M O N T H L Y
MARKET UPDATE O C T O B E R
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BROWARD COUNTY
BROWARD
FOR SALE vs. SOLD
October 2018 is a Neutral market! The number of for sale listings was up 7.3% from one year earlier and up 4.5% from the previous month. The number of sold listings increased 4.1% year over year and increased 10.1% month over month. The number of under contract listings was up 9.4% compared to previous month and up 5.8% compared to last year. The Months of Inventory based on Closed Sales is 5.2, up 4% of the prior year. The Average Sold Price per Square Footage was up 2% compared to the previous month and up 6.2% compared to last year. The Median Sold Price was the same as last month. The Average Sold Price also increased by 2.2% from last month. Based on the 6-month trend, the Average Sold Price trend is "Neutral," and the Median Sold Price trend is "Depreciating." The Average Days on Market showed an upward trend, a decrease of 6.8% compared to the previous year. The ratio of Sold Price vs. Original List Price is 93%, an increase of 1.1% compared to last year.
BROWARD
 FOR SALE vs. SOLD
It is a Neutral Market Property Sales (Sold) October property sales were 2371, up 4.1% from 2277 in October of 2017 and 10.1% higher than the 2153 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 836 units of 7.3%. 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 inventory is up 4.5% compared to the previous month. Property Under Contract (Pended) There was an increase of 9.4% in the pended properties in October, with 2687 properties versus 2456 last month. This month's pended property sales were 5.8% higher 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 October 2018 Average Sold Price per Square Footage of $206 was up 2% from $202 last month and up 6.2% from $194 in October 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 October 2018 was 68, up 4.6% from 65 days last month and down 6.8% from 73 days in October 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 up from 1.1% % in October 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 October was $618,000, up 2.5% from $603,000 in October of 2017 and up 1.5% from $609,000 last month. The Average Sold Price is Neutral* The Average Sold Price in October was $330,000, up 6.8% from $309,000 in October of 2017 and up 2.2% from $323,000 last month. The Median Sold Price is Depreciating* The Median Sold Price in October was $255,000, up 4.5% from $244,000 in October of 2017 and the same as 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 October 2018 Months of Inventory based on Closed Sales of 5.2 was increased by 4% compared to last year and down 3.7% compared to the previous month. October 2018 is a Neutral market. Months of Inventory based on Pended Sales The October 2018 Months of Inventory based on Pended Sales of 4.6 was increased by 2.2% compared to last year and down 4.2% compared to the previous month. October 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 October 2018 Absorption Rate based on Closed Sales of 19.4 was decreased by 3% compared to last year and up 5.4% compared to last month. Absorption Rate based on Pended Sales The October 2018 Absorption Rate based on Pended Sales of 22 was decreased by 1.3% compared to last year and up 4.8% compared to last 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 November 2018, based on data available at the end of October 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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