United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Broward Single-Family Home Median Prices Increase in December, Higher Interest Rates, Limited Supply Impact Rising Sales

PRWeb Tuesday, 22 January 2019
Broward County single-family home median sale prices rose 2.9 percent to $350,000 in December 2018 as Broward existing condos sold between $400K to $600 increased 4.3 percent year-over-year, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

MIAMI (PRWEB) January 22, 2019

Broward County single-family home median sale prices rose 2.9 percent to $350,000 in December 2018 as Broward existing condos sold between $400K to $600 increased 4.3 percent year-over-year, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Consistent with market performance throughout the U.S., higher interest rates resulted in fewer Broward home sales in in December.

“After eight consecutive months of sale increases, Broward sales dropped in December mostly due to higher interest rates and limited supply,” said 2019 MIAMI Broward President Jonathan Keith. “But the Broward market still reflects strong demand, as sales in certain price points increased, total sales in 2018 are expected to exceed 2017 levels, and months supply of inventory remain low.”

Total Home Sales Decrease in December
Total Broward County sales decreased 10.3 percent year-over-year in December 2018, from 2,629 to 2,357. The decrease is mostly due to higher interest rates and lack of inventory in lower price points. Since mortgage rates have dropped, sales are expected to increase in the coming months.

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 decreased to 4.64 percent in December from 4.87 percent in November. The average commitment rate for all of 2017 was 3.99 percent.

Broward single-family home sales decreased 11.2 percent, from 1,291 to 1,147. Condo sales decreased 9.6 percent, from 1,338 to 1,210. Condo sales had increased for eight consecutive months before December.

Total sales volume decreased 11.3 percent to $762.7 million in December 2018. Single-family home dollar volume decreased 11.9 percent from $574 million to $505.9 million. Condo dollar volume decreased 10.2 percent from $286.1 million to $256.8 million.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

Broward Median Prices Rise for Single-Family Homes
Broward County single-family home prices rose 2.9 percent year-over-year, from $340,000 to $350,000. Condo median sale prices decreased 3 percent from $165,000 to $160,000.

Broward Distressed Sales Continue to Drop, Reflecting Healthy Market
Only 4.7 percent of all closed residential sales in Broward were distressed in December 2018, including REO (bank-owned properties) and short sales, compared 5.5 percent in December 2017.

Total Broward distressed sales decreased 23.9 percent year-over-year, from 146 to 111.

Short sales and REOs accounted for 0.9 and 3.7 percent, respectively, of total Broward sales in December 2018. Short sale transactions decreased 39.5 percent year-over-year while REOs decreased 18.5 percent.

Nationally, distressed sales accounted for 2 percent of sales, unchanged from 2 percent last month and down from 5 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 47 days, a 9.3 percent increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 85 days, a 4.9 percent increase from 81 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 46 days, a 9.8 percent decrease from 51 days.

The median percent of original list price received for single-family homes was 95.4 percent. The median percent of original list price received for existing condominiums was 94.5 percent.

National and State Statistics
Nationally, total existing-home sales decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017).

Statewide closed sales of existing single-family homes totaled 20,633 last month, down 9.9 percent compared to December 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,156, down 11.4 percent compared to a year ago.

The national median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017 ($246,500). December’s price increase marks the 82nd straight month of year-over-year gains.

December marked 84 consecutive months of year-over-year statewide median sale price increases for both single-family homes and condo-townhouse properties. The statewide median sales price for single-family existing homes was $255,000, up 4.2 percent from the previous year. Last month’s statewide median price for condo-townhouse units was $185,000, up 2.8 percent over the year-ago figure.

Broward Cash Buyers Represent Almost Double the National Figure
Broward cash transactions comprised 36.9 percent of December 2018 total closed sales, compared to 38.9 percent last year. Broward cash transactions are almost double the national figure (22 percent).

Condominiums comprise a large portion of Broward’s cash purchases as 54.2 percent of condo closings were made in cash in December compared to 18.7percent of single-family home sales.

Seller’s Market for Broward Real Estate
Months supply of inventory for single-family homes increased 22.2 percent to 4.4 months, which indicates a seller’s market. Existing condominiums have a 5.7-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months of supply.

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 December increased 12.3 percent year-over-year, from 12,360 to 13,885.

Inventory of single-family homes increased 21.5 percent in December from 4,740 active listings last year to 5,757 in December 2018. Condominium inventory increased 6.7 percent to 8,128 from 7,620 listings during the same period in 2017.

New listings of Broward single-family homes decreased 1.1 percent to 1,223 from 1,236. New listings of condominiums decreased 4.8 percent, from 1,672 to 1,591.

Nationally, total housing inventory at the end of December decreased to 1.55 million, down from 1.74 million existing homes available for sale in November. This represents an increase from 1.46 million a year ago, however. Unsold inventory is at a3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago.

To access December 2018 Broward County Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 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.

Recent related news from verified sources

Twin Cities housing market sets record for median sales price

The Twin Cities set a new single-month record for the median sales price of a single-family home in March, even as above-average precipitation and soggy...

New Home Sales Rise to Near 1-1/2-Year High

Sales of new U.S. single-family homes jumped to a near 1-1/2-year high in March, boosted by lower mortgage rates and house prices.
Newsmax Also reported by •bizjournalsSmartBrief

These were the most expensive sales of new homes in Louisville last year (PHOTOS)

In the April 12 weekly edition of Louisville Business First, we ranked the city's largest residential real estate transactions. One list ranks transactions for...

Some parts of Oahu see double-digit drops in home sales in March, others double-digit gains

Some of Oahu’s largest single-family home neighborhoods recorded double-digit drops in home sales last month, while the Waipahu neighborhood saw a 31 percent...

Jewish Family Home Care Now Offers Skilled Nursing Services With Acquisition of Nursing Plus of Broward, LLC

South Florida not-for-profit home health care agency, Jewish Family Home Care, acquires Medicare home health nursing provider, Nursing Plus of Broward,...

You Might Like

Other recent news in Press Releases

Pressure BioSciences, Inc. Reports Record Fourth Quarter and Fiscal Year 2018 Financial Results and Provides BUSINESS UpdatePAR Technology Announces New Brink POS® SOFTWARE API Integration with Altametrics and Hubworks
Hologic Launches Trident® HD Specimen Radiography System in UNITED States, Canada and EuropeNTT Advanced Technology Corporation to Deliver BlackRidge Technology's Cybersecurity PRODUCTS to Japanese Market
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.