Broward County single-family home sales, median prices and dollar volume went up year after year in November 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales went up 2.2% year-over-year, from 1,149 to 1,174. Broward County continues in a seller’s market (inventory below 6 months of supply) with months of supply decreasing, a sign of the high demand for Broward real estate.
“New federal tax law limiting deductions on state and local taxes and low mortgage rates will continue boosting home sales,” said Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker.
Broward total home sales went down 5.3% year-over-year, from 2,460 to 2,330. Lack of inventory in lower price points was a part of the decline in transactions. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Broward real estate should enjoy steady growth.
According to Freddie Mac, the median commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.70% in November, up from 3.69% in October. The average commitment rate across all of 2018 was 4.54%.
Broward single-family home median prices increased 4.2%, from $360,000 to $375,000. Broward existing condominium median prices increased 2.4%, from $166,000 to $170,000. Only 4.3% of all closed residential sales in Broward were distressed in November 2019, including REO (bank-owned properties) and short sales, compared 4.3% in November 2018. Total Broward distressed sales decreased 3.8% year-over-year, from 105 to 101.
The average number of days between listing and contract dates for Broward single-family home sales was 46 days, a 12.2% increase from 41 days last year. The average number of days between the listing date and closing date for single-family homes was 88 days, a 3.5% increase from 85 days.
The average time to contract for condos was 51 days, an 8.5% increase from 47 days. The average number of days between the listing date and closing date for condos was 94 days, a 9.3% increase from 86 days.
The median percent of original list price received for single-family homes was 95.7%. The median percent of original list price received for existing condominiums was 94.9%.
Nationally, total existing-home sales transactions went down to 1.7% from October to a seasonally-adjusted annual rate of 5.35 million in November. However, sales are up 2.7% from a year ago (5.21 million in November 2018). Statewide closed sales of current single-family homes totaled 21,842 last month, up 6.1% from November 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 8,101, down 6.3% from the level a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written. The national average current home price for all housing types in November was $271,300, up 5.4% from November 2018 ($257,400), as prices rose in all regions. November’s price increase marks 93 continuous months of year after year gains.
Months supply of inventory for single-family homes went down to 13% to 4.0 months, which indicates a seller’s market. Current 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 of supply. Total active listings at the end of November went down 7.1% year-over-year, from 14,356 to 13,331. Inventory of single-family homes went down 11.8% in November from 6,039 active listings last year to 5,329 in November 2019. Condominium inventory went down 3.8% to 8,002 from 8,317 listings during the same period in 2018.
Nationally, total housing inventory at the end of November totaled 1.64 million units, decreased approximately 7.3% from October and 5.7% from one year ago (1.74 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, decreased from 3.9 months in October and from the 4.0-month figure recorded in November 2018. Unsold inventory totals have lessen for five consecutive months, restricting home sales.