Broward County Multi-family Market Report

Right now in Broward, there are 605 homes for sale. Buyers have been closing about 48 homes a month over the last three months. At that pace, it would take about 12.6 months to sell everything currently listed. That is a strong buyer's market. There are more homes for sale than buyers are taking, so buyers usually have more room to negotiate. The typical sold price is $705,500. Among homes that closed, the median sold price was 94.1% of the median list price of those same sales. 6% of those sales closed above their own list price and 85% sold below their own list price. Once a home goes under contract and closes, it has usually been on the market about 59 days. Sold prices over the last three months are up about 8% compared with the three months before that. More homes are coming on the market (115 new in the last 30 days) than are selling each month, so inventory may keep growing. About 7.9% of today's active inventory is selling each month (the absorption rate). Asking prices average about $381 per square foot, while recent sales average about $320 per square foot.