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Broward SingleFamily Home Sales Surge Double Digits
MIAMI — Broward County single-family home sales, median sale price, dollar volume and luxury transactions increased year-over-year in April, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales (up 11.8 percent to 1,541), median sale price (up 1.3 percent to $360,000), dollar volume (up 14.6 percent to $707.7 million), and luxury $1-million-and-up sales (up 21 percent to 75) in April 2019.
“The Broward single-family homes market had a robust month as many metrics increased year-over-year,” Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker. “An increase of northern consumers purchasing homes in Broward County, low mortgage rates and more home buyers being attracted to Broward’s incredible live-work-and-play lifestyle contributed to the increases.”
Total Home Sales Increase 4.4 Percent in April
Total Broward County sales increased 4.4 percent year-over-year in April 2019, from 3,009 to 3,141. Broward single-family home sales increased 11.8 percent, from 1,378 to 1,541. Broward condo sales decreased 1.9 percent, from 1,631 to 1,600.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.14% in April from 4.27% in March. The average commitment rate across all of 2018 was 4.54%.
Total sales volume increased from $986.8 million in April 2018 to $1.1 billion in April 2019. Single-family home dollar volume increased 14.6 percent from $617.5 million to $707.7 million. Condo dollar volume decreased 0.7 percent from $369.3 million to $366.7 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 Single-Family Luxury Home Sales Jump 21 Percent in April
Broward luxury ($1-million-and-up) home sales jumped 21 percent year-over-year in April to 75 transactions.
Broward condo luxury home sales decreased 12.1 percent to 29 transactions.
Broward Median Prices Rise for Single-Family Homes, Condos
Broward County single-family home prices increased 1.3 percent year-over-year, from $355,500 to $360,000. Condo median sale prices increased 5.3 percent from $161,500 to $170,000.
Broward Distressed Sales Continue to Drop, Reflecting Healthy Market
Only 4.0 percent of all closed residential sales in Broward were distressed in April 2019, including REO (bank-owned properties) and short sales, compared 3.7 percent in April 2018.
Total Broward distressed sales increased 13.5 percent year-over-year, from 111 to 126.
Short sales and REOs accounted for 1.1 and 2.9 percent, respectively, of total Broward sales in April 2019. Short sale transactions decreased 43.5 percent year-over-year, from 23 to 33. REOs decreased 5.7 percent, from 88 to 93.
Nationally, distressed sales represented 3% of sales in April, equal to the 3% in March and down from 4% in April 2018. One percent of April 2019 sales were short sales.
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 34.3 percent increase from 35 days last year. The median number of days between the listing date and closing date for single-family homes was 85 days, a 10.4 percent increase from 77 days.
The median time to contract for condos was 54 days, a 12.5 percent increase from 48 days. The median number of days between the listing date and closing date for condos was 92 days, a 4.5 percent increase from 88 days.
The median percent of original list price received for single-family homes was 95.9 percent. The median percent of original list price received for existing condominiums was 93.9 percent.
National and State Statistics
Nationally, total existing-home sales fell 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales are down 4.4% from a year ago (5.43 million in April 2018).
Statewide closed sales of existing single-family homes totaled 26,992 last month, up 6.2% over April 2018, according to Florida Realtors. Looking at Florida’s condo-townhouse market in x, statewide closed sales totaled 11,817, up 3.2% compared to a year ago.
The national median existing-home price for all housing types in April was $267,300, up 3.6% from April 2018 ($257,900). April’s price increase marks the 86th straight month of year-over-year gains.
In April, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 88th consecutive month. The statewide median sales price for single-family existing homes was $259,470, up 2.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $194,050, up 2.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Broward Cash Buyers Represent Almost Double the National Figure
Broward cash transactions comprised 37.3 percent of April 2019 total closed sales, compared to 39.1 percent last year. Broward cash transactions are almost double the national figure (20 percent).
Condominiums comprise a large portion of Broward’s cash purchases as 54.2 percent of condo closings were made in cash in April compared to 19.8 percent of single-family home sales.
Seller’s Market for Broward Single-Family Homes, Balanced Market for Condos
Months supply of inventory for single-family homes increased 9.8 percent to 4.5 months, which indicates a seller’s market. Existing condominiums have a 6.2-month supply, which indicates a balanced market. A balanced market between buyers and sellers offers between six and nine months of supply.
Although still in a seller’s market for single-family homes, 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 April increased 8.9 percent year-over-year, from 13,368 to 14,562. Inventory of single-family homes increased 11.6 percent in April from 5,294 active listings last year to 5,910 in April 2019. Condominium inventory increased 7.2 percent to 8,652 from 8,074 listings during the same period in 2018.
New listings of Broward single-family homes decreased 1.1 percent 2,111 from 2,134. New listings of condominiums decreased 2.6 percent, from 2,265 to 2,207.
Nationally, total housing inventory at the end of April increased to 1.83 million, up from 1.67 million existing homes available for sale in March and a 1.7% increase from 1.80 million a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, up from 3.8 months in March and up from 4.0 months in April 2018.
To access April 2019 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.
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