May 22, 2014
The median price of an existing single-family home in Broward County increased 9.2 percent in April, compared to April 2013. The median price of a condo in Broward County rose 14.3 percent in the same time period.
The housing inventory also increased in April. The number of single-family homes listed for sale rose 41.2 percent on a year-over-year basis. The number of condos for sale in Broward jumped 35.6 percent. However, inventory is still on the low side. A six-month supply is generally thought to reflect a balanced market. Currently, single-family Broward homes are at 4.6 times the number of homes sold in a month, and Broward condos are at 5.8 months of inventory.
The increase in the median price of homes in Broward County and the increase in new inventory are favorable indicators for both buyers and sellers. To buy or list a home for sale, contact Niki Higgins at +1-888-242-4422 or +1-954-817-2500.
Source: Miami Herald
