MIAMI, May 12, 2020 /PRNewswire-PRWeb/ -- Broward County total home sales and prices
increased year-over-year in 1Q 2020, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS)
Broward total home sales
increased 3.4% year-over-year, from 6,797 to 7,025. Broward single-family home sales rose 4.6%,
from 3,175 to 3,322. Broward
existing condo sales increased 2.2%, from 3,622 to 3,703.
"The robust fundamentals of the South
Florida housing market in the first quarter are already
minimizing the impact of COVID-19 on sales activity and demand,"
Broward MIAMI President
Sharon R. Lindblade said. "We are
seeing sales, pending contracts and listings again trend upwards
and expect there will be pent-up demand later in the year. Demand
and insufficient supply, particularly in certain price ranges and
neighborhoods, will continue to generate price appreciation."
Total Broward Sales Volume Jump in 1Q 2020
Broward single-family home dollar
volume rose 19.3%, from $1.4 billion
to $1.7 billion. Broward condo dollar volume increased 9.9%,
from $805.3 million to $885 million.
Non-distressed sales comprised about 96.2% of all closed
residential sales in 1Q 2020 vs. 95.4% in 1Q 2019. Only 3.8% of all
closed residential sales in Broward were distressed in 1Q 2020, including
REO (bank-owned properties) and short sales, compared to 4.6% in 1Q
Short sales and REOs accounted for 1.1 and 2.8%, respectively,
of total Broward sales in 1Q 2020.
Short sale transactions increased 1.4% year-over-year while REOs
Mid-Market and Luxury Sales Fuel 1Q Transaction Growth
Broward single-family homes priced
between $400K to $600K increased 18.9% year-over-year to 912
transactions in 1Q 2020. Broward
condo sales priced between $300K to
$400K rose 27.1% year-over-year to
371 transactions in 1Q 2020.
Broward single-family home
luxury ($1 million and up)
transactions increased 26.7% to 204sales in 1Q 2020. Broward condo luxury transactions decreased
1.6% to 61 sales in 1Q 2020.
Lower mortgage rates made home purchases more affordable in both
2019 and in the first quarter of 2020. The 30-year fixed-rate
averaged 3.57% in the first quarter of 2020, down from 4.62% one
year ago. The average monthly mortgage payment on a 30-year
fixed-rate mortgage with a 20% down payment was $995, down from $1,048 a year ago. This is equivalent to 15% of
the median family income of $79,662,
down from 16.1% one year ago. (Housing expenses are considered a
cost burden if the cost is more than 30% of income.)
Broward Median Prices Rise
The median price for single-family homes in Broward County increased to $380,000 in 1Q 2020, a 7% jump from $355,000 in the same period last year. The median
price for existing condominiums increased 6.6% year-over-year from
$165,000 to $175,875.
The statewide median sales price for single-family existing
homes in 1Q 2020 was $270,000, up
6.7% from the same time a year ago, according to data from the
Florida Realtors Research department in partnership with local
Realtor boards/associations. The statewide median price for
condo-townhouse properties during the quarter was $205,000, up 10.5% over the year-ago figure. The
median is the midpoint; half the homes sold for more, half for
Nationwide, median single-family home prices increased
year-over-year in 96% of measured markets in the first quarter,
with 174 of 181 metropolitan statistical areas1 showing sales price
gains. That is an increase from the 94% share seen in the fourth
quarter of 2019. The national median existing single-family home
price in the first quarter of 2020 was $274,600, up 7.7% from the first quarter of 2019
Hot Markets Overview Reveals Strong Demand and Limited Supply in
Many Local Areas
Months' supply of inventory is a strong indicator of real estate
activity. Top Broward
neighborhoods with the lowest months of supply of inventory (at
least 100 new pending sales) in 1Q 2020:
1. Sunrise, a north Broward community north of Plantation, had 2.1 months supply
2. Coral Springs, a north Broward community north of Tamarac, had 2.1 months supply
3. Pembroke Pines, a south Broward community north of Miramar, had 2.2 months supply
4. Coconut Creek, a north Broward community along the Palm Beach-Broward line, had 2.4 months supply
5. Margate, a north Broward community north of North Lauderdale, had 2.4 months supply
1. Miramar, a south Broward community along the Broward-Miami-Dade line, had 3.0 months supply
2. Plantation, a central Broward community north of Davie, had 3.1 months supply
3. Davie, a south Broward community south of Plantation, had 3.1 months supply
4. Coral Springs, a north Broward community north of Tamarac, had 3.4 months supply
5. Oakland Park, an eastern Broward community north of Fort Lauderdale, had 3.4 months supply
State Home Sales in 1Q 2020
Closed sales of single-family homes statewide totaled 65,602 in 1Q
2020, up 10.2% from the 1Q 2019 level. Looking at Florida's condo-townhouse market, statewide
closed sales totaled 27,379 during 1Q 2020, up 9.3% compared to 1Q
2019. Closed sales typically occur 30 to 90 days after sales
contracts are written.
Buyer's Market for Single-Family Homes and Condos
At the current sales pace, the number of active listings represents
3.7 months of inventory for single-family homes and 5.9 for
condominiums. A balanced market between buyers and sellers offers
between six and nine months of supply inventory.
Broward real estate had 13,114
active listings in 1Q 2020, a 11.7% decrease from the 14,844
listings at the same time last year. The inventory for
single-family homes decreased 18.6%, from 6,051 to 4,924.
Broward existing condo inventory
decreased 6.9%, from 8,793 to 8,190.
Broward Homes Selling Close to List Price
The median percent of original list price received was 96% for
single-family homes and 94.6% for condos in 1Q 2020.
The median time to contract for single-family home listings was
50 days, a 13.8% decrease from 58 days in 1Q 2019. The median time
to contract for existing condos was 58 days, a 7.4% increase from
54 days in 1Q 2019.
The median time to sale for single-family homes decreased 6.1%,
from 99 days to 93. The median time to sale for existing condos
increased 3.1%, from 96 to 99
Broward Cash Sales Almost Double National Figure
Cash sales represented 37.8% of Broward closed sales in 1Q 2020, compared to
39.8% in 1Q 2019.
About 20 percent of U.S. home properties are made in cash,
according to the latest NAR statistics. The high percentage of cash
buyers reflects Miami's top
position as the preeminent American real estate market for foreign
buyers, who tend to purchase with all cash.
Cash sales accounted for 53.8% of all Broward existing condo sales and 20.1% of
1Q 2020 Broward County Statistical Reports — visit
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
The MIAMI Association of Realtors
was chartered by the National Association of Realtors in 1920 and
is celebrating 100 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-MIAMI Association of
Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals
Network (YPN) Council and the award-winning International Council,
it represents 52,000 total 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 223 international organizations worldwide. MIAMI's official website is
SOURCE MIAMI Association of