The most recent sales statistics for single family homes in Broward County, FL are out. Following are a few key statistics: 1,243 single family home sales closed in February 2021 compared to 1,004 in 2020; the median price of a single family home is now $433K versus $385K in 2020 and the number of new listings was virtually unchanged in Feb. 2021 compared to Feb. 2020.
There are two measures to gauge how quickly homes are selling: Days on Market (time between listing the property & going pending) and month's supply of inventory. Both of these measures were significantly lower in Feb. 2021 vs Feb. 2020. In Feb. 2021, days on market were just 22 days vs 56 days in 2020; and the months' supply of inventory was also lower at 1.7 months vs. 3.6 months in Feb. 2020.
Will the dearth of available housing end soon? If Covid fears ease up and with continued low mortage interest rates, some housing experts believe that homeowners may be more willing to list their homes for sale in time for the Spring Selling season. However, low available housing inventory is expected to continue for the next quarter or two in 2021.
SOURCE: MIAMI BOARD OF REALTORS