting preferences or market adjustments.

% Paid in Cash: Cash purchases made up 51.8% of sales, down slightly from 53.8%. Despite this small drop, more than half of transactions are still cash, reflecting strong market confidence.

Median Sale Price: Prices held steady with a slight increase of 2.7%, reaching $287,500. This stability shows resilience in the condo and townhome market.

Dollar Volume: Dollar volume saw a 23.4% decrease to $406.02 million, suggesting fewer high-value transactions compared to last year.

% of Original List Price Received: Sellers received 94% of their original list prices, down from last year's 96%, indicating minor shifts in negotiating power.

Median Time to Contract: A significant change here, with the median time to contract increasing by 73.1%, from 26 days to 45 days. This longer period might reflect more buyer deliberation or a cooling market.

Median Time to Sales: The total median time to sales rose by 29.4%, from 68 days to 88 days, reinforcing the trend of longer decision-making periods.

Active Inventory: Inventory levels soared by 108.3%, with 8,938 units available compared to 4,291 last year. This substantial increase offers more choices for buyers, promoting a competitive market.

Months Supply of Inventory: The supply of inventory jumped by 132.4%, from 3.4 months to 7.9 months. This significant rise points to a more balanced market with ample opportunities for buyers.

Practical Advice and Actionable Insights

For Buyers:

• Leverage Inventory Increases: With active inventory rising significantly for both single-family homes and townhomes/condos, buyers have more choices. Use this to your advantage to find properties that meet your needs and negotiate favorable terms.
• Consider Cash Offers: While cash transactions are down, they still make up a strong segment of the market. If you can, making a cash offer can give you an edge in negotiations and a quicker closing process.

For Sellers:

• Price Competitively: Despite slight decreases in the percentage of original list price received, pricing your property competitively can attract more buyers and lead to faster sales.
• Highlight Unique Features: With increased inventory, make your property stand out by emphasizing unique features and upgrades that appeal to buyers.

Market Outlook:

• Stability and Growth: The market shows stability with moderate growth in single-family home prices and substantial increases in active inventory. This indicates a healthy environment for both buying and selling.
• Adapting to Trends: The extended time to contract and sales for townhomes and condos suggests a more deliberate buying process. Stay patient and informed to navigate these trends effectively.

Concluding Message

The Broward real estate market is full of exciting opportunities for both buyers and sellers. Remember, every market shift brings new possibilities. Embrace these changes with optimism and confidence. As Zig Ziglar famously said, "You don't have to be great to start, but you have to start to be great." Let’s move forward with determination and seize the opportunities that lie ahead.