Broward County existing condominium sales increased for the eighth consecutive month in November as total Broward home sales increased 4.3 percent year-over-year, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales rose 3 percent, from 1,115 to 1,149, year-over-year in November as median prices and dollar volume increased for all properties.
“Broward real estate remains a seller’s market,” said MIAMI Broward Council President Patricia C. Anglero, a Fort Lauderdale broker. “Condominium sales once again fueled another strong month. The condo market’s $400K to $600K price range saw a sizable increase in sales in November --- up 27.7 percent year-over-year.”
Eight Consecutive Months of Sale Increases for Broward Condo Market
Broward existing condo sales posted an eighth consecutive month of positive gains, rising 5.4 percent, from 1,244 to 1,311.
Every condo price range except for three (less than $50,000, $50,000 to $99,999, and $600,000 to $999,999) saw year-over-year increases. The large segment of growth for Broward condos was the $400,000 to $600,000 sector with 60 sales, an increase of 27.7 percent from November 2017.
Total Broward Home Sales Increase 4.3 Percent
Total Broward home sales increased 4.3 percent year-over-year in November 2018, from 2,359 to 2,460.
Broward single-family home sales rose 3 percent largely because of the success of the $400,000 to $600,000 price sector. The price range had 15.2 percent more sales in November 2018 than November 2017.
Broward single-family home luxury sales also had a robust month, increasing 14.3 percent year-over-year to 48 transactions.
Sales Dollar Volume Increased 8.5 Percent to $799.2 Million
Total sales volume increased to $799.2 million from $736.9 million in November 2018. Existing condo sales volume increased from $260.5 million to $288.8 million (an increase of 10.8 percent). Single-family home total dollar volume rose 7.1 percent, from $476.4 million to $510.4 million.
Broward Median Prices Rise for Condos and Single-Family Homes
Broward County existing condo prices rose 3.8 percent, from $160,000 to $166,000 in November. Single-family home prices increased 2.9 percent in November 2018, from $350,000 to $360,000.
Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.87 percent in November from 4.83 percent in October. The average commitment rate for all of 2017 was 3.99 percent.
Broward Distressed Sales Continue to Drop, Reflecting Healthy Market
Only 4.3 percent of all closed residential sales in Broward were distressed in November 2018, including REO (bank-owned properties) and short sales, compared 6.1 percent in November 2017.
Total Broward distressed sales decreased 27.6 percent year-over-year, from 145 in November 2017 to 105 in November 2018.
Short sales and REOs accounted for 1.3 and 3.0 percent, respectively, of total Broward sales in November 2018. Short sale transactions decreased 27.9 percent year-over-year while REOs decreased 27.5 percent.
Nationally, distressed sales accounted for 2 percent of sales (lowest since NAR began tracking in October 2008), down from 4 percent a year ago.
Broward Real Estate Selling Close to List Price
The median number of days between listing and contract dates for Broward single-family home sales was 42 days, a 16 percent decrease from 50 days last year. The median number of days between the listing date and closing date for single-family homes was 85 days, a 9.6 percent decrease from 94 days.
The median time to contract for condos was 47 days, a 24.2 percent decrease from 62 days last year. The median number of days between the listing date and closing date for condos was 86 days, a 17.3 percent decrease from 104 days.
The median percent of original list price received for single-family homes was 95.5 percent. The median percent of original list price received for existing condominiums was 94.8 percent.
National and State Statistics
Nationally, total existing-home sales increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017).
Statewide closed sales of existing single-family homes totaled 20,578 last month, up 3 percent compared to November 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,643, up 4.9 percent compared to a year ago.
The national median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.
November marked 83 months-in-a-row (more than six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $255,000, up 6.3 percent from the previous year. Last month’s statewide median price for condo-townhouse units was $185,000, up 5.1 percent over the year-ago figure.
Broward Cash Buyers Represent Almost Double the National Figure
Broward cash transactions comprised 38.5 percent of November 2018 total closed sales, compared to 39.7 percent last year. Broward cash transactions are almost double the national figure (21 percent).
Condominiums comprise a large portion of Broward’s cash purchases as 51.8 percent of condo closings were made in cash in November compared to 23.4 percent of single-family home sales.
Seller’s Market for Broward Real Estate
Monthly supply of inventory for single-family homes increased 21.1 percent to 4.6 months, which indicates a seller’s market. Existing condominiums have a 5.8-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.
Although still in a seller’s market, the increase is positive, as high demand and insufficient supply were resulting in a housing shortage and negatively impacting sales.
Total active listings at the end of November increased 11.2 percent year-over-year, from 12,911 to 14,356.
Inventory of single-family homes increased 19.3 percent in November from 5,064 active listings last year to 6,039 in November 2018. Condominium inventory increased 6 percent to 8,317 from 7,847 listings during the same period in 2017.
New listings of Broward single-family homes increased 3.5 percent to 1,671 from 1,615. New listings of condominiums decreased 2.6 percent, from 2,873 to 2,505.
Nationally, total housing inventory at the end of November decreased to 1.74 million, down from 1.85 million existing homes available for sale in October. This represents an increase from 1.67 million a year ago, however. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago.
To access November 2018 Broward County Statistical Reports, visit http://www.SFMarketIntel.com
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 98 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents more than 46,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 204 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com.
