Market Report | Broward County | November 2018

M O N T H L Y

MARKET UPDATE N O V E M B E R

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BROWARD COUNTY

BROWARD

 FOR SALE vs. SOLD

November 2018 is a Buyer's market! The number of for sale listings was up 11.9% from one year earlier and up 4.1% from the previous month. The number of sold listings decreased 10.3% year over year and fell 22.4% month over month.

The number of under contract listings was down 12.6% compared to previous month and down 5.3% compared to last year. The Months of Inventory based on Closed Sales is 6.4, up 23.2% of the prior year. The Average Sold Price per Square Footage was up 0.5% compared to the previous month and up 6.7% compared to last year. The Median Sold Price increased by 2% from last month. The Average Sold Price also increased by 1.8% from last month. Based on the 6-month trend, the Average Sold Price trend is "Neutral," and the Median Sold Price trend is "Neutral." The Average Days on Market showed a neutral trend, a decrease of 17.5% compared to the previous year. The ratio of Sold Price vs. Original List Price is 93%, was the same compared to last year.

BROWARD

FOR SALE vs. SOLD

It is a Buyer's Market Property Sales (Sold) November property sales were 1976, down 10.3% from 2203 in November of 2017 and 22.4% lower than the 2545 sales last month.

Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1357 units of 11.9%. This year's more significant inventory means that buyers who waited to buy may have a bigger selection to choose from. The number of current lists is up 4.1% compared to the previous month.

Property Under Contract (Pended) There was a decrease of 12.6% in the pended properties in November, with 2263 properties versus 2590 last month. This month's pended property sales were 5.3% lower than at this time last year.

AVERAGE PRICE PER SQ. FT. BROWARD

The Average Sold Price per Square Footage is Neutral* The Average Sold Price per Square Footage is an excellent indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or lowend properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The November 2018 Average Sold Price per Square Footage of $206 was up 0.5% from $205 last month and up 6.7% from $193 in November of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

DAYS ON MARKET BROWARD

The Days on Market Shows Upward Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market; a downward trend means a step towards more of a Seller’s market. The DOM for November 2018 was 66, down 2.9% from 68 days last month and down 17.5% from 80 days in November of last year.

The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount that sellers agree to come down from their original list price. The lower the ratio is below 100%, the more of a Buyer’s market exists, a rate at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 93% is the same as last month and the same as in November of last year.

* Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady

AVERAGE PRICE FOR SALE & SOLD BROWARD

The Average For Sale Price is Neutral* The Average For Sale Price in November was $615,000, up 0.7% from $611,000 in November of 2017 and down 0.5% from $618,000 last month.

The Average Sold Price is Neutral* The Average Sold Price in November was $335,000, up 7.4% from $312,000 in November of 2017 and up 1.8% from $329,000 last month.

The Median Sold Price is Depreciating* The Median Sold Price in November was $260,000, up 6.1% from $245,000 in November of 2017 and up 2% from $255,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

MONTHS OF INVENTORY BROWARD It is a Buyer's Market* A comparatively lower Months of Inventory is more beneficial for sellers while a higher month of inventory is better for buyers.

Months of Inventory based on Closed Sales The November 2018 Months of Inventory based on Closed Sales of 6.4 was increased by 23.2% compared to last year and up 33.3% compared to last month. November 2018 is Buyer's market.

Months of Inventory based on Pended Sales The November 2018 Months of Inventory based on Pended Sales of 5.6 was increased by 16.8% compared to last year and up 19.1% compared to last month. November 2018 is a Neutral market.

*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory

ABSORPTION RATE BROWARD It is a Neutral Market* Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

Absorption Rate based on Closed Sales The November 2018 Absorption Rate based on Closed Sales of 15.5 was decreased by 20.1% compared to last year and down 25.5% compared to the previous month.

Absorption Rate based on Pended Sales The November 2018 Absorption Rate based on Pended Sales of 17.8 was decreased by 15.2% compared to last year and down 16.1% compared to the previous month.

*Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% All reports are published December 2018, based on data available at the end of November 2018, except for the today stats. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.

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