There's much to be said about Condominium and Townhome life in South Florida. As Summer quickly approaches the number of lit high and mid rise units begin to diminish rapidly. That's because most of these 2nd & 3rd homeowners have either left for the season or soon will be. Inventory is up almost 60% year over year despite what you may have read or heard. Average sale prices are down by 14.4% during the first quarter while median prices saw a whopping 17.7% reduction. About one third of purchases are made via cash and with pending sales up by 56% the Supply & Demand curve is about to make a move I believe. When it does those prices will rise accordingly.
Dollars (multiply by $10,000) = the median prices had a high of $257,000 a year ago and averages peaked above $328,000 10 months ago. This tells me that the luxury market was strong. What is today's $193,000 median and $292,000 average saying to you? I believe it's shouting BUY NOW!
Sales (multiply by 10) = closed sales are 20 points higher than at any other time this year and nearly double their low of 84 units. This upward activity appears to be ongoing for the near future.
Days (multiply by 10) = the time it took Sellers to go from listing to under contract varied widely, between 38 and 71 days. This isn't necessarily a bad thing.
Inventory (multiply by 100) = the supply rose and it's plain to see that as that occurred the demand tapered. I don't know if the sales will climb too much steeper than shown here but if prices and inventory remain relatively stable they certainly will try!
Know that this graph is a general overview of the respective market area and may not reflect the specific values and activity for your home and neighborhood. Contact your real estate representative for better accuracy and valuation of your particular property, however, if you do not have an associate in your corner and need answers you now know where to find me!