June Broward County Real Estate Market Update

A Note From Your Broward Natives Team

The Broward County real estate market continues to favor a strong market for sellers with low inventory predominantly driving the surge in home prices year over year. But with the increase in interest rates, buyers continue to put the brakes on buying. This is relieving some competition among buyers and also keeping bidding wars at bay.

If you’re a buyer, you will find many more choices in the townhome and condo market with inventory up +21.7%compared to the single-family market which is down -9.7%.  Even though the inventory is increasing for townhomes and condos, the amount of properties available is still shy by -40.1% and -45.4%for single-family when compared to pre-pandemic levels. This huge deficit of properties for sale will continue to keep demand high and has made it difficult for buyers to find the right property. To exasperate the issue further, new listings have decreased by 27.7% for single family and 16.2% for townhouse & condos. This current inventory problem has been a catalyst for the median sales price to continue to increase year over year with 5.1% to $615,000 for single family and up 8.6% to $285,000 for townhomes & condos.

For sellers, the current market conditions offer a mixed bag. The overall decline in existing home sales compared to the previous year might be a cause for concern with single-family down -16.2% and townhomes & condos also declining to -20.3%. However, the overall low inventory can create an advantageous situation for sellers as it creates competition among buyers, which can explain the continued sales price increasing year over year. Another metric closely watched is the median time to contract and has gone up 54.5% for single-family and 108.3% for townhomes &condos. Higher borrowing costs, which likely stem from fluctuating mortgage rates, has been dissuading potential buyers and is more than likely the reason for this increased time to sell a property. There are simply just less buyers now which is also curving the demand keeping bidding wars off the table in most cases.

While the current conditions present a host of challenges, they may also present opportunities for those looking to enter or move within the market. As always, potential buyers and sellers should consider their unique circumstances and consult with real estate professionals to navigate these dynamics successfully.

Call us now and let's discuss your real estate goals!

Broward Natives Team - 954-990-0965

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